October 2022
Fraud Alert

Fraud Alert – A Trending Payment Scam

By Corrina Olson

With the uptick in fraud/scams, we want to make sure our clients are aware of recent scams so they can stay protected. Each month, we will look at a trending scam and how you can avoid being a victim.

Do you use Zelle with your family and friends? It’s a quick and easy way to send or receive money. Just like with all technology these days, you must be careful when using it! There has been a recent uptick in scammers using Zelle. It is being called the “pay yourself” scam.

Here is how it works:

• You receive a text message that looks like a fraud alert from your bank about unusual activity.

• If you respond to the text, the scammer knows they reached a live number and will call. They can “ghost” the number to make it appear to be from your bank.

• The scammer will pretend to be a representative from the bank and will ask you to send money to yourself with Zelle to help stop the alleged fraud.

• The scammer will ask you for the one-time code you received via text message from the bank.

• If you give them the code, they can enroll their own bank account with Zelle because they already have your email and phone number.

• The scammer now can receive your money into their account.

What can you do to help stay protected?

• Don’t trust caller ID. If you need to contact your bank, look up their phone number or call the number on the back of your card.

• Don’t share codes. Your bank will not ask you to share the code to resolve fraud.

• Don’t be pressured to act immediately. Stay calm and take your time contacting your bank or someone you trust.

Remember, scammers can be very convincing, and they are good at what they do. If you are ever unsure about a situation, talk to your financial advisor for help. One of the benefits of having an advisor is having a second set of eyes and a different perspective look at the situation, which can make the difference on being able to avoid potential scams.

If you do find yourself in the unfortunate situation of being scammed, it’s important that you report it. When you report a scam, authorities can use the information to build cases against scammers, spot trends, educate the public, and share data about what is happening out there.

If you have questions, please contact us.

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