To end the year on a safe note, we bring you an important update on the latest trends in fraud. 

At the end of the year there is a surge in cases of fraud because criminals are aware that consumers spend more and are more distracted. This is why we bring you the latest trends in fraud.  With this information you can focus on enjoying the holidays with your loved ones.

The “you’re under investigation” scam 

This type of fraud is so prevalent and is causing such losses that there are investigative reports from large newspapers on it. 

Someone calls you who claims to be from FinCEN, the Department of Justice, the FBI, Interpol, etc. They inform you that you’re under investigation for fraud/money laundering but that the caller is aware that it is someone who has stolen your identity. Sometimes the caller tells you that it is your financial institution that is under investigation. 

The scammers convince you that your funds will be blocked or withdrawn. Supposedly, the only way to safeguard your money is to deposit it in a new account in another institution, or to put it in bitcoin. That’s how they get your money. They use fear, urgency and secrecy to stop the victim from getting information. Some victims who have visited their financial institutions to withdraw money stayed on the phone with these “agents.” That was a way to stop them from giving away information to the bank or credit union staff.

Package delivery scams 

With the holidays these scams go through the roof because we shop online. Scammers know this and take advantage of that to send fake messages from customs or saying that there is an added charge for an incoming package. If you get this type of message, there’s an easy way to confirm whether it is true. Don’t press any links. Visit the store or the delivery company’s official tracking site and check the status.

“You won!” 

One of the oldest scams in the world, but the digital version. You get an email that you won such and such contest. Or you sign up for some giveaway on social media and a few minutes/days later you get an instant message that you won. The moment you click the message to provide your info, you get malware that usually includes a keylogger. Within days they gain access to your account login info and the rest of your device. With that, they take over your accounts and payment cards. ¡Don’t fall for this! 

Fake invoices and subscription renewals

As with fake delivery messages, there are scammers who work vying for a smaller amount by sending thousands of bills: traffic tickets, subscription renewals, a common service with a yearly fee, etc. 

To avoid this type of scam, always verify your invoices and confirm traffic tickets online. Usually, the police do not send tickets via the phone.

The new job scam 

This is a rather recent variety of fraud that has been targeting mostly younger victims who just finished college. However, it is a growing phenomenon that affects older adults. In our spring edition we gave the full details.

Fraud alert scams 

You get an alert on your phone asking if you have made $X charge. You must reply with a yes or no. When you say no –because it is part of the swindle- they call you and inform you of fraud attempts on your account. They tell you they will send you a code to confirm that they are speaking with the account’s rightful owner. When you confirm with the code, what you really do is give them the security code to access your account; with that, they empty your account. 

If you receive this type of message, call the number that you know belongs to your financial institution directly.

Fraud alerts with a link 

The second variant of the previous fraud includes a link to the financial institution’s webpage to confirm/investigate. This scam relies on perfect replicas of your bank/credit union’s website to steal your login credentials. Scammers have spoofed the webpages of many major financial institutions worldwide to steal their clients’ money. 

Continued information from OAS FCU 

To end, we want to remind you that here at OAS FCU we try to keep our members up to date about fraud and how to protect one’s financial identity and accounts. Here you will find samples of existing fraud attempts impersonating very recognizable companies. And we also make available to you a special webpage on fraud prevention. 

Season’s Greetings from OAS FCU and happy holidays to you and yours.