Fraud continues to evolve, and unfortunately, scammers are finding new ways to take advantage of technology and everyday routines. From AI-generated messages to promises of financial gain that seem too good to be true, these tactics are becoming more convincing and harder to spot.
As we continue through the year, staying informed about the latest fraud trends and scams is one of the most effective ways to protect yourself and others from financial fraud. Below, we’ll look at some of the most common scams to watch for and provide tips to help keep you one step ahead.
Artificial intelligence is making scams more convincing than ever. Fraudsters can use AI to create realistic emails, texts, and even clone voices that sound like family members, friends, or trusted organizations.
AI-powered scams may include:
-
Unexpected calls asking for money or personal information
-
Messages from a “family member” or an organization that creates a sense of urgency or fear
-
Requests to send money immediately
To learn more about these types of scams, click here.
Smishing is a type of phishing scam that uses text messages to trick people into revealing information or downloading malicious software. Like phishing scams, these texts often include a malicious link that downloads malware to the victim’s phone or can reveal personal and financial information to the scammer.
These malicious texts can appear to be from:
-
Package delivery services
-
Toll agencies
-
Financial institutions
-
Streaming services
If you receive an unexpected text with strange links, unexpected payment requests, or spelling or grammatical errors, it could very well be a smishing scam.
Marketplace and Payment App ScamsThese financial scams are becoming more prevalent as fraudsters target both buyers and sellers on platforms like Facebook Marketplace, Craigslist, and other buying-and-selling sites. Online buying and selling create more opportunities for fraud. These schemes include fake buyers, overpayment scams, and requests to use unusual payment methods.
Some best practices while buying and selling items online include:
-
Do not accept overpayments from anyone
-
Meet in safe, public locations
-
Use payment methods you know and trust
If you’re buying, be sure to research the seller’s profile and any reviews before you buy. Beware of sales that seem too good to be true, and remain cautious of sellers who want to use payment methods that are difficult to trace (gift cards, wire transfers, Zelle).
If you’re selling, investigate the buyer and watch out for pressure tactics. If a buyer is pressuring you to do an immediate transaction, it could be a red flag.
Investment scams often promise quick profits or guaranteed returns with little risk. Fraudsters may offer fake investment opportunities through cryptocurrency, real estate, or pyramid schemes.
Red flags to watch for include:
-
Promises of guaranteed or unusually high returns
-
Pressure to act immediately
-
Request to keep the opportunity confidential
-
Difficulty obtaining information about the company or investment
-
Demands payment through cryptocurrency, wire transfers, or gift cards.
If something sounds too good to be true, it probably is. Take the time to research an investment and seek advice from trusted sources. By pausing and taking these steps, it can help protect your finances.
While fraud tactics continue to evolve, awareness remains one of the best ways to protect yourself. By understanding common scams and recognizing warning signs, you can take steps to protect your finances and personal information.
If you receive a suspicious call, text, email, or request involving your accounts, contact us here or visit a local branch. We’re here to help answer questions, provide guidance, and protect your financial well-being.
Looking for more ways to stay one step ahead of fraudsters? Visit our blog for additional tips and resources to help you protect your finances and personal information.
