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Fall Fraud Trends to Watch Out For

Fall is a busy season for many, and fraudsters often take advantage of that