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Popular Scams to Watch Out For

Investment Scams – A stranger, or even someone you know, pretends to be a potential business partner with a “genius” idea or project that they want you to invest in. They may even provide fake collateral (like a check or a document) as “proof” they’re legit. Spoiler alert: they’re not. Always consult a trusted financial advisor before investing!

Check Fraud – You’re sent a check in the mail for a variety of reasons. A few examples include: someone you don’t know well asks you to cash a check for them as a favor due to some sort of issue they’re having; a job offer provides you with a check to buy work-related equipment; you’ve “won” a sweepstakes or contest and need to cash it then pay taxes. These are all scams. If you aren’t sure if a check is real, bring it to your local branch for us to review.

Relationship Scams – When a stranger on the internet suddenly becomes your best friend or soulmate, that’s a red flag. Especially if they try to distance your real life family & friends. Our tip: don’t become instant besties with someone you’ve never met IRL.

Account Takeover – Someone claiming to be with the “CCCU Fraud Team” or a government agency calls you, saying they need to “verify” your information. They then use the information you give them to get into your Online Banking.

Trending Scams

Account Verification

• What it is: Someone calls you, claiming to need to verify your card or account information. They may pretend to be with us, ask for personal info, and even threaten to close your account. Oftentimes they use “potential fraud“ as the reason they are reaching out to you. They may even use hacking tools to mimic Community Choice’s phone number on caller ID.
• How you know it’s a scam: Community Choice will NEVER contact you directly and ask for personal account details (such as credit card number, usernames, passwords, PIN, Social Security Number, debit card number or other personally identifiable information).
• What to do: If you receive a call, text or other message like this, hang up and contact Community Choice immediately! Call us directly at 515-334-8100.

PayPal Hacking

• What it is: Lately, we have seen an increase in scams where a person’s PayPal account was compromised (they had a data breach in January). Scammers log into the member’s PayPal account–which may be linked to a CCCU debit card or checking account–and send themselves a ton of money.
• How you know it’s a scam: Review your PayPal transactions often and thoroughly! If you see anything suspicious, your PayPal may have been compromised.
• What to do: The best way to prevent this is to change your PayPal password if you haven’t done so recently, and be diligent about reviewing your bank account charges regularly. Always notify us immediately if you notice an unauthorized transaction.

A Few Things to Remember

Caller ID can lie. Scammers can hack Caller ID to make it appear as if any phone number is calling you. Always be alert, even if Caller ID says it is someone or an organization you know. (If you ever doubt you’re talking to a real Community Choice employee, just tell them you’re hanging up and will call our number back. We promise we won’t take offense!)

Just say “no.” If someone asks for ANY personal or sensitive information, hang up immediately then dial our number: 515-334-8100. (Be wary, as fraudsters may try to trick you into calling another number in order to verify.)

Take things slow. Scammers are masters at creating a sense of urgency. “Immediate Action Required” is a BIG red flag!

When in Doubt, Give Us a Shout

The UNbanking experts at Community Choice can spot scams from miles away. Call us whenever something even slightly fishy is going on. We’ll help you say “scram!” to a scam. UNscam With Us at 515-334-8100.

Other Resources on Scams: Scam Spotter   |   FBI Internet Crimes   |   Federal Trade Commission

This blog is intended for educational purposes only. For details about specific products or services, see credit union for details. For questions about investments, please consult your financial advisor.