Beware of Imposter Scams: Protect Your Finances and Personal Information

June 28, 2024

What are Imposter Scams?

Imposter scams are a type of fraud where scammers pretend to be important and/or intimidating people, such as: government entities, businesses, charities or even loved ones to deceive you into giving them your money or personal information. Scammers use this method because they know many people will trust them as soon as they introduce themselves as associates from well-known organizations. It’s crucial to become educated on this topic because the FTC reports that in 2023, consumers lost $752 million due to these scams. Continue reading below to learn about some common tactics used by these scammers, how to protect yourself and how to report these fraudulent activities.

Common tactics and how to avoid them:

When scammers reach out to their next victims, they always create a sense of urgency, making it seem like you will face immediate negative consequences if you do not comply. For example, a scammer might call you posing as an IRS agent, demanding that you transfer money to a specific bank account to settle a debt before legal action is taken against you. However, it’s important to remember that the IRS will not call you unless you have an overdue tax bill, unfiled tax return or have not made an employment tax deposit; and even with these three things, the IRS will send you letters in the mail multiple times. Other common tactics include pretending to be a police officer threatening arrest, a tech support representative asking for personal information to "fix" a supposed issue or even a loved one needing immediate financial help due to a fabricated emergency.

To avoid falling victim to these scams, always verify the identity of the person contacting you and take your time to think through the situation. If you receive an unsolicited call from someone claiming to be from the IRS, hang up and verify the phone number against the official number listed online. Scammers often try to pressure you into acting quickly, but real officials from legitimate organizations will not rush you about money or legal actions on the first call. Question their intentions and take the necessary steps to confirm their identity before taking any action.

We want to remind you about some crucial things TVFCU will never ask for, so you can stay vigilant against scams. We will never request your online banking credentials, such as your username or password, nor will we ask for the Multi-Factor Authentication (MFA) codes sent via text. Additionally, be wary of fake links in scam messages that prompt you to sign into your online banking, as these often contain random, unrelated words or try to appear legitimate by including “TVFCU” in the URL. Always verify the sender’s information before responding, access your online banking through our official website or mobile app, and report any suspicious activity to us immediately. Your vigilance is essential in keeping your personal information secure, so if you ever have any doubts, don’t hesitate to contact us directly.

Disclaimer:

If you ever unfortunately come across a fraudster, please always report them to the FTC so that they can start investigating the situation as soon as possible.

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