PROTECT YOURSELF FROM SCAMS
Welcome BHSFFCU's resource page dedicated to educating our members about common scams and how to avoid them. Your financial security is our top priority, and we want to ensure you have the knowledge to protect yourself from fraudulent activities.
If you have any concerns regarding possible fraudulent calls, texts, or emails, please contact the Credit Union during our regular business hours at (786) 257-2300. If you received a check or direct deposit that you suspect may be fraudulent, please speak with a Credit Union Representative before withdrawing the funds.
Types of Scams:
Phishing Scams:
- Phishing scams involve fraudulent attempts to obtain sensitive information, such as usernames, passwords, and credit card details, by masquerading as a trustworthy entity in electronic communications. Common methods include deceptive emails, fake websites, and malicious links.
- How to identify phishing attempts: Look for suspicious emails requesting personal information or urgent action, check for misspellings or unusual URLs in links, and verify sender legitimacy.
Identity Theft:
- Identity theft occurs when someone uses your personal information without your permission to commit fraud or other crimes. Methods include stealing mail, obtaining personal information online, and data breaches.
Online Shopping and Auction Scams:
- Online shopping scams involve fraudulent schemes targeting consumers through online platforms, promising goods or services that are never delivered. Red flags include unusually low prices, unsecured websites, and requests for payment outside the platform. Use reputable websites with secure payment options, read customer reviews and seller ratings, and be cautious of deals that seem too good to be true (source: Federal Trade Commission - Online Shopping).
Investment and Financial Scams:
- Investment scams lure victims with promises of high returns or low risk, using tactics like Ponzi schemes, pyramid schemes, or fraudulent investment opportunities. Verify investment opportunities through regulatory agencies like the Securities and Exchange Commission (SEC) or Financial Industry Regulatory Authority (FINRA) (source: SEC - Investor Alerts).
Specific scams to look out for:
The Zelle / P2P scam has fraudsters impersonating a Zelle account holder’s financial institution and deceiving the account holder into using Zelle to transfer funds to themselves using their mobile phone number under the guise that it will replace funds stolen from their account. However, the Zelle transfers go to the fraudsters.
Here is how it works:
- Fraudsters send text alerts to account holders – appearing to come from their financial institution – asking the account holders if they attempted a large dollar Zelle transfer.
- Fraudsters immediately call the account holders who respond ‘NO’ by impersonating the financial institution’s phone number and claiming to be from the financial institution’s fraud department.
- Fraudsters tell the account holders the Zelle transfers went through, but the funds can be recovered.
- Fraudsters tell the account holders in order to recover the stolen funds, they must use Zelle to transfer the funds to themselves using the account holders’ mobile phone number, but before doing so, the fraudsters instruct the account holders to disable their mobile phone number associated with their Zelle account.
Note: Fraudsters may have previously opened an account at the account holders’ financial institution (likely using a stolen identity) and established Zelle through online or mobile banking linking the member’s mobile phone number to Zelle. - When the fraudster links the account holder’s mobile phone number to the fraudster’s Zelle account, a 2-factor authentication passcode is generated and sent to validate the mobile phone number. The text message containing the passcode is actually sent to the account holder’s mobile phone; however, the fraudster cons the account holder into providing the passcode over the phone (The text containing the passcode has the financial institution’s name, which explains why the fraudsters open a fraudulent account at the account holder’s institution.)
- The fraudster enters the passcode to activate the mobile phone number on their Zelle account.
- The account holders are instructed to Zelle themselves the funds.
- The Zelle transfers actually go to the fraudsters.
If you believe someone is calling you impersonating our financial institution, do not communicate with the caller. You may call our Contact Center at 786-257-2300 or visit one of our branches to authenticate the issue.
Protective Measures:
Monitor Your Accounts Regularly:
- Regularly review your bank statements, credit card transactions, and online banking activity for any unauthorized or suspicious charges. Report any discrepancies to your credit union immediately.
Use Strong, Unique Passwords:
- Create strong passwords for your online banking, email, and other financial accounts. Use a combination of letters (upper and lower case), numbers, and special characters. Avoid using easily guessable information such as birthdays or names.
Enable Two-Factor Authentication (2FA):
- Enable two-factor authentication (2FA) wherever possible for an added layer of security. This requires a second form of verification, such as a code sent to your mobile phone or email.
Be Cautious with Personal Information:
- Do not share sensitive information like your Social Security number, bank account details, or passwords over the phone, email, or text message unless you initiated the contact and trust the recipient.
Verify Requests for Information:
- Be cautious of unsolicited emails, phone calls, or messages requesting personal information or urgent action. Verify the legitimacy of the request by contacting the organization directly using official contact information.
Secure Your Devices:
- Keep your computer, smartphone, and other devices secure by installing antivirus software, firewalls, and keeping them updated with the latest security patches. Avoid using public Wi-Fi networks for sensitive transactions.
Shred Financial Documents:
- Shred documents containing personal or financial information before disposing of them to prevent identity theft. This includes old bank statements, credit card offers, and bills.
Educate Yourself and Your Family:
- Stay informed about common fraud tactics and scams targeting consumers. Educate your family members, especially seniors and vulnerable individuals, about potential risks and how to protect themselves.
Verify Charity and Investment Opportunities:
- Research and verify the legitimacy of charities before donating money, especially during times of crisis. Be cautious of investment opportunities promising high returns with little or no risk. Verify investment offers through reputable sources like the Securities and Exchange Commission (SEC) or Financial Industry Regulatory Authority (FINRA).
Report Suspicious Activity:
- If you suspect fraud or unauthorized activity on your accounts, report it to your credit union immediately. Contact relevant authorities such as the Federal Trade Commission (FTC) or local law enforcement to file a complaint.
Educational Resources
- Visit trusted websites such as Federal Trade Commission (FTC) and Identity Theft Resource Center for more information and tips on avoiding scams.
For additional information on these and other scam alerts, please visit the Federal Trade Commission's Scam Alerts page at https://www.consumer.ftc.gov/features/scam-alerts
You can also learn about scams that are active in your area by visiting the Better Business Bureau's Scam-Tracker site at https://www.bbb.org/scamtracker