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Using social media is a favorite way for a fraudster to scam individuals. Learn how it works and how to protect yourself on our Fraud Awareness and Prevention Center.

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Explore the latest happenings at Kirtland CU and learn about important topics from around the financial world. Here’s your insight! To learn about retirements, investments and financial planning, check out Invested now.

How Does Social Media Fraud Work?

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Scammers use social media networks in a variety of ways. They can be committed using a myriad of platforms, including TikTok, Facebook, Craigslist, and Etsy. However, the steps that fraudsters take are typically the same. Let’s review:

Scammers send direct messages or advertise in comments with links pointing to fake login pages, trying to get users to enter their login credentials. Users’ accounts are then hijacked once those credentials have been harvested.

It’s important to remember that scammers may try to trick you into sharing your personal information, usually by email or through an in-app message.

If you see or receive a suspicious message, email, video, or link, don’t open it. Report it to your social media platform’s support channel immediately.

Keep in mind:

  • Any legitimate message from TikTok, Facebook, Craigslist, Etsy, etc. won’t ask you for personal information, such as your name, contact details, or password.
  • Always verify any links sent to you before you open them.
  • Never trust any third-party websites that promise to give away free likes, fans, crowns, Coins, or other incentives, as they may be able to access your login information.

Fraudsters may set up a fake e-commerce store, and then advertise selling goods that may not exist. If you make a purchase on these e-commerce sites, the scammer will either take your funds immediately or hold the card information to make their own unauthorized purchases.

Fraudsters may also open accounts posing as celebrities, brands, or influencers to build a large following, which they then leverage to promote malicious links or content.

Resist the urge to click on a link or attachment from an unverified source. This is a surefire way to introduce malware or other malicious programs on your devices.

Accounts promise viewers an easy way to make money by simply sharing posts, liking content, or sending an upfront registration fee. 

Of course, the promised payouts never come.

Links posted on profiles and in video descriptions can lead to sites harboring viruses and malware when clicked. This gives criminals access to viewers’ devices and data.

Scammers use psychological manipulation to build online relationships with victims, eventually leading to requests for money through sob stories, romance scams, and fake emergencies.

What Should You Do If You Have Fallen Victim To A Scam?

Take immediate action to mitigate potential damage. Look up phone numbers and email addresses using a safe source, such as the platform’s official website.

Examples:

Change your account password and any other accounts that share the same password. This helps protect your personal information and prevent further unauthorized access.

If you provided financial information, such as non-public personal information, your username, password, access codes, or credit/debit card information, contact your bank or credit card issuer immediately. 

They can help you dispute charges, block your card, and issue a new card if necessary.

Set your account up for account alerts with KCU Online and Mobile to help you monitor your accounts.

Keep an eye on your statements and credit reports for any unauthorized transactions or other signs of identity theft.

Notify one of the nationwide credit reporting agencies directly to place a free fraud alert on your accounts.

Report theft through your local law enforcement department and provide the report number to our BSA Fraud Department.

Learn from the experience to avoid future scams. Stay informed about common scam tactics and how to recognize them.

By taking these steps promptly, you can protect yourself from further harm. Stay vigilant and proactive in safeguarding your personal and financial information.

Don't Be a Victim!

You need to know about credit union impersonation scams so you can avoid becoming a victim of these nefarious tactics.

Online and Mobile Banking will be unavailable on Tuesday, July 30 from 4:00–6:00 a.m.