Preventing Fraud
Banking Security Awareness
We take your financial security seriously and want to help you stay safe. With a multitude of scams present today, fraudsters are always finding new ways to commit financial crimes. Therefore, we have compiled a list of different scams to watch out for and provided some tips on how you can deal with them. It all starts with awareness and knowing what resources are available to you.
Please keep in mind the following tips:
- Never share your Sierra Central Online/Mobile Banking login and password with anyone, as Sierra Central will never ask for it.
- Be cautious of opening attachments or clicking on links in emails from unknown sources.
- Avoid clicking on links or calling numbers sent via text message from unknown parties.
- If something appears too good to be true, it probably is. Be especially wary of offers that require quick action or create a sense of fear.
We make sure to keep you informed about the latest scams and frauds, such as identity theft, phishing scams, ATM skimmers, and others. Our goal is to help protect your financial future by providing you with up-to-date information on potential threats. We regularly update this page with the latest scam information, so you can stay informed and aware of the risks we work to protect you from every day.
Types of Scams:
Charity Scam
A charity scam is when a thief poses as a real charity or makes up the name of a charity that sounds real to get money from you - taking advantage of your generosity. One way to deter the scammer is to ask for detailed information about the charity, including address and phone number, and look it up to confirm the charity is real.
IRS Scam
An IRS scam is when someone contacts you pretending to be from the Internal Revenue Service (IRS). They falsely say that you owe taxes and must pay them immediately or face serious penalties. The IRS will never call to demand immediate payment or threaten you. If you know you owe taxes, then call the IRS.
Imposter Scam
One type of scam is the imposter scam, which includes fake texts from financial institutions. In this scam, the victim receives a call, text, or email from someone claiming to be from a financial institution, asking them to confirm a transaction by responding to texts/emails and/or providing online access. If the victim responds, it will actually confirm a fraudulent transaction. There is also a variation of this scam that involves Zelle. The fraudster sends a fake text pretending to be from Zelle, asking the recipient to confirm a Zelle transaction that appears to be similar to Zelle's processes. However, it is actually a scam and should be ignored.
Pig Butchering Scam
Beware of the Pig Butchering Scam! This is a type of investment fraud and confidence trick where scammers gradually lure victims into making huge contributions in cryptocurrency towards a promising investment opportunity. However, once the victims provide enough funds, the scammers disappear without a trace. Remember, if an investment sounds too good to be true, it probably is. Always exercise caution and do your due diligence when dealing with unknown parties online. Stay vigilant and stay safe.
Google Family Link Phishing Scam
Individuals are being targeted with fraudulent emails, phone calls or text messages claiming to be from entities such as Sierra Central Credit Union or Google. These messages urge the victims to sign up for Google Family Link, and may use convincing logos and branding to deceive them. When the victims click on the provided links and enter their personal information, such as their Google account credentials, the scammers gain unauthorized access to their accounts. This can result in identity theft, financial loss, and potential compromise of sensitive data. It is important to stay vigilant and verify the authenticity of such messages before providing any personal information.
Lottery/Award Scams
Members may receive a call, text, or email claiming that they have won funds in a contest. The sender may ask you to provide bank account and routing numbers so that they can send the money. Please be aware that it is illegal for a U.S. citizen to participate in foreign lotteries.
Online Job Scams
Scammers sometimes send members a counterfeit check for a supposed new job. They then instruct the member to deposit the check and forward or wire funds to purchase equipment for their new job. In some cases, the scammer may ask for the member's account and online login details to send the funds. The member is then instructed to forward the funds to another account. Scammers may request online banking login information under the guise of helping set up direct deposit through online job applications.
Online Loan Scams
The victim is scammed into providing online login credentials under false pretenses. They are then instructed to forward funds to confirm the account and "reduce" the loan rate, but the check deposited is fraudulent.
Romance Scams
Elderly individuals, particularly those who are widowed or disabled, are often the targets of a scam that involves promises of assistance with financial management. The perpetrator gains access to the victim's online accounts and credit card credentials, which are then used to steal money or obtain cash advances on the victim's credit card. Additionally, the victim may be asked to send money to help a supposed loved one whom they met online, but who is actually part of the scam.
