Kohler Credit Union’s Post

An easy way to spot a scam is how the fraudster wants you to pay them. If they ask for payment in gift cards or Bitcoin, it's a sure sign of a scam. #FraudFriday

Red flags to be on the lookout for when receiving money online: 🚩 They request your ID and passcode to access your account directly. 🚩 They ask you to send the funds you received to them or someone else using cashier checks, gift cards, crypto currency or payment apps that move money quickly. 🚩 They tell you that you can keep a portion of the money that you transfer. See more steps to avoid becoming a money mule with the Payments Innovation Alliance’s latest video: https://hubs.la/Q02CjPH30

In a new twist on impersonation schemes, scammers are calling to tell you that your personal information is being used to commit crimes and all your money is at risk. They claim to be an agent from the FTC and claim the court will seize money in your bank account or retirement savings. They urge you to transfer money to a more secure account or cash out your savings to buy cryptocurrency. It’s important to remember: If the caller says you need to buy gift cards or go to a cryptocurrency ATM, it’s a scam. Here’s what to know about this scam: 1. The FTC will never tell you to move your money to “protect” it. 2. Ignore all unexpected requests for money. 3. Don’t use contact information in the message you receive. Learn about other impersonator scams and how to avoid them: https://lnkd.in/gHfaMJU2 #fraudfriday #communitybanking

5 Ways Fraudsters May Lure Victims Into Scams Involving Crypto Asset Securities – Investor Alert May 29, 2024 U.S. Securities and Exchange Commission “The SEC’s Office of Investor Education and Advocacy is issuing this Investor Alert because fraudsters continue to exploit the popularity of crypto assets to lure retail investors into scams. Crypto assets may include assets commonly referred to as cryptocurrencies, crypto, coins, and tokens.” https://lnkd.in/ehWDvffX

A controversial article by a personal finance writer who got scammed out of $50,000. The cover story is complex and doesn't sound very convincing upon reading, although obviously the point is that it feels different when experiencing it in person. This paragraph however gave me the chills: "If it was a #scam, I couldn’t see the angle. It had occurred to me that the whole story might be made up or an elaborate mistake. But no one had asked me for money or told me to buy crypto; they’d only encouraged me not to share my banking information." This isn't just the voice in her head that knows what's coming. It's precisely where our understanding of scams should start - with isolating the victim. Read the whole article to find the establishment of #trust through stolen personal information, and finally application of time pressure to short-circuit normal #judgment. These psychological elements are common to almost any scam, regardless of how convoluted the cover story is. https://lnkd.in/gvccU9D8

With consumers becoming more educated about the prevalence of gift card scams, fraudsters are turning their attention to a new payment medium: Bitcoin ATMs. If someone sends you to a Bitcoin ATM, it's a scam. Click below to learn more about these scams and how you can protect yourself, your family, and your friends. 

🚨 Beware of Investment Scams: What You Need to Know 🚨 CNBC's latest video sheds light on a disturbing trend in investment fraud, known as "Pig Butchering." Scammers build trust with their victims through various outreach methods, only to lure them into fraudulent investments. In this case, cryptocurrency is the weapon of choice. Shockingly, 86% of investment fraud in 2023 was tied to crypto. Key takeaways: - Be cautious if you receive a text message from an unknown sender—it could be the start of a scam. - Consult with a professional advisor before making significant investments. Stay informed, stay vigilant. #InvestmentFraud #CryptoScams #FinancialSecurity #ProtectYourWealth

Great session on local payment methods —. Lots of great discussion around the unhappy paths, refunds, chargebacks and fraud. Key takeaways: - a/b testing on small populations - scrutinize the payment methods - data quality is super important, be specific and request a template - it is very fragmented and unique challenges.. - compare like types of LPM, evaluate all the wallets together or crypto all together, etc…. #MRCSOUTHEASTASIA24

🚨 Attention, Athol Savings Bank community! 🚨 Scammers are getting sneakier by pretending to be from the government or big companies like Amazon. They'll claim there's a problem with your account and then try to scare you with false stories about serious crimes. Don't fall for it! These fraudsters might fake caller IDs, give fake employee badges, or send official-looking letters. Remember, a real government official will NEVER ask you to pay with cash, gift cards, wire transfers, or crypto. Stay alert and protect your hard-earned money. For more tips on how to avoid these scams, visit: https://lnkd.in/e7nmzwPh #IBankASB #PreventScams