Stay Safe: Test Your Scam Smarts

 

Introduction

In today's digital world, scams are becoming increasingly sophisticated, targeting individuals through various channels like email, phone calls, text messages and social media. At Ideal Credit Union, we prioritize your financial security and want to empower you to recognize and avoid potential fraud. This quiz will test your ability to spot common scams and provide you with the knowledge to protect yourself.

 

How It Works

We'll present you with a series of typical scenarios that mimic common tactics used by scammers. After reading each scenario, decide whether you believe it's legitimate or a scam. Then, we'll reveal the answer along with an explanation to help you understand the red flags and best practices for handling such situations. Write your answer down before you scroll down to the answer and explanation, then move on to the next question! Score yourself at the end for your results.

 

The Account Freeze

You receive an email that appears to be from Ideal Credit Union. The email states:

"Dear Valued Customer,

We have detected unusual activity on your account and have temporarily frozen it to protect your assets. To restore access, please verify your identity by clicking the link below and completing the authentication process.

[Verify Your Account Now]

Failure to do so within 24 hours may result in permanent account closure.

Sincerely,

Ideal Credit Union Security Team"

 

Is It a Scam?

Answer: Yes, this is a scam.

This email is a classic example of a phishing scam designed to trick you into providing personal information.

Red Flags:

• Urgent Language and Threats: It creates a sense of urgency by threatening permanent account closure within 24 hours, which Ideal Credit Union will never do.
• Unsolicited Verification Request: Ideal Credit Union will not ask you to verify your identity via email without prior notice.
• Suspicious Links: The "Verify Your Account Now" link may lead to a fraudulent website that looks legitimate but is designed to steal your login credentials.

What You Should Do:

• Do Not Click the Link: Avoid clicking on any links or downloading attachments from unsolicited emails.
• Verify the Email: Contact Ideal Credit Union directly using the official phone number or website to confirm if there is an issue with your account.
• Report the Email: Please send us the suspicious email through Ideal Credit Union's secure messaging system for further investigation.

 

An Emergency Request

You receive a direct message on social media from a close friend. The message says:

"Hey, I'm traveling in Europe and I've lost my wallet. I'm stranded and need $1,500 to pay my hotel bill and get a flight back home. Could you wire me the money? I'll pay you back as soon as I'm home. I need this before tonight, so please be quick"

 

Is It a Scam?

Answer: Yes, this is likely a scam.

This scenario is a textbook "stranded traveler" scam.

Red Flags:

• Unusual Request: It’s safe to assume that it’s out of character for your friend to ask for money this way.
• Urgency and Desperation: The message pressures you to act quickly, giving the impression that if you take the time to verify the details you will be harming your friend.
• Electronic Transfer Request: Scammers often ask for money to be wired, with the goal of making you unable to recover the money once it is sent.

What You Should Do:

• Do Not Send Money: Until you've confirmed the situation is real, avoid sending any funds.
• Confirm with Your Friend: Contact your friend through another method, such as a phone call or text message, to verify the request. 
• Check for Account Compromise: He may not even know that his social accounts have been hacked until you call to ask. 
• Report the Incident: Notify the social media platform about the suspicious message.

 

Investment Opportunity Calls

You receive a phone call from someone claiming to be a financial advisor from a well-known investment firm. They offer you an exclusive opportunity:

"We have an investment opening that's guaranteed to yield a 50% return within two months. This offer is limited and available only to select clients like you. To secure your spot, we need you to transfer a minimum of $5,000 today. Can I count on your commitment?"

 

Is It a Scam?

Answer: Yes, this is most likely a scam.

This scenario exhibits common traits of investment fraud.

Red Flags:

• Unsolicited Offer: You weren't expecting this call and have no prior relationship with the caller.
• Guaranteed High Returns: Promises of high or guaranteed returns are either unprofessionally unrealistic or more likely, it’s a lie. These promises are a common sign of a scam.
• Pressure to Act Quickly: The caller urges you to invest immediately, discouraging you from conducting due diligence to keep from “missing out” on the supposed opportunity.
• Request for Immediate Payment: They ask for a quick transfer of funds without providing detailed information.

