Scammers are constantly developing new, sophisticated tactics to steal money and personal information, making fraud and AI scams a big risk for everyone. The most important thing you can do is trust your instincts. If something feels off, take a step back and make sure you’re talking to the right person.
Unfortunately, consumers are feeling increasingly targeted, with 39% of respondents in an Experian survey reporting greater online threats than a year ago. Identity theft, stolen credit card data, phishing emails, and phone scams remain top concerns, according to the survey.
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Impersonation cons are one of the top fraudulent schemes consumers are seeing often, especially with more fraudsters using AI technology. This scam occurs when a con artist pretends to be someone you know and trust, like a family member, your financial institution, the IRS, or the local police.
The scammer will call, email, or message you, requiring your immediate action. They’ll threaten you with major consequences and use fear tactics, with messaging indicating your account has been compromised or you’re the subject of a class-action lawsuit. They want you to send money or give up personal information.
No legitimate company or government agency will ask you to provide sensitive information over a phone call or email, especially under pressure. The most important thing to remember is to not share those six-digit verification codes with anyone. This multi-factor authentication is meant to protect you. Don’t share it, even if they claim it’s okay. They’re trying to steal your money, your information, or both.
One such common impersonation scam will use an AI-generated voice to sound like a loved one. They’ll call you and say they’re in trouble and need money fast. For example, you could get a call from your “son” saying he needs money to get out of jail in Mexico, or an “uncle” who needs money because they’re locked out of their account for one reason or another.
If this happens, make sure you verify your loved one really is in need. Take a deep breath, stop and think, and text that person to make sure they really are in Mexico. You can also text another family member who knows the whereabouts of that person to double-check their story. You’ll likely be surprised when they text back and say they’re fine!
Like many other credit unions, our team is trained to spot tell-tale signs of suspicious activity when people come in to withdraw large sums of money. Here are the three red flags of a scam every consumer should look out for:
1. Pressured to act quickly. Be cautious of unexpected emails, calls, or messages, especially those promising prizes, inheritances, or exclusive deals you never signed up for. Scammers often create urgency to pressure you into acting fast.
2. Asking for personal information. Legitimate organizations don’t request sensitive personal information through unsolicited emails or messages. Don’t share your Social Security number, bank details, or passwords. They’re trying to steal your identity!
3. Requesting money. If someone is asking you for money, especially in ways where you can’t get the money back, like gift cards, wire transfers, cryptocurrency, or person-to-person payments, this is not legitimate.
Watch for red flags such as poor spelling and grammar. Fraudsters often operate from other countries, such as Nigeria, Ghana, the Philippines, Russia, and Brazil.
If someone shares a photo online, use Google’s reverse image search to verify its authenticity. A reverse lookup may reveal multiple names associated with the image or link to a different social media profile. Legitimate individuals typically have an online presence, with their photos matching their LinkedIn, Facebook, or other social media accounts.
Remember, if an offer seems too good to be true, it probably is.
Consumers can stay one step ahead by using resources such as ScamSpotter.org, an educational website run by Cybercrime Support Network and Google.
Check out Copper State Credit Union’s Fraud Help Center to learn more about different scams, how to report them, and what to watch out for. Visit copperstatecu.org/fraud for more information.
Author: Christina Kredit is a solutions-focused leader with 13 years of experience in education and finance, dedicated to empowering Arizona families through financial education. As the vice president of marketing for Copper State Credit Union, she enhances financial wellness by managing educational resources and communication strategies.
