Unmasking The Imposter Scam

Here are some examples of common imposter scams:

• Jury Duty: You may receive a call or email claiming to be from court officials or law enforcement letting you know that you failed to appear for jury duty and now must face legal action. The scammer will then say because you missed jury duty you now owe a fine or will be arrested and will try to pressure you into making a payment immediately.
• Government Impersonation: The scammer pretends to be from an official agency such as Social Security or the IRS, threatening an arrest unless a payment of a “fine” is made. Often, they will claim you have past due taxes or there is an “issue” with your Social Security payment.
• Family/Friend: The scammer pretends to be a relative or friend who needs money to be sent quickly, usually asking not to tell anyone. They may claim to have been in an accident, been arrested or some other emergency.
• Tech Support: You get a call from someone claiming to be a technician from a reputable company such as Microsoft, Norton Anti-Virus or Apple claiming your computer has a virus or something illegal has been detected. The fraudster will then ask for remote access to your computer or payment for repairs or to erase “illegal information” they claim to have found.
• Lottery/Sweepstakes: The scammer reaches out to you pretending to be from Publisher’s Clearinghouse or the lottery claiming you have won a prize. Then will tell you that you can’t tell anyone, and before you can receive the money you need to pay taxes then will ask you to send money for “taxes”.

How the an Imposter Scam Usually Works:

1. First Contact: The fraudster will reach out to you via phone call, email, social media, or text message.
2. Creating Trust & Sense of Urgency: The fraudster will pretend to be someone you know or a company you would recognize, often trying to impersonate a voice or make it sound like they are in a call center. They will then push a quick timeline to get money, trying to make you feel flustered and panicked.
3. Requesting Information: The scammer often asks the victim to send funds in cash, gift cards, wire transfers or cryptocurrency. They may also request sensitive information such as your online banking login information or social security number.
4. Escalating Demands: Once the fraudster receives payment, they will often find a reason to ask for additional money to be sent. This could be for additional fees, complications, another emergency or because a new “issue” has come up. They will continue to ask for money if you are willing to send it, often getting aggressive if they sense you are hesitant.
5. Disappearing: Once the fraudster has gotten information or money, they often stop communication, making it nearly impossible to trace where the funds have gone or to get anything back.

How to Protect Yourself:

To protect yourself from imposter scams it is important to always verify the identity of the person you are talking to, never give out personal information or make payments to unsolicited requests and report any suspicious activity immediately to your financial institution and law enforcement.

If you have any questions or believe you may have fallen victim to a scam, please reach out to our Customer Care Team directly by calling 503-472-6171, or visit your nearby branch.

May 29, 2024