What is Phishing?
Phishing is fraud. Scammers send emails to consumers, posing as legitimate businesses. The goal of the scam is to get personal information from unsuspecting victims. This might include bank account numbers, security question answers, passwords, social security numbers, or other info that can allow them to hack accounts, steal money, or take over someone’s identity. Phishing’s close relative, smishing or scamming via text message, grows more and more common these days too.
Warning Signs of Common Scams
Phishing scams range from crude and obvious to highly sophisticated. Scammers often cast a wide net, so anyone could be a target.
If someone tells you:
“Pay us by putting money on a gift card and then give us the number on the back.” — That’s a scam.
“We’ll send you a check, deposit the check, and then send us the money.”— That’s a scam. (That check will later turn out to be fake, and you will be on the hook for the money.)
“You have to pay us by sending money through a money transfer company like MoneyGram or Western Union.” — That’s a scam.
“Go to a store with a cryptocurrency ATM, put your money in to buy cryptocurrency, and use this QR code to send it to this address.” — That’s a scam.
It helps to be on high alert for unusual requests, even from people you know. If someone is asking you for personal information or money out of the blue, even if they seem to be an acquaintance, friend, or legitimate business, it makes sense to follow up and check to be sure they are who they say they are.
What to do if You Discover a Scam
If you suspect you’re the target of a phishing scam, a good first step is to reach out to the real business. So if someone who seems to be a representative of your financial institution emails you asking for your account number and social security number, don’t respond directly. Instead, call your local branch using the number from the back of your debit card or from their website to see if it’s legitimate.
RMCU won’t ever ask you to enter personal account info, including PIN, CVV code, or full social security number, in emails or texts. By reaching out to the real business, you can help notify them of a potential breach, making these scams less powerful. Your actions won’t just protect you. They have the potential to help others as well.
Most email providers have a built-in way to report phishing emails. And you can report text message smishing attempts by forwarding messages to #7726. That reports it and blocks the number at the same time. You can also forward emails to the FTC to report suspicious activity.
Know what Scams Are out There
Specific scams often come in waves, growing more and more common until they lose their power as more people learn to spot them. RMCU’s Alerts page flags scams that the credit union has been seeing recently. The Federal Trade Commission puts out alerts about common scams as well, and so does the Montana Department of Justice. By staying up to date on the scams going around, you can protect yourself and your money.
Here at RMCU, we’re all about increasing security wherever we can. If you’re worried that you’ve been contacted by a scammer, give your local branch a call or send a secure message through the RMCU website. We can help you keep your money safe.
