Don’t Become a Victim of Fraud

If you’re a digital native, you may feel like you’re immune to falling prey to scams and fraud. But evidence suggests that you’re actually more likely to be a victim. The Federal Trade Commission reported in 2024 that 44% of adults ages 20-29 lost money to fraud – compared to 24% of those ages 70-79. Being younger doesn’t automatically make you safer.

Avoiding fraud sometimes requires a sharp eye, but you can stay pretty safe with just a little bit of caution. Here are four common scams you may come across.

• Social Media Scams: Social media sites are a prime place for fraudsters to set up a scam to steal your personal or credit card information. There is a wide variety of social media scams, so it’s hard to nail down a particular one to look out for, but the best way to avoid fraud on social media is to just avoid clicking links from strangers or other suspicious accounts, whether they cross your feed or are sent to you directly.
  
  
• Fraudulent Emails: You may receive an email for one of your online accounts insisting that you need to change your password right now by clicking a link. Read the email carefully for typos and an incorrect URL and email address – sometimes scammers set up fake websites that mimic a legitimate one, and their URL and email address will be slightly wrong. If you did not initiate this email, do not click on the link, and if you’re worried, go directly to the website by typing it in and reset your password manually.
  
  
• Fishy Retail Websites: As you scroll social media, you may see an ad for a store offering unbelievable deals, but many of these sites don’t actually have those products. It’s just a way to steal your money and card information. Research the site before buying to make sure it’s legitimate or just stick to the stores you already know are real. If you do end up “buying” something from one of these fake stores, be sure to report it as soon as possible to your financial institution so that you can lock down your money and get a new credit or debit card number.
  
  
• Fake Scholarships and Grants: With the cost of higher education rising every year, you may be especially worried about paying for it. Fake scholarships and grants feed on these worries to steal personal information from students seeking financial aid. Make sure you do your research before accepting any scholarship to ensure the person or company providing it is legit, and never, ever pay a “processing” or “advance” fee. 

If you do fall victim to fraud, be sure to report it to the FTC and take steps to prevent further loss due to your private information being stolen. And remember, if it seems too good to be true, it probably is!

Keep up to date on the latest fraud news by visiting bfcu.org.

Need to report card fraud? 
Call 800-647-2328, option 6, or text 318-549-8145. Open Monday – Friday, 8:30am – 5:00pm.
After-hours debit card fraud, call 866-274-2761.
After-hours credit card fraud, call 800-543-5073.

Sources: https://www.investopedia.com/financial-edge/1012/common-scams-targeted-at-teens.aspx, https://www.welivesecurity.com/2021/06/01/5-common-scams-targeting-teens-how-stay-safe/