What You Should Do:

• Do Not Provide Personal Information: Avoid sharing any financial details over the phone.
• Research the Firm: Independently verify the legitimacy of the investment firm and the advisor.
• Consult a Professional: Speak with a trusted financial advisor before making any investment decisions.

 

Verification Code You Didn't Request

You receive a text message from Ideal Credit Union:

"Your verification code is 678910. Please do not provide this code to anyone. If you did not request this code, please ignore this message."

A few minutes later, you get a phone call from someone claiming to be from Ideal Credit Union's security team:

"Hello, this is Sarah from Ideal Credit Union. We've detected suspicious activity on your account. To verify your identity and secure your account, please provide the verification code we just sent you."

 

Is It a Scam?

Answer: Yes, this is a scam.

This scenario illustrates a common tactic used by fraudsters known as social engineering.

Red Flags:

• Unsolicited Verification Code: You received a code without initiating any action.
• Request for Code Over the Phone: Legitimate representatives will never ask for verification codes that are meant to secure your account.
• Urgent Security Concern: The caller creates a sense of urgency to pressure you into complying.

What You Should Do:

• Do Not Share the Code: Never provide verification codes to anyone.
• Hang Up and Verify: Contact Ideal Credit Union directly using official contact information.
• Report the Incident: Inform Ideal Credit Union about the attempted scam.

 

Account Activity Alert

You receive a text message apparently from Ideal Credit Union:

"Alert: A purchase of $50.25 was made at Grocery Mart on 09/20 at 2:15 PM using your debit card ending in 5678. If you recognize this transaction, no further action is required."

 

Is It a Scam?

Answer: No, this is likely not a scam.

This is likely a legitimate transaction alert from Ideal Credit Union.

Indicators of Legitimacy:

• Specific Transaction Details: The message includes the exact amount, merchant name, date, time and the last four digits of your card.
• No Requests for Action: It doesn't ask you to provide personal information or click any links.

What You Should Do:

• Review the Transaction in Your Account: If you recognize it, no action is needed.
• If You Don’t Recognize the Transaction: If the transaction is unfamiliar, contact Ideal Credit Union immediately using official contact information.

 

Overpayment and Refund

You sell an item online for $200. The buyer sends you a check for $400 instead and contacts you:

"I'm sorry, I accidentally overpaid you. Please deposit the check and wire back the difference to me immediately."

 

Is It a Scam?

Answer: Yes, this is a scam.

This is known as an overpayment scam.

Red Flags:

• Excessive Overpayment: The overpaid amount is significantly higher than the agreed price.
• Request for Immediate Refund via Wire Transfer: Scammers prefer irreversible payment methods.
• Pressure to Act Quickly: They urge you to send the money before the check clears.

What You Should Do:

• Do Not Deposit the Check: Fake checks can take weeks to be identified.
• Offer to Void the Transaction: Suggest canceling the deal.
• Cease Communication: Stop interacting with the buyer and report them to the platform.

 

Fraud Alert Verification Call

You receive a phone call from Ideal Credit Union's fraud department:

"Hello, this is Lisa calling from Ideal Credit Union's fraud prevention team. We're calling to verify a recent transaction on your account ending in 1234. Did you authorize a $500 purchase at Electronics World today?"

 

Is It a Scam?

Answer: No, this probably is not a scam.

This is most likely a legitimate fraud verification call from your credit union.

Indicators of Legitimacy:

• Specific Account Information: They mention the correct last four digits of your account.
• Verification Process: They are confirming a specific transaction.
• No Request for Sensitive Information: They don't ask for your full account number, Social Security number or passwords.

