When trying to stay one step ahead of scams, knowledge can be a powerful tool. In this day and age where scams are getting increasingly more complicated and scammers are deploying creative tactics, you can never know too much about the nature of scams. At First Financial, there is nothing more important to our team than protecting the personal and financial information of our members, and that includes protection from scammers. Below are some common imposter scam tactics you could experience, and how to identify them before it’s too late.

What it is:

An imposter scam starts with an unexpected call, email, or text message from a person, supposedly working for a government agency, financial institution, or popular social media platform, or claiming to be a family member or friend. This person alerts you to supposed fraud or criminal activity occurring in your accounts, and proposes a solution that requires sharing verification codes or moving money. Once you entrust them with this sensitive information, they likely have all the information they need to defraud you. Divulging this sensitive information will always benefit them, and it will harm your finances.

Red Flags:

• Request of Sensitive Information: A government agency, financial institution, or social media platform will not request that you divulge personal or financial information via call, email, or text. In the case of verification codes, these are used by institutions as a second step to prove that you are really you, so never give a scammer the tool they need to impersonate you and steal your money.
• Sense of Urgency: The scammer will likely convey a sense of urgency, convincing you that some sort of action needs to be taken now to protect you. They are trying to get what they want quickly, and move onto the next person they can defraud.
• Moving Money to “Protect” it: When there’s a scammer on the other end of the line, moving your money means losing your money. A legitimate government agency or financial institution will not have you moving your assets off their platform to “protect” them.

Staying Safe:

• Do Not Divulge Information: If someone is coercing you to divulge your personal or financial information to “protect” you or act before it is too late, you likely need to protect yourself from that person. Simply end the conversation, block them on the platform you were communicating on, and report the interaction to the Federal Trade Commission.
• Call the Person, Agency, or Company Yourself: Caller ID can appear to be real – but just like many other things scammers take advantage of, this too can be faked. Scammers have been known to spoof your bank’s phone number, and even major government agency phone numbers such as the IRS. If you are trying to call the real individual, agency, or company the person is allegedly calling you from – get that information from a statement, bill, or the company website.

Remember: First Financial will never ask you to share personal information, passwords, or verification codes via call, email, or text. The only thing we ask our members is to remain vigilant to scammers, and continually educate yourself on the evolving nature and tactics of scammers.

While these types of imposter scams have been especially prevalent in 2024, they are likely not going away and will continue to take place in the coming year. If you believe you have been the victim of an imposter scam, you can report it to the Federal Trade Commission at ftc.gov, and/or your local police department.

Questions? Contact First Financial’s Member Relationship Center at 732-312-1500, email us at info@firstffcu.com, or visit one of our local branches.