Category Archives: Important Alerts & Scams

Protect Yourself From Presidential Election Deepfakes and Scams

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With the 2024 Presidential Election just about a month away, it’s not just political ads and debates that will capture your attention — scammers are also gearing up to deceive voters and steal sensitive financial information. Advances in artificial intelligence (AI) and deepfake technology are making it easier than ever for fraudsters to manipulate voters through fake videos, robocalls, and phishing schemes. With AI improving daily and scammers taking full advantage, it’s crucial to stay vigilant to protect yourself this election season and beyond. At First Financial, we’re here to help you navigate these risks and safeguard your finances.

What Are Deepfakes, and Why Are They Dangerous?

Deepfakes are AI-generated videos or audio recordings that convincingly mimic real people, often for malicious purposes. While these deepfakes are used in political campaigns to spread misinformation or manipulate public opinion, scammers are also using this technology to create fake donation requests or impersonate political figures. These realistic videos and calls can trick even the most discerning individuals into giving away their hard-earned money or sensitive information.

Common Election Scams You Might Encounter

  • Donation Requests: Scammers can pose as campaign representatives asking for donations via phone, email, or on social media. While these requests may seem legitimate, they are designed to steal money from unsuspecting voters who don’t verify the source.
  • Voter Registration Services: Scammers can pretend to be voter registration services, offering to update your voter information via phone, text, or email. They may convince you there is a fee associated with the updates and/or steal your personal information for identity theft or financial fraud.
  • Election Surveys: You might be asked to participate in a political survey, with scammers offering a reward in exchange for personal information such as your Social Security Number or bank details.

How to Spot and Protect Yourself from Scams

Election-related scams can be hard to identify, but knowing the common warning signs can help protect your finances. Here’s how to spot a scam and avoid falling victim to it:

1. Pressure to Act Quickly: Scammers often create a sense of urgency, insisting that you need to donate or update your information immediately. Be wary of any unsolicited request for immediate action, whether it’s to donate to a political campaign or fix a voter registration issue.

2. Unverified or Unfamiliar Sources: If you receive a donation request or voter registration update from an unfamiliar number, email, or website – take a step back. Always verify the source before engaging, and go directly to the campaign or government official’s website to check the legitimacy of the request.

3. Too Good to Be True Offers: If a survey or donation request promises you something that sounds too good to be true, like a large reward or an incredible opportunity – it probably is. Scammers often entice their targets with rewards in order to collect personal or financial information.

4. Suspicious Payment Methods: Be cautious of requests for unusual payment methods such as wire transfers, cryptocurrency, or gift cards. Legitimate campaigns will not ask for donations through these methods, as they are often a hallmark of scam activity.

5. Mismatched or Inconsistent Details: Look for small inconsistencies in emails or messages. Scammers may attempt to use AI-generated content, but these often include tell-tale signs such as unnatural movements, mismatched audio, or incorrect details about the candidate or campaign.

6. Double-Check Campaign Requests: If you feel connected to a political candidate or cause and wish to contribute, always verify donation requests by going directly to official campaign websites. Avoid donating through informal platforms or requests that you didn’t initiate.

Stay Vigilant & Protect Your Finances This Election Season

By staying informed and cautious, you can protect yourself from financial fraud and ensure that your personal information stays secure. At First Financial, we’re dedicated to helping you navigate this election season safely. For more financial tips and personalized advice, reach out to us at 732.312.1500 or visit a branch. Be sure to subscribe to the First Scoop blog for ongoing insights into staying financially secure year-round.

Busting the Latest in Imposter Scams

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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.

Protect Yourself Against Tech Support Scams

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As digital threats evolve, tech support scams are becoming more prevalent, targeting unsuspecting individuals with fake offers of help for non-existent computer problems. These scams can lead to identity theft and great financial loss if not properly identified and avoided. At First Financial, we’re committed to helping you stay informed and protected from these common fraud tactics.

What Is a Tech Support Scam?

A tech support scam typically begins with an unsolicited call, email, or pop-up alert on your computer from someone claiming to be a representative from a well-known company such as Microsoft, Apple, or even your internet provider. The scammer tells the victim a virus or malware has compromised their computer and urgently needs to be fixed. The goal is to convince you to grant them remote access to your device, pay for unnecessary services, or share your financial information.

How Do Tech Support Scams Work?

Tech support scams rely on creating a sense of urgency and fear to trick you into believing that your computer or personal data is at immediate risk. They may claim that your device has been hacked, that your personal data is vulnerable, or that your system is infected with dangerous malware. The scammer then offers to “help” you fix the issue — sometimes for a fee. In reality, there is no problem – they intend to either steal your personal information or convince you to pay for fraudulent services.

