January 2023
Fraud Alert

Five Scams to Watch Out for in 2023

By: Corrina Olson

1. Money Mule Requests

What is a money mule request? It is when people, either deliberately or inadvertently, allow a criminal to use their bank account to move stolen money. These will often appear through social media, email, or online money transfer apps. Common examples are someone sending funds “in error” which are then asked to be returned to a different bank account and asking people to apply for credit cards on behalf of someone else.

2. Card Theft

It used to be that card theft mainly happened when your card was lost or stolen. Unfortunately, scammers have found other ways—skimming your card info, hacking your computer, calling about a fake prize, stealing your mail, and even looking over your shoulder at the grocery store! Most banks will offer free balance and payment alerts via text or email. Keep a close eye on financial accounts and personal credit reports and notify your bank of anything unusual immediately.

3. Fake Apps that Target Bank Accounts

Be cautious when downloading a new app to your phone, computer, or tablet. Make sure to read reviews of apps as these might give a clue as to their legitimacy. When you can, avoid inputting your banking or card information.

4. Spoof Calls or Texts

A common technique deployed by fraudsters is to imitate legitimate companies, like your bank or local government. These calls may be automated with pre-recorded messages inviting you to press numbers on the keypad to speak to them about an issue, such as a suspect payment. They could also be a person on the other end that already has personal details about you, making the scam more believable. Lately, it’s moved beyond calls. Fake texts are becoming all too common, enticing you to click on links that can at first appear legitimate. You should never simply trust the caller ID that comes up on a call and always verify any links. Remember, financial institutions will never ask for personal information to be handed over on the phone. If there are concerns about the authenticity of a message, contact the institution directly on a trusted method.

5. Online Purchase Scams

Scammers pay for fake or misleading advertisements online to tempt you to click on it, often by offering low prices for high-value items, such as mobile phones or laptops. Warning signs of a fake website may include spelling and grammatical mistakes and a lack of contact details. Try to stick to trusted retailers and remember that paying via bank transfer may offer less protection than paying by card.

Remember, scammers can be very convincing, and they are good at what they do. Always pause and do your due diligence to confirm the legitimacy of message, request, or website. If you still aren’t sure, you can always reach out to your financial advisor. We are happy to help review anything suspicious!

If you have questions, please contact us.

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