Puppy/Kitten Scams
In this scam, the buyer sends money for a pet purchase via Zelle or Venmo and never receives the pet.
Beneficiary Scams
You receive a message claiming that a wealthy foreigner has passed away, and you are requested to forward money to help secure the estate from the foreign government.
Make Money Scams
It is important to be cautious of any social media ads or personal requests that ask for your bank credentials, such as debit card information. Scammers may trick you into depositing fake checks into your account via an ATM and then withdraw money using a money app before the fake check is detected and flagged as fraudulent. Stay vigilant and never share your banking information with anyone you don't trust.
Fake insider jobs and phone calls pretending to be from the fraud department
In this scam, victims are made to believe that their bank accounts have been hacked by employees of the credit union. They are then instructed to withdraw their money and send it to a fake government source, such as the FTC. To ensure that the credit union employees don't catch on to the scam, victims are told to lie and make the cashier's check payable to random names, and the random name is their secret code needed to reclaim their money.
Online Overpayment Scams
The scammer sends a check with an overpaid amount and asks the victim to return the extra money before the fake check is discovered by the bank.
Holding Computer Hostage Scams
Be aware of scammers who claim to hijack your computer using malware and demand that you buy gift cards in order to release it. However, it is important to note that scammers may sometimes fake this situation by making it seem like your computer is compromised. They can do this by tricking you into clicking a link, when in reality, they are only bluffing. Be cautious and vigilant to avoid falling victim to such scams.
Social Security/Money Laundering Scheme
The scammer threatens to arrest the victim and stop their Social Security benefits unless they wire funds or buy gift cards to protect the funds from being seized.
Grandparent Scam
The scenario involves a victim who receives a phone call from someone claiming to be their grandchild, who has supposedly been arrested in a foreign country and requires money to secure their release. The caller pleads with the victim not to disclose this information to anyone else, citing embarrassment as the reason.
IRA Deposit Scams
Victims are instructed to deposit large checks into an Individual Retirement Account and initiate immediate withdrawal requests.
Ways to protect yourself online:
- Use strong passwords that are at least 11 to 12 characters long, and include upper and lower case letters, numbers, and symbols. Avoid using the same password for multiple websites.
- Ensure your computer is protected with a firewall and antivirus/anti-malware software. It's also important to install operating system patches as soon as they become available.
- Avoid using public Wi-Fi and public computers to conduct online transactions, as these are not secure.
- When offered, use multi-factor authentication for account logins. Out-of-band authentication can also be used to confirm login attempts and transactions.
- Be careful about what you share on social media. Sharing too much information can provide an identity thief with the necessary information to impersonate you or answer certain challenge questions. Keep your social media accounts private, and be cautious about who you add as a friend. Never share financial information in an unprotected public forum
- Zelle® users, please take note of the following reminder. Sierra Central Credit Union will never contact you and ask you to send money via a Zelle transaction. Scammers have been known to impersonate the credit union and request Zelle transactions via phone calls or text messages. If someone claiming to be from Sierra Central Credit Union requests you to make a Zelle transaction, please consider it fraudulent. In such cases, it is best to end the conversation immediately. Please keep in mind that all Zelle transfers occur immediately and should be treated as cash. If you have any questions regarding Zelle or your SIERRA CENTRAL accounts, please feel free to call us during normal business hours at 800-222-7228.
- It is important to protect your Social Security Number (SSN) as it remains the same throughout your lifetime, making it a valuable piece of information for identity thieves. You may need to share your SSN when opening a new account, applying for a loan, or a credit card. However, it is important to only share this information when you are sure it will not be overheard or used without your consent. Always be cautious when disclosing your SSN to avoid any identity theft issues.
Here are some links to helpful and educational resources:
Protecting older adults from fraud and financial exploitation
Financial Literacy & Education Resource Center
https://ncua.gov/consumers/financial-literacy-resources
Fraud Prevention Center
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