Atlantic Blog

Everyone craves love, that wonderful feeling that sets your heart ablaze and your stomach full of butterflies – but people with insidious intentions will prey on people’s desire for connection.

It's important to know that scammers utilize holidays to try and reinforce their schemes. During the Christmas season, people are less guarded; they spend money shopping and shipping presents, and everyone is in the giving spirit. So scammers find ways to take advantage - they use fake charity scams or bogus tracking numbers to phish money or information out of victims.

Unfortunately, the fraud doesn’t stop when the ball drops and we ring in the New Year. Valentine's Day and the cold winter months are just as enticing to these would-be scammers; they salivate at the idea of stealing your money and information from you, so it is essential that you stay vigilant and informed of their practices.

ROMANCE SCAMS

It might sound silly at first, but trust me, Romance Scams are no laughing matter, and they're becoming increasingly popular. Fraud constantly evolves, but since the dawn of time, scammers preyed upon people's need for companionship and the pursuit of love. 

The scammer might create a fake profile on dating apps or social media and then bond with the victim, leading them on until they feel comfortable enough to try to get money out of them. Sometimes, that comes in the form of sudden expenses in their lives. They need medical help or rent help, or an emergency arises that preys on urgency (something we discussed in How to Never Get Tormented by Urgency Fraud Schemes Ever Again) to get you to send them money and 'help them out,' and the minute you do, they take it and run. 

FAKE CHECKS

The most popular of these that we've seen as of late is the use of faulty checks as a means of getting members' banking information. One way that scammers accomplish this is by posing as a person in the victim’s life or developing a relationship with the victim online. The scammer will then claim that they are sending the victim money in the form of a check and request the victim’s banking information. That information will be placed on a fake check for the victim to deposit, unaware they have been manipulated.

See, the thing is, scammers want you to trust them. If they just took your information and ran, it would raise suspicions. You might immediately report what happened to your bank to ensure that no one does anything with your information. They need time to take advantage of the stolen information, access your funds, or sell it to others. So, instead, the scammer will send you an image of a check over email or text. It looks legitimate; it’s all filled out, and they tell you to deposit it.

So, you go into the bank with the image, or you try to do it over mobile deposit, except you can't deposit it. It's just an image of a check, not a physical, tangible one backed up by a financial institution; you have now tried to deposit something that doesn't exist. It's important to know there is NO SUCH THING as an emailed or texted check. These are just images, and you can NEVER deposit them! 

Below is an image of what one of these fake checks often looks like- it might look legitimate, but it's just a phony copy that can't be deposited. 

THEY WANT MORE THAN INFORMATION

Another way these romance scams will take advantage of people is to send one of these checks and say it's for wedding planning, or a vacation, or something mundane that they know is happening in your life, and then they will ask for some of the money back. They 'accidentally' overpaid you - so they request a refund in cash or cryptocurrency (which is harder to track) with the hopes of being paid before you realize the check is faulty. 

The Romance Scammers might even attempt to use your communication to blackmail you into handing over your bank information. Perhaps they record embarrassing information you don't want to get out and force you to give them what they want under threat. If that ever happens to you, it is important you contact the authorities and follow the polices’ instructions. 

HOW CAN YOU AVOID ROMANCE SCAMS?

There are some simple safety tips that you can follow to help avoid romance scams and becoming a victim of fraud. 

• Be careful what you post online. Often, scammers will utilize what you post on social media to shape how they approach you. They will craft a personality meant to be as appealing as possible to draw you in. 
• NEVER send money to someone you have only met online and be careful sending money to those you do know. Make sure you aren't being taken advantage of.
• Research any photos or information that a person gives you online. Often, you can reverse image search a photograph to ensure someone is honest about their identity.
• NEVER give out your banking information to anyone who requests it over the phone or the internet. No one from Atlantic will ever request your digital banking log-on information; always keep it private.
• Regularly renew your security and use Two Factor Authentication to ensure your account is properly protected.
• Above all, trust your instincts! If someone seems suspicious, take the time to investigate it or consider that they might be trying to scam you. 

IT COULD HAPPEN TO YOU

Listen, no one feels good about getting scammed. You feel ashamed and taken advantage of, and you don't want others to know. You might even keep it to yourself out of worry that others will look down on you. If you do this, the scammers win. 

It is important that if you fall victim to fraud, you contact the correct representatives as soon as you can. Do not give the scammers time to get away with their crime; contact your financial institution and tell them what happened. You won't be laughed at or made fun of; the fraud department wants to help you!

We’re Here to Help!

Stay safe, stay informed, and keep an eye out for fraud! Romance Scams are on the rise, and it is important that you remain vigilant. If at any point you suspect you've become a victim of fraud, or that a scammer might be trying to target you, do not hesitate to visit one of our branches or call 800-384-0432. If something seems illegitimate take proactive steps to protect yourself! We’re always there to help.

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The Atlantic blog strives to deliver informative, relevant, and sometimes fun financial information. If you enjoyed this article, please forward it to a friend.

Each individual’s financial situation is unique, and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.