Social Media Scams

The rise of social media has transformed the way we interact with one another, offering countless benefits and new ways to connect. However, with this explosion in online communication comes an alarming increase in social media scams. While sharing a photo of a vacation or milestone moment is now commonplace, what many users don’t realize is that scammers have found a new avenue to exploit unsuspecting individuals. Over the past few years, the number of social media scams has surged, with fake Facebook and Twitter accounts alone jumping by a staggering 100% in just one year.

Types of Social Media Scams

Social media scams typically revolve around phishing schemes designed to steal personal information, often without the victim even realizing it. Scammers may create fake profiles or clone those of people you know in real life to gain your trust. They might attempt to “friend” you, and once connected, will try to extract personal information by asking seemingly innocent questions—such as your first pet’s name or your grandmother’s maiden name. Unfortunately, these answers are often the security questions used to access your online accounts, including bank or credit union accounts.

Another form of social media scam involves fake offers, such as too-good-to-be-true job opportunities, incredible prizes, or “get-rich-quick” schemes. All the scammer needs in exchange for their “offer” is your personal information, which they can then use to steal your identity and drain your finances.

One particularly concerning scam targets people’s trust in reputable financial institutions, like Freedom Credit Union. Fraudsters may impersonate us, claiming to offer incredible rates on loans, personal cash advances, or other financial products. If you’re not careful, you could end up clicking on a fraudulent link and providing personal details that can be used to empty your accounts or take out loans in your name.

At Freedom Credit Union, we want you to be aware of these scams and help you avoid falling victim. Here’s how to spot, prevent, and respond to social media scams:

How to Spot a Scam

• Too good to be true: Offers that seem like they’re too good to be true, such as prize giveaways or job offers, should raise red flags.
• Upfront payments: Be wary of requests to pay upfront for a job, prize, or loan application.
• Generic contact: Scammers often use generic email addresses (like Yahoo or Gmail) instead of official business emails.
• Overwhelming offers: Offers that promise loans or cash amounts that seem excessive for your needs are often a trap.
• Urgency: Scammers often pressure you to act quickly or risk missing out on an offer.
• Fake company: If you try to verify a scam offer by calling us at Freedom Credit Union and no one knows about the offer, it’s a clear indication that something’s wrong.
• Sensitive information: Never share personal or sensitive information before applying for anything officially.
• Random questions: A “new friend” asking for seemingly random questions could be a scammer gathering information.

How to Prevent Social Media Scams

• Think before you click: Always be cautious about clicking on links or offers that seem suspicious or intrusive.
• Verify legitimacy: If you receive an unsolicited offer from a lender, check their credentials with the Better Business Bureau (BBB) at www.bbb.org.
• Contact us directly: If you’re considering a loan or financial product from Freedom Credit Union, always reach out to us directly via our website or customer service to confirm the legitimacy of the offer.
• Keep personal details private: Never share your personal information online with individuals or businesses you don’t trust.
• Check for contact info: Verify the contact details of any company offering you a deal to ensure they are legitimate.
• Avoid upfront payments: Never agree to pay for a product or service in advance without confirming its legitimacy.
• Review privacy settings: Regularly review and adjust your social media privacy settings to keep your information secure.
• Protect your identity: Avoid posting information that could be used to steal your identity.

What to Do If You Are a Victim

If you fall victim to a social media scam, it’s crucial to act swiftly to minimize the damage.

1. Log out and block the scammer: Immediately log off your device and change your passwords on all accounts, preferably from a different device.
2. Place a fraud alert: Contact the three major credit bureaus (Equifax, TransUnion, Experian) to notify them of the breach and prevent further fraudulent activity.
3. Alert us: Notify Freedom Credit Union so we can monitor your accounts for suspicious activity and take necessary action to protect your finances.
4. Report to the FTC: Contact the Federal Trade Commission (FTC) to report the scam and assist in tracking down the perpetrators.
5. Warn others: Share the scam with friends and family to prevent them from falling for the same scam. Forward any messages from the scammer in a private message so others are aware.

By staying vigilant and informed, you can protect yourself from falling victim to social media scams. At Freedom Credit Union, we are committed to ensuring your financial security, and we’re here to help if you ever encounter any suspicious activity. Make sure to read about other financial fraud scams to keep you and your family safe!