What You Should Do:

• Respond Appropriately: Confirm whether you made the transaction. But if after doing so, the caller appears to pressure you into taking action to reveal or send personal identifying information, it’s time to become suspicious again, which leads us to the next step of:
• Call Back: If you're unsure, you can hang up and call Ideal Credit Union back using the official phone number to verify the call's authenticity.

 

Email from Ideal Credit Union

You receive an email:

*"Dear [Your Name],

We noticed unusual activity on your account. Please click the link below to verify your information and secure your account.

[Secure Your Account Now]

Thank you, Ideal Credit Union Security Team"*

 

Is It a Scam?

Answer: This is likely a scam.

This appears to be a phishing email attempting to steal your information.

Red Flags:

• Unsolicited Verification Request: You weren't expecting this email.
• Generic Link: The link may lead to a fraudulent site.
• Urgent Tone: Creates a sense of panic to prompt immediate action.

What You Should Do:

• Do Not Click the Link: Avoid interacting with the email.
• Verify the Sender: Check if the email address is official.
• Contact Ideal Credit Union Directly: Use official channels to confirm any issues.

 

Tech Support Calls You

An unexpected phone call:

"This is Mike from Apple Support. We've detected a virus on your device. We will need you to allow us remote access to fix the issue immediately."

 

Is It a Scam?

Answer: Yes, this is a scam.

This is a tech support scam aiming to access your personal data.

Red Flags:

• Unsolicited Call: Legitimate companies don't cold-call customers about tech issues.
• Request for Remote Access: Grants scammers control over your device.
• Pressure and Fear Tactics: The scammer frames their message as an emergency issue which requires immediate action to prevent supposed harm.

What You Should Do:

• Hang Up Immediately: Do not engage further.
• Do Not Provide Access or Information: Never grant remote access to unknown callers.
• Delete Any Software You Installed: If you did not install any software, you have nothing to worry about. If you did install anything at the scammer’s request, shut down your computer, turn off your internet so the scammer cannot remotely access your device, turn your computer on and uninstall any programs they had you install. You should also run an antivirus program to detect any viruses that may have been installed.

 

Charity Donation Request After a Disaster

A call claims:

"We're raising funds for the recent hurricane victims. Your generous donation is needed to save the victims who are homeless and in need of urgent medical aid, which we can only provide with your help. Can we process your $100 contribution now?"

 

Is It a Scam?

Answer: Possibly a scam.

Scammers often solicit donations to fake charities.

Red Flags:

• Pressure to Donate Immediately: Scammers try to elicit an emotional response and pressure you into giving money.
• Unsolicited Contact: You didn't reach out to them–they reached out to you.

What You Should Do:

• Research the Charity: Verify the organization the caller claims affiliation with is a valid and reputable charity.
• Donate Directly: Don’t donate through the information provided by the potential scammer. Hang up and use official channels if you choose to give.
• Avoid Sharing Financial Info: Never provide financial details or payment information over unsolicited calls.

 

Understanding Your Results

Reflect on how many scenarios you correctly identified:

• 8-10 Correct: Excellent awareness of scam tactics.
• 5-7 Correct: Good understanding, but there's room for improvement. 
• Below 5 Correct: We’re glad you took the test! Take a look at our other cybersecurity blogs to increase your spam IQ.

 

Tips for Identifying and Avoiding Scams

• Be Skeptical: If it sounds too good to be true, it probably is.
• Verify Sources: Contact organizations directly using official information.
• Protect Personal Information: Never share sensitive data unless you're certain of the recipient's identity.
• Avoid Urgent Requests: Scammers usually pressure you to act quickly.
• Educate Yourself: Stay informed about the latest scam trends.

 

Conclusion

Staying vigilant is your best defense against scams. By recognizing red flags and knowing how to respond, you can protect yourself and your finances. Remember, Ideal Credit Union is here to support you. If you ever suspect fraudulent activity, don't hesitate to reach out to us so we can help you to live Your Ideal Life!