Protecting your financial information is a vital part of digital banking, as the looming threat of hacks is only getting worse. Scammers are always coming up with new ways to try to steal your information. Keep your money safe by learning and identifying the red flags of common scams.
A rising trend in malicious activity is fraudulent text messages and phone calls. In most cases, you might receive a phone call or a text from what appears to be your financial institution alerting you of fraudulent activity, a hold, or updates to your financial account. The scammers are often trying to trick you into thinking that they are the financial institution, so you will give them your personal information or call them. Do not fall for this.
The sweetheart scam is a well-known form of financial exploitation where an individual is convinced to send money to a stranger they have met online or in person. These scammers are highly skilled at manipulating human emotions to convince their victims they are in love and build enough trust so they can eventually ask for money. This type of romance scam is most common among men and women over the age of 40. Seniors—particularly widows, widowers, divorcees—are more vulnerable to this manipulation tactic.
Loan scams are a common fraud tactic in which someone posing as a legit lender successfully collects personal information from you and never delivers the loan you applied for. Here are a few ways to spot a loan scam: 1) The lender doesn't provide anything in writing; 2) The lender doesn't have a physical address; 3) The lender has a suspicious website or doesn't have one at all; 4) The lender doesn't care about your credit history; 5) The loan details are unclear; 6) The lender isn't registered in your state.
Don't be the next victim of a scam—know what to look for and how to protect yourself. Here's what you need to know to avoid being scammed:
Be suspicious of any unsolicited calls or text messages from unknown numbers. If you don't recognize the number, don't answer.
Don't give out any personal information unless you are confident that you know who you're talking to. Be wary of giving your personal or financial information to individuals you've met on the internet, even if you trust them.
If you're not sure whether or not the caller or texter is legitimate, hang up and call the customer service number for your financial institution. Locate your financial institution's phone number on your monthly bank statements or on the back of your debit card to ensure you're calling your bank and not a scammer. Do not use the number the caller or texter provides, as it could be fake.
Never click on any links in a text message or email from an unknown sender. These could be fake login pages set up by scammers in order to steal your personal information. Even if you know the sender, it's recommended to always hover over links to reveal where it really leads before clicking.
Beef up your defenses and set up multi-factor authentication in the TTCU digital banking app. For extra protection, you have the ability to turn on log-in and transaction alerts in the TTCU app by going to More > Settings > Alerts.
To further safeguard your online banking accounts, it is vital to have strong passwords. Visit our blog post, 4 tips for creating a strong online banking password, to learn how to make your passwords bulletproof.
Recently, members have been receiving fraudulent text messages claiming to be from TTCU. These scammers are attempting to steal your account username and password by sending you to a fake login screen. Please know TTCU's text alerts do not contain any links.
Below is an example of the fraudulent text message with a link that takes members to a fake login screen.
Always trust your gut—if something feels off, it probably is. Call TTCU directly at 806-742-3606 to report the call or text if you think you may have been targeted by a scammer. Visit banksneveraskthat.com to learn more ways to protect yourself from scammers.