5 Popular Scams & How to Protect Yourself - Genisys® Credit Union

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5 Popular Scams & How to Protect Yourself

on 9/6/2023

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Everyday technology becomes more prevalent in people’s lives. From working and traveling to shopping and socializing, it seems people are always connected today. But this non-stop reliance on your devices also creates a haven for fraudsters – and the pandemic only accelerated this digital dependence.

While online scams have been around for ages, new technologies bring additional means for fraudsters to take advantage of unsuspecting victims. Scammers have even gone to such lengths as impersonating government officials or creating fraudulent marketplaces allowing them to capture your financial information. 

The best way to protect yourself from becoming a fraud or identity theft victim is to understand how these scams work. Here are four of the more common scams today and ways to protect yourself. 

5 Common Scams 

1. Bank Remote Access Scam 

The rise in remote access scams is concerning. When a fraudster pretends to be your bank and convinces you to grant them remote access to your bank account, the consequences can be severe. A case exemplifying this involves a victim who received a call from a scammer posing as an employee from Avast, a well-known security software company. Under the guise of refunding $500 due to discontinued services, the scammer fabricated a story of mistakenly depositing a substantial sum into the victim's account. To rectify this supposed error, the victim was coerced into granting remote access to the bank account, allowing the scammers to siphon off the excess funds. 

Tragically, the victim fell for the scheme, leading to the scammers completely depleting the account. When the victim eventually realized the deception and alerted the bank, it was too late—the scammers had successfully withdrawn the funds not only from the victim's bank but also from another bank where they had transferred the ill-gotten money.

When receiving phone calls, it's hard to confirm the true identity of the caller. Even if your Caller ID appears genuine, scammers can employ "spoofing" to fake the source and make the call seem real when it's not. Companies almost never call to announce refunds, and even if they did, the legitimacy of the call would be questionable.

Even if you believe the call is authentic, it's wise to end the call and dial the company directly using a trusted phone number to verify. Never grant remote access to your bank account, including sharing your login credentials. Our next point leads us to another way scammers can target your bank account.

2. Banking Email/Text Phishing Scams

While phishing scams have been around for a long time, fraudsters are becoming more cunning thanks to technological advancements. It’s easy for scammers to replicate emails from legit financial institutions with ease. And, thanks to link shorteners, it’s harder for would-be victims to tell if the text message is authentic. 

These scams usually state that your account is compromised, you need to confirm your login information, or there is suspicious activity on your account. Then there is a link or a phone number to call to verify your personal information. 

Financial institutions will never call, email, text, or message you via social media asking for your personal information. Do not click these links or call the phone numbers in these messages. If you’re unsure how to proceed, contact your financial institution directly to see if the message is authentic. 

3. Government Imposter Scams

Receiving a call, text, or email from a government agency, such as the IRS or Social Security Administration, can be alarming – and that’s the point. Fraudsters go to great lengths to impersonate these organizations because they know most people will take them more seriously. 

Typically, the scam works by an employee from these agencies reaching out to you to verify personal information to settle a debt or pay money upfront to receive federal funds. These fraudsters even create fake employee IDs to appear legit and coerce individuals into divulging information. They often threaten a home loss, arrest, or the possibility of losing Social Security benefits if you do not comply. 

Government agencies will always communicate with you through US mail first. They will never text, email, call, or contact you via social media about a new issue. The only exception to receiving a call or email is if you are already working directly with the agency on a known problem.

4. Charity Scams

Unfortunately, scammers are always ready to take advantage of situations that pull on people’s heartstrings. Natural disasters or national emergencies are two examples where you can expect charity scams to pop up.

These scams cover all forms of communication and giving – from emails, texts, and phone calls to social media and crowdfunding posts. Because people are more empathetic and willing to help in times of great need, they are less likely to research the charities requesting money – many of which are fake.

Always be wary of anyone or any organization asking you to donate via cash, gift cards, cryptocurrency, or apps such as Venmo or Cash App. If a charity is pressing you to contribute immediately, it’s usually a sign of a scam. Reputable charities understand parting with your money isn’t always easy. They will gladly give you time to decide and allow you to make payments through trackable channels, such as by check, debit, or credit card

5. Amazon Scams

With the popularity of Amazon, it’s no surprise that scams surrounding the company would make the list. The latest hustle works by fraudsters calling, texting, or emailing you about a recent purchase you made. The purchase is typically a high-dollar item, such as a laptop or TV, so that it gets your attention. 

The scam directs you to click a link or call a number to cancel the order – where you are required to divulge your personal information and Amazon account details.  

If you receive a message claiming to be from Amazon or another company, it’s always best to avoid clicking any links. Instead, log into your account directly from their website to see if there are any issues to resolve.

How to Protect Yourself from Scammers

While scams are constantly evolving as new technology emerges, there are steps you can take to better protect yourself against becoming a victim.

  • Ensure you have virus and malware protection on all your devices – not just your computers. Most virus software now includes options to protect your smartphones and tablets. 

  • Make it a habit to avoid clicking on suspicious emails or texts from anyone you do not know.

  •  Always review emails from companies to make sure that they are legitimate. As a precaution, check your account directly through the company website instead of clicking on any links.

  • Remember, financial institutions will NEVER ask for personal information via email, text, or  phone call that you did not initiate. 

  • Before making any charitable donations, research the organization. Two popular websites where you can research reputable charities are: Better Business Bureau (BBB) Wise Giving Alliance and  Charity Navigator

When donating to a charity, it’s best to use a channel that leaves a paper trail, such as by check, debit, or credit card. And if you feel you have fallen victim to a scam, you can report it to the Federal Trade Commission (FTC) at www.FTC.gov/complaint/.

Your security remains our top priority. If you believe you were a victim of a scam or you received questionable communication from the credit union, please give us a call at 248-322-9800 extension 5. 


© Genisys Credit Union and www.genisyscu.org, 2023. Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited.  Excerpts and links may be used, provided that full and clear credit is given to Genisys Credit Union and www.genisyscu.org with appropriate and specific direction to the original content.




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