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In today's digital age, financial scams are becoming increasingly realistic, making it crucial to stay informed and vigilant. Fairmont Federal Credit Union will NEVER send an UNSOLICITED call, email, or text asking for important account information. DO NOT click on unfamiliar links, give out personal information, or respond to unexpected texts. EVER. Here is a rundown of some common financial scams and tips on how to avoid falling victim to them.

Phishing Scams

Phishing involves fraudulent calls, emails, or messages that appear to be from legitimate sources, such as financial institutions or online retailers, asking you to provide sensitive information. To trick you into believing they are someone you know and trust, scammers are using fake caller ID information. Don't rely on caller ID to confirm the identity of the caller.

How to Avoid:

- Never click on links or download attachments from unknown or unsolicited emails.

- Verify the sender’s email address carefully; look for subtle changes or misspellings.

- Contact the company directly using official contact information to confirm the legitimacy of the request.

- Be skeptical of high-pressure tactics.

Investment and Payment Scams

Investment and payment scams promise high returns with little risk, often involving “too good to be true” investment opportunities.

How to Avoid:

- Research the investment thoroughly and verify the credentials of the person offering it.

- Be skeptical of high-pressure tactics or promises of guaranteed returns.

- Consult with a financial advisor or conduct independent research before making any investments.

Lottery and Sweepstakes Scams

Scammers notify you that you’ve won a lottery or sweepstakes you didn’t enter, asking for personal information or a fee to claim your prize.

How to Avoid:

- Remember, if you didn’t enter a lottery or contest, you can’t win it.

- Never pay a fee to accept a prize.

- Verify the legitimacy of the contest by contacting the organization directly through official channels.

General Tips to Protect Yourself

- Regularly monitor your credit union accounts in online banking, your monthly statements and credit reports for unauthorized transactions.

- Use strong, unique passwords for your online accounts and change them regularly.

- Enable two-factor authentication when possible and NEVER share the authentication code. Scammers can easily access your account when provided this code.

- Enable activity alerts for purchases made with your Fairmont FCU debit card and where possible, like login notifications with online banking, credit card purchases, and more for an added layer of security.

- Stay informed about the latest scams and share this information with friends and family.

At Fairmont Federal Credit Union, your financial security is our priority. By staying informed and vigilant, you can help protect yourself from these common financial scams. If you ever have concerns about your account or encounter a suspicious situation, don't hesitate to contact us for assistance. If you have been scammed, please report it at ReportFraud.ftc.gov or click here.

Reference:

https://consumer.ftc.gov/articles/fake-prize-sweepstakes-and-lottery-scams

https://consumer.ftc.gov/consumer-alerts/2024/07/can-you-spot-investment-scam

https://consumer.ftc.gov/articles/how-recognize-and-avoid-phishing-scams