Learn How to Identify Different Types of Frauds and Scams
Spotting the Red Flags:
Most common types of fraud and scams:
o Fraudsters post as financial advisor or expert
o Often promote through social media, email or fake websites
o Promises high or guaranteed return with little to no risk
o Pressure to act quickly before the deal is gone
o Receive an urgent call from someone pretending to be from KSCU or fraud department or police
o Account has been compromised and they offer to pick up card by courier or bank representative and replace it for you, ask you to cut the card up and put in envelope but leave chip intact
o Scammer might ask for your PIN
o Goal is to get your card and PIN
o KSCU will not ever offer to pick up your bank card
o Received an urgent call, text or email claiming a loved one is in trouble
o Scammer pretends to be a relative or speaking on someone else’s behalf
o Pressure to send funds now for bail, medical bills or travel or hotel, vehicle repair etc
o You are told to not speak with anyone and send funds, adding secrecy and urgency
o Receive a frantic call from someone pretending to be your grandchild or police officer on their behalf
o You are told there has been an accident or they have been arrested or need help of some kind right away
o They might say do not tell my parents as I will be in trouble
o Goal is to pressure you to send money before you have time to verify if call is truly from your grandchild
o Fraudster builds a romance relationship online on a dating or social media website
o Creates a false sense of trust and emotional connection
o Asks for money to cover travel, medical expenses or emergencies
o Victims may lose large sums of money before realizing the relationship is fake
o Most underreported type of scam as the victim feels embarrassed and is lonely
o Deceptive practices used by buyers and sellers on platforms like Facebook Marketplace, Kijiji, and Craigslist. Scammers use hard-to-trace payment methods, fake profiles, and phony emails to steal money or personal data
o Fake listings, non delivery scam, overpayment scam, down payment
o Demand to send money up-front
o Prices are too good to be true
o Refusal to meet in person
o Receive a text or a call asking you to share your one-time security code that was just sent to you to your text or email
o Scammer pretends they are from KSCU or phone provider
o They more than likely already have some personal information about you
o Goal is to access your account, reset passwords and authorize transactions by using the security code you provide to them
o Fraudster pretends to be from tech support or financial institution
o Claim that your account or computer has been compromised
o Ask you to download software and grant remote access
o Once inside your device and or account they will steal personal information and transfer funds
o Criminal tricks mobile carrier to transfer your phone number to a new SIM card they control which allows them to bypass SMS based 2 factor authentication and break into your personal banking, email and social media accounts
o Scammer calls to collect personal data (name, date of birth phone number, security question answers etc) though phishing emails, social media tracking etc
o After that they contact your mobile carrier and pretend to be you claiming phone has been lost, stolen or damaged
o By successfully tricking customer service, the carrier links your mobile number to the scammer's new SIM card
o Account takeover shows by your phone immediately losing service
o An extortion scheme where fraudsters manipulate you into believing a loved one has been abducted, demanding an immediate ransom when no actual kidnapping has occurred.
o Scammers grab a 3-to-5-second audio clip of your family member from social media, videos, or voicemail greeting messages. Using artificial intelligence, they clone the voice to generate terrifyingly realistic audio of your loved one sobbing, screaming, or begging for help
o Criminals mask their outgoing numbers so your phone screen displays your loved one's actual name, phone number, or photo
o Callers rely on panic, claiming the relative stumbled into a car accident or drug deal. They forbid you from hanging up or contacting the police, forcing you to stay on the line until money is sent
o They demand immediate financial transfers via cryptocurrency, wire transfers (often to overseas locations like Mexico), or digital apps like Venmo and Zelle
o they will not let you talk directly to the victim
o Marketplace scams are deceptive practices used by buyers and sellers on platforms like Facebook Marketplace, Kijiji, and Craigslist. Scammers use hard-to-trace payment methods, fake profiles, and phony emails to steal money or personal data
o Examples: below-market price, “out of town” landlord
o Scammer use pressure tactics (holding fee, security deposit before viewing property), vague or stolen details (no specific address, photos copied from another website)
o Promise to help you recover your lost funds
o Scammer reaches out posing as trusted organization and has details about your loss
o They request payment for services
o There is urgency to act fast and promise and guarantee the lost funds will be recovered
How to protect yourself:
Check out these helpful resources below!
For over five decades it has been an honour to be part of our communities and we’re committed to being here for decades to come. Opening an account? Buying your first home? Saving for retirement? Choose your financial destination, and let’s make sure you take the best route.
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