How to Spot and Avoid Tech Support Scammers

  • Unsolicited Contact: Scammers often initiate contact via phone calls, emails, or pop-up windows, falsely claiming to be from reputable tech companies. If you didn’t initiate contact, be cautious — this is a major red flag.
  • Urgent or Scary Language: Scammers create a sense of urgency, telling you that your device is at risk of being compromised or that your personal data is in danger. The goal is to pressure you into quick action without giving you time to think.
  • Requests for Remote Access: If a supposed “tech support” person asks for remote access to your computer, this is a key sign of fraud. Giving someone remote access opens the door to your personal data and files, putting you at great risk.
  • Demand for Payment: Legitimate companies will never ask you to pay for services upfront or demand immediate payments through unconventional methods like gift cards, Bitcoin, or wire transfers.
  • Verification Codes: Scammers might ask for a verification code sent to your phone or email. These codes are designed to protect your accounts, and no legitimate tech company will ask for them. Never share them with anyone.
  • Unverified Claims: Always be skeptical of unsolicited claims about your computer or account being compromised. A reputable company will never demand immediate action or payment without a legitimate service request from you.

How to Protect Yourself from Tech Support Scams

1. Never Move Your Money to “Protect Your Account”

Scammers may claim your bank account is at risk and urge you to transfer money to a “safe” account. This is a scam. No legitimate company will ever ask you to move funds for security reasons.

2. Do Not Share Verification Codes

Verification codes are meant to keep your accounts safe. Scammers may ask for these codes to gain unauthorized access. Never share them with anyone, and if asked – it’s a sure sign of fraud.

3. Be Wary of Suspicious Calls or Emails

If you receive unexpected communication about an issue with your computer or a suspicious transaction, pause and verify. Scammers use these tactics to pressure you into giving up sensitive information. Contact the company directly using their official contact details.

4. Take Your Time

Scammers thrive on creating urgency. If someone is pressuring you to act quickly, it’s likely a scam. Always take a moment to verify the legitimacy of the situation by reaching out to the company or speaking to a trusted representative.

5. Avoid Payment Requests via Gift Cards or Bitcoin

If you’re asked to pay for tech support services using gift cards, cryptocurrency, or wire transfers, it’s a scam. Legitimate businesses will never demand payment through untraceable means.

Protect Your Finances

At First Financial, we take your financial security seriously. If you ever suspect you’ve been targeted by a scammer or feel unsure about a suspicious interaction, call 732.312.1500 or visit a branch for guidance. We’re here to help you keep your finances safe. For more helpful tips and resources, visit our website or subscribe to the First Scoop blog for ongoing updates on keeping your finances safe from scammers.

P2P Team Donation Scams

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There’s a new person-to-person (P2P) payment scam out there. It involves young adults going door to door, looking to “fundraise” for a sports team or extracurricular organization. But be leery, this is a scam designed to steal your money! How does it work? We’ll show you exactly how this scam plays out and how you can prevent it from happening to you.

How the Scam Works

  • A group of young adults rings your doorbell or comes up to you in person while you’re out, and tells you they are trying to raise funds for their sports team to buy new uniforms (or for a similar activity).
  • There is a clear spokesperson in the group whose job is to distract you, by explaining a lengthy story on what the “donations” will be used for and how much they would help the team. While you’re listening to the bogus story, another member of the group says not to worry – you can easily donate through Venmo or Zelle, and they’ll quickly put their contact information in your phone for you so that you can do a quick transfer once they leave.
  • While you are distracted with the story and how easy the scammers make the donation options sound, it’s not hard to fall for this scam and hand over your phone without thinking it through – to the individual who asked for it. However, you should never give your unlocked phone to anyone you do not know! This is how the scam unfortunately takes place.
  • Once the scammer has your unlocked phone, they can easily click on your Venmo or Zelle app – and transfer your money over to themselves in seconds. You probably wouldn’t even realize it’s happening as one member of the group continues to talk to you and distract you, while you think the one who has your phone is simply entering their contact information for you to make a transfer later.
  • The worst part of a P2P payment scam, is that you typically can’t get your transferred funds back.

You can prevent this or other similar P2P payment scams from happening to you by only sending money to those you know and trust, treating Zelle and Venmo like cash, refraining from giving anyone you don’t know your unlocked cell phone, and if you think something is too good to be true or it feels off – it probably is.

At First Financial, our goal is to help protect our members from scams and identity theft. If you have any concerns or questions about any of your First Financial accounts, please call member services at 732.312.1500 or visit one of our branches.

To learn more about scams and ways to protect yourself, visit zellepay.com/pay-it-safe.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Beware of ATM Skimming and Shimming

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Recent incidents of sophisticated financial fraud include the uptick in unauthorized capture of consumer card and PIN information through skimming and newer shimming devices, placed inside ATMs or payment terminals. Keep reading to learn how to protect your finances from these fraudulent devices and signs to look out for when using an ATM or other payment terminal.

What are Skimming and Shimming?

Skimming occurs when illegal card readers are attached to payment terminals including at the store, on gas pumps, vending machines, parking meters or on ATMs. These card readers grab data off a credit or debit card’s magnetic stripe without your knowledge. Criminals can then sell the stolen data or use it to buy items online. You can learn more about skimming devices and what to look out for by watching our YouTube video.

Shimming has evolved more recently, as card microchips (EMV chips) started being used on newer cards to curb skimming efforts. Shimmers are thin pieces of metal inserted into an ATM or a machine at a point of payment, used to capture information in the microchip. They are small and almost impossible to detect when looking at a machine from the outside. Shimming devices allow fraudsters to steal data from your EMV chip cards in the same way that skimmers capture the data from a magnetic strip.

How Does Shimming Work?

When a shimming device is installed on an ATM or point-of-sale terminal, a crook can steal the data contained on your card’s chip. They can then use the data to create a fake card and make fraudulent purchases. You most likely won’t be aware that a shimming device is inside an ATM or payment terminal. The device is typically positioned inside the machine’s card reader slot, and is designed to be undetectable. Once the device has shimmed data from unsuspecting cardholders, the crook will pull the device out of the machine to retrieve the stolen data.

Protect Yourself

There are several ways you can protect yourself from shimming, including:

  • Use contactless payment methods such as Apple Pay, Google Pay and Samsung Pay, like we have available here for our First Financial members.
  • Use a financial institution owned ATM. ATMs owned by a bank or credit union are more secure than one you might find at a convenience store.
  • Choose a safe ATM. Skimming and shimming devices are more likely to be installed in poorly lit areas and in less public places, where even if there are cameras – they most likely won’t be able to pick anything up. Read more about ATM safety in our previous blog post.
  • Always check the card slot. Be aware of how easily your card fits into a card reader slot. If it’s difficult to slide your card in, be suspicious. This might mean there’s a shimming device inside the card reader.

What Should You Do if You’re a Skimming or Shimming Fraud Victim?

  • Contact your financial institution or card issuer. Once you know your card has been compromised, reach out to your card issuer to lock the card and issue you a new one right away.
  • Setup account & fraud alerts and monitor your account. You can request that the credit bureaus place an alert on your credit profile, which will ask any creditors to verify your identity before issuing any new credit in your name. You’ll also want to carefully review your bank and credit card statements and online account for any unusual activity.
  • File a report with the FTC. You can visit the FTC’s website to submit a report about suspected shimming.

At First Financial, your financial well-being is our top priority. Our tools and resources such as our Fraud & ID Theft Protection Guides can equip you with the knowledge necessary to protect yourself from scams. By staying informed and vigilant, you can safeguard your finances and enjoy peace of mind in an ever-evolving digital world.

For more personalized financial assistance with your First Financial accounts, call us at 732.312.1500 or visit a branch today.

Protecting Your Finances: Beware of Double Zero Scams

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In today’s digital age, financial scams come in many forms and staying vigilant is crucial to safeguarding your hard-earned money. One such scam gaining traction is the Double Zero Scam, a cunning scheme that preys on unsuspecting individuals’ goodwill and trust. Let’s delve into exactly what this scam entails and how to protect yourself.

What is a Double Zero Scam?

Imagine receiving a call from someone claiming to represent a reputable company that you may have an account with or have purchased a product or service from in the past. The caller informs you that a $150 refund was issued to your bank account for unused services. However, due to a bank error – an additional two zeros were added to your account, making the refund amount $15,000. The caller is in distress and pleads for you to wire back the excess amount or to go to the bank and withdraw it in cash, to rectify the error so that they don’t lose their job.

How Does it Work?

The scammer relies on psychological manipulation, leveraging urgency and fear to coerce victims into compliance. By creating a sense of urgency and portraying themselves as reputable entities facing dire consequences, they aim to bypass your logical reasoning and exploit your desire to help.

Protect Yourself from Double Zero Scams

  • Verify the Caller: Always verify the identity of the caller, especially if they claim to represent a company or organization. Hang up and contact the company directly using a trusted phone number to confirm the legitimacy of the call.
  • Be Skeptical of Unsolicited Requests: Exercise caution when presented with unexpected refund offers or requests for financial transactions. Legitimate companies typically do not request immediate action or ask for sensitive information over the phone – much less a payment via a wire transfer, gift card, person-to-person payment (i.e. Venmo or Zelle), in cash, or with cryptocurrency.
  • Trust Your Instincts: If something feels off or too good to be true, trust your instincts. Scammers often rely on creating a sense of urgency to pressure victims into making hasty decisions. Take a moment and call your financial institution for a second opinion before making any financial transactions. A trusted company representative will not have an issue with further verification.
  • Educate Yourself: Stay informed about common scams and fraudulent tactics gaining traction in today’s digital landscape.

At First Financial, your financial well-being is our top priority. Our tools and resources such as our Fraud & ID Theft Protection Guide can equip you with the knowledge necessary to protect yourself from scams. By staying informed and vigilant, you can safeguard your finances and enjoy peace of mind in an ever-evolving digital world.

For more personalized financial assistance with your First Financial accounts, call us at 732.312.1500 or visit a branch today. Don’t miss out on more financial tips and advice, be sure to subscribe to our First Scoop blog.