Staying Ahead of Fraudsters and Spotting Common Scams

Scams are everywhere, lurking in inboxes, through phone calls, and even in seemingly innocent social media interactions. In today's digital age, protecting yourself from scams has never been more important. As scams get trickier and more advanced, it's essential for everyone to know the common red flags and types of scams out there. This guide will walk you through some telltale signs of scams and provide practical tips to safeguard your finances and personal information.

Spotting Scams: Warning Signs

Knowing the red flags of a scam can save you from financial loss and frustration. Here are some warning signs to watch out for:

• Secrecy Requests: If you are asked not to disclose the real reason for sending or withdrawing funds, it's considered a major red flag.
• Pressure to Act Fast: Scammers often create a sense of urgency, pressuring you to send money or click links without thinking.
• Online Contacts: Be wary if someone you met online suddenly asks for money.
• False Stories: It’s typical for scammers to coach you on providing a false narratives when withdrawing funds.

According to the Federal Trade Commission, these strategies have become alarmingly effective, causing millions in losses each year. Stay alert and protect yourself by recognizing these signs early.

Different Scams To Watch Out For

Fraud comes in various forms, each with its own deceptive tactics. Here are some of the most common scams:

• Advance Fee Scam: In this situation, you are asked to pay upfront for something of greater value, like a loan, lottery prize, or inheritance. Unfortunately, the promised reward never
• Overpayment Scam: Someone intentionally "overpays" for a product or service with an invalid check or payment, and then they ask for a refund of the excess—often through wire transfer or gift cards. By the time the payment is revealed as fake, you have already sent the refund, and the scammer takes your money.
• Refund Scam: The scammer claims you are owed a refund, often pretending to be from a legitimate company. They overpay or say there’s an error, asking you to return the extra. The refund is fake, and you end up losing your own money.
• Investment Scam: Someone contacts you through a messaging app and presents fake financial opportunities. The investment platforms involved seem authentic and even imitate real outcomes, but their sole purpose is to trick you into contributing larger amounts. This scam is also known as a Pig-Butchering Scam.
• Gift Card Scam: Scammers may request payment through gift cards for bills or fees—always remember, gift cards are for gifts, not payments!
• Imposter Scam: These scams involve fraudsters pretending to be an authority figure, like the IRS Social Security Administration, FBI, or your bank, demanding money or personal information.
• Tech Support Scam: Someone tells you that your computer has a virus, and they need remote access to fix it.
• Family Emergency Scam: A criminal pretends to be a family member and urgently contacts you. They ask for money for an emergency or bail.
• Dating Scam: You meet someone online and develop a long-distance romantic relationship. The partner asks you to send money repeatedly before they ultimately disappear.

Steps To Take If You Were Scammed

Being targeted by a scam can be unsettling, but knowing how to respond can prevent further harm. Here’s how to act quickly:

1. Change passwords and security questions immediately.
2. Contact your financial institutions for assistance (information for Academy Bank is provided below).
3. Keep records or communications related to the scam.
4. Report the case to the  FBI Internet Crime Complaint Center (IC3), the Federal Trade Commission (FTC), and the Consumer Financial Protection Bureau(CFPB).

How To Report Fraud to Academy Bank

It’s important to reach out to your financial institution for reporting scams, especially because they can help you secure your accounts. Here's how to alert Academy Bank:

• Reach Out Digitally: Log into your Online or Mobile Banking account and send a secure message via chat.
• Visit Online: Use the chat feature at academybank.com and request to speak with a banker. (Monday - Friday, from 8:00 AM - 10:00 PM, Central Time; AND Saturday, 9:00 AM - 5:00 PM, Central Time).
• Call for Help: Contact the Academy Bank Client Care line at 877-712-2265 for assistance. (Monday - Friday, 8 AM - 7 PM, Central Time).

Remember, Academy Bank will NEVER ask for your personal information, account numbers, or passwords via phone, email, or text. Always verify suspicious requests independently.

The Bottom Line

Fraud can happen to anyone, but staying informed and aware can reduce your risk significantly. By recognizing red flags and understanding common tactics, you can defend yourself and your loved ones from potential threats. Share this information with friends and family to help them stay safe!

For more information on protecting yourself from fraud, explore our website for comprehensive guides on security-related topics.

FINANCIAL EDUCATION: Scams & Fraud; Preventing ID Theft; Reporting ID Theft; Fraud Alerts & Freezes; Mobile Security Tips; Visa Card Security.

SCAM-SPECIFIC RESOURCES: General Cybersecurity; SIM Swapping Scams; Phishing Emails; Phone Scams; Text Scams; Crypto Investment Scams; Pig-Butchering Scams;Elder Financial Abuse; Business Fraud; Tax Return Security.

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