Watch for Bank Scams

Thanks to everyone who commented on my most recent post, Unexpected Money. It's clear from your comments that this has never happened to anyone else. A number of folks suspected a scam of some sort.

After all, it's very unusual to find unexpected 💵  from the Social Security Administration (SSA), and when it happens twice it is cause for concern. Naturally, it would be more concerning if money was being taken out of the account, instead, it was put in. 🤔

No, we don't have an answer to the mystery, yet.

But, as so many expressed concern that this could possibly be a bank scam, we too were suspicious and have checked online accounts at various times during the past week. The two deposits remain in an account used for automatic deposit of monthly social security funds and withdrawals related to healthcare expenses and Medicare Supplement plan costs.

Other folks commented on the possibility that a social security number (SSN) had been hijacked. We've checked those accounts online and there's no evidence or notification of suspicious activity. 

Admittedly, the SSA agent's comment of wait and see what happens when I called and reported the first suspicious deposit did seem a bit off. But, that office was duly notified.

In response to other comments, there hasn't been any emails asking us for 💰. We're overly cautious and do not open any email that looks suspicious. Thankfully, the email spam filter sends a number of these to trash (also some that have been legitimate emails). 

The good news is that my regular monthly social security deposit went through OK. Grenville's monthly deposit is set for next week. So, we will check that it's on time and correct.

What a turnabout from when we were owed money from a tax return and it took 2 years to get the refund. We're going to wait a couple more weeks to see if any notifications are received from the SSA or the financial institution. If not, another set of phone calls will follow, hopefully without lengthy wait times, and maybe we'll get an explanation — or resolution.

When we learn more, there will be a complete follow-up post — and you will know too.

Coincidentally, last week, we received a timely and lengthy email from our credit card company to caution that bank scams are ongoing and to alert us to some red flags.

After our incident, it seemed appropriate to include some of that information in a post. (Spoiler alert, it was reduced for this post.) 

Many astute bloggers likely know a lot of these warning signs. Still, people are sometimes caught unaware. The most common types of scams target through fake emails, text messages, voice calls, and mail. No matter what method a scammer uses, you may be:

• Contacted unexpectedly by phone, email, text, direct message or pop-up with a request for personal information or money. Never click a link or download an attachment from someone you don't know. Most banks and credit card companies will never text, email or call asking for personal or account information.

• Pressured to act immediately with an alarming phone call, email or text that plays with your emotions. Scammers may pose as an employee from a familiar organization, such as Bank of America and say there's a problem that needs immediate attention. Do not act unless you have verified the person who has contacted you and the story or request is legitimate.

• Asked to pay in an unusual way, like gift cards, bitcoin, prepaid debit cards or digital currency, to resolve fraud. 

• Asked to provide personal or account information, such as an account verification code, bank account number or PIN. When in doubt, never give it out. 

• Offered a free product or get rich quick opportunity that seems too good to be true. If it seems too good to be true, it probably is. Never cash a check for someone you don't know.

Know that if you authorize a transfer or send money to a scammer, there's usually little that can be done to get your money back. Once it's gone, it's really gone.

Scammers use different ways to entice folks to fall for schemes from seeming friendly and willing to help to using fear tactics. Some of the more popular scams include:

Imposter Scams—Scammers pose as businesses or people you know, like your bank, utility company, phone provider, a friend or relative. They may ask you to send funds to yourself or others using Mobile or Online Banking and spoof legitimate phone numbers to call or text you to make the request more convincing.

How to help protect yourself: Be cautious if being pressured to respond immediately — this is what scammers want you to do. Be wary of unfamiliar calls, computer messages, texts or emails requesting money or personal information. Verify you are sending to a trusted recipient by calling a trusted or verified phone number from a recent bill, receipt or by visiting an official website.

Online sales scams—If you're thinking about purchasing event tickets, adopting an animal or just browsing the web, be cautious if an online promotion sounds too good to be true. Scammers set up fake stores selling fake goods and after you've made a purchase, the store will disappear.

How to help protect yourself: Research the seller and products independently, and compare prices with other websites. Make sure there's a refund policy, information on privacy terms and conditions and ways to contact them. Use caution if asked to pay with untraceable means, like a wire, money transfer or gift card. If you do, you may not receive your purchase or get money returned. Verify the website by checking the URL address bar or domain name to ensure you are at the correct site. Look for secure URLs (https://).

Investment Scams—Be wary if you are contacted by investment managers or receive an unsolicited request (via social media, pop-up, text, email or phone call) that presents a great investment opportunity. Offers that promise guaranteed returns, the chance to get rich quick or double your money are often a scam.

How to help protect yourself: Think twice if you're asked to send money through digital currency or crypto currency or instant money transfers. Once you send money, it's gone. There's little that can be done to get it back. Always validate requests for money, research investment offers and use caution if asked to provide personal or financial information.

Technology Scams—If you get an unsolicited request to remotely access your computer or mobile device, it's probably a scam and your information can be at risk. Scammers pose as employees of familiar companies and ask you to provide remote access or download an app. They may call, use pop-up screens or email to convince you that your device has a virus.

How to help protect yourself: No matter what reason you're given, never grant device access or download any app at the request of unknown companies or persons. Always confirm the identity of anyone requesting access by calling a trusted and verified phone number; the one they provide could be part of the scam.

Compromise Scams—Scammers may try to target you through a fake business, social media or email account. A cyber criminal can use a hacked or fake account that looks legitimate.

How to help protect yourself: Never trust unknown persons. Verify everything never send sensitive information to anyone whose identity is uncomfirmed. Give all requests for funds another look. If an email looks strange, look up the sender. Email or call but don't use the number they provide.

If you've been a victim of a scam, contact your bank or credit card company ASAP. 

And, if you've been a victim of an online scam, here's another way to report criminal activity.

The Internet Crime Complaint Center (IC3) is a division of the Federal Bureau of Investigation (FBI) that handles suspected internet-facilitated criminal activity. It gives victims a means of reporting incidents and to alert authorities of suspected criminal or civil violations online. 

The IC3 develops leads and notifies law enforcement agencies at the federal, state, local and international level. Information sent is analyzed and spread to law enforcement for investigative and intelligence purposes and public awareness.

Sadly, the bottom line is that there will always be scammers and spammers around trying to take from others forewarned is forearmed.

It's one reason we have a residential phone number, plus mobile phones. The home number isn't a physical connection but Voice over Internet Protocol (VoIP) from the Internet provider; it's given to other than family and friends. Oddly, Internet service would be more costly without it and, of course, if power goes out, this number is inoperable. 

Like many folks, we've received warranty, insurance and health care calls on the "home" phone. Call blocking is done for unrecognized numbers and ones with no message left. It works for us—on our last multi-day trip there was not a single spam/scam call.

How about you—do you have both?