Scammers are getting smarter every day—and their tactics are constantly evolving. Whether it’s a phone call, email, text message, or even social media, anyone can be a target. The good news is that by knowing the warning signs and taking simple precautions, you can protect yourself, your money, and your peace of mind.
Common Types of Money Scams
- Phishing Emails & Texts
- You get a message claiming to be from your bank, credit union, or government agency asking you to “verify” account details or click a suspicious link.
- Red Flag: Official institutions will never ask for sensitive information this way.
- Imposter Scams
- A caller pretends to be from the IRS, Social Security, or even a relative in trouble (“Grandparent Scam”), pressuring you to send money quickly.
- Red Flag: Demands for gift cards, wire transfers, or cryptocurrency as payment.
- Online Marketplace & Romance Scams
- Fraudsters pose as sellers or buyers or create fake relationships to gain trust and eventually request money.
- Red Flag: Someone you’ve never met in person urgently needs financial help.
- Investment & “Too Good to Be True” Scams
- Promises of guaranteed high returns, often pushed via social media or email.
- Red Flag: Pressure to “act fast” or invest in something with little or no documentation.
- Lottery & Prize Scams
- You’re told you’ve won a prize or sweepstakes—but must pay fees or taxes up front to claim it.
- Red Flag: Legitimate winnings never require payment to receive.
How to Protect Yourself from Money Scams
- Slow down. Scammers want you to act before you think. Take time to verify.
- Don’t share personal info. Never give account numbers, PINs, or Social Security numbers unless you initiate contact with a trusted source.
- Verify requests. If you get a suspicious call, hang up and call the organization back using a number you know is real.
- Be skeptical of urgency. Phrases like “act now,” “limited time,” or “your account will be closed” are scare tactics.
- Check email and web addresses. Slight misspellings or strange domains are signs of fraud.
- Use secure payments. Avoid wiring money or sending gift cards—once gone, that money is nearly impossible to recover.
- Monitor your accounts. Regularly check your credit union and credit card accounts for unauthorized activity.
What to Do If You Think You’ve Been Scammed
- Stop communicating with the scammer immediately.
- Contact your financial institution right away to report suspicious charges or compromised accounts.
- File a report with the Federal Trade Commission (FTC) at reportfraud.ftc.gov.
- Consider placing a fraud alert or freeze on your credit report.
- Keep records of all communications and payments related to the scam.
Bottom Line
Scams can happen to anyone—young or old, new saver or seasoned investor. Staying alert, asking questions, and taking time to verify requests are your best defenses. Remember: if it sounds too good to be true, it probably is.
Have questions or think you may have been targeted by a scam? We’re here to help. Visit IC Credit Union ‐ Get in Touch to connect with us today.
