In today’s digital age, scams and fraud are becoming more frequent and sophisticated. Understanding how these scams work and what you can do to protect yourself and your finances is essential.

Recognizing the Warning Signs

Be wary if you receive unsolicited communications asking for personal information or money transfers. Scammers may contact you via phone, email, or even social media. No one gives away money for free. If something sounds too good to be true, it probably is. Always use caution when making transactions to individuals you haven’t met in person.

Fake Financial Institution Representatives

Scammers may mimic the language used by genuine Financial Institution employees. Always verify the identity of anyone claiming to represent Casco FCU by contacting the credit union directly.

Never share personal information – including financial accounts – with anyone. Casco FCU will never call you and ask for online banking information, passwords, social security numbers, mother’s maiden name, or address.

Common Scam Tactics

Scammers use a variety of methods to trick victims into sending money. Understanding these tactics can help you avoid falling for them.

Phishing / Smishing – Fraudulent emails (phishing) and texts (smishing) that deceive people into clicking on a link to verify sensitive account details.

Money Mules – Individuals are often unaware that they are part of a money laundering scheme. They receive funds from stranger and are asked to transfer it to someone else on their behalf. Sometimes the individual gets paid for their participation.

Romance Scams – Popular in online dating sites. Scammers spend time getting to know you and developing trust to fool you into thinking the relationship is real before asking you for money, a loan, or access to your finances.

Grandparent Scams - You get a call from someone who sounds like a grandchild or relative asking you to wire or transfer money or send gift cards to help them out of trouble. Artificial intelligence has made it easier to clone voices and alter images to make it seem like someone you know needs help. Meant to play on your emotions, this scam is among those commonly used to target older adults, especially during the holidays.

Imposter Scams - Impostor scammers try to convince you to send money or share account details by pretending to be someone you know or trust, like a government employee, law enforcement, credit card or bank fraud department.

Requests for Payment via PayPal, Western Union or Gift Cards

Scammers often ask victims to send money through unusual payment methods like PayPal, Western Union, gift cards, money wires, courier or even cash withdrawals. These methods are difficult to trace, providing scammers with anonymity and making it harder for authorities to track them down.

Pressure to Act Quickly

Scammers create a sense of urgency to pressure victims into making quick decisions. They may claim that your account is at risk or that you need to pay immediately to avoid penalties. Remember that legitimate financial institutions will never rush you into making a transaction. If someone is claiming to be an authority figure and wants you to act fast to prevent something drastic from happening, it’s most likely a scam.

Encouraging Members to Lie

One of the more insidious tactics involves scammers advising victims to lie about the reason for their withdrawal. They might suggest telling bank staff that the money is for personal use rather than disclosing the true purpose. This is a red flag and should be reported immediately. If you are asked to do something out of the ordinary and keep it a secret, it is absolutely worth confiding in someone you trust before you take action.

Prevent Fraud From Impacting You

Never open attachments or click on links in texts or emails claiming to be from your credit union.
Create strong and unique passwords for each online account. Use upper and lowercase letters, numbers, and special characters. Do not use easily guessable information like your name, email, birth date, or consecutive numbers.
Enable Two-Factor Authentication (2FA). This provides an extra layer of security by requiring an additional verification step beyond your password. This commonly involves entering a unique code sent to your mobile device or email address.
If you get a suspicious call, hang up and call the organization back by entering the phone number manually. Do Not Hit Redial.
Keep software and devices secure. Regularly update your devices, operation systems, and software to maintain robust security. Enable automatic updates. Keep antivirus and anti-malware software up to date.
Only download file from trusted sources and avoid opening attachments or clicking links from unknown or suspicious sources.

What to do if You Suspect a Scam

If you suspect that you have been targeted by a scam, it is important to act qauickly. If you receive a suspicious call, email or text, do not respond. Instead, contact Casco FCU directly at 207.839.5588. Our Service Center Team is ready to help.

Can You Spot the Signs of a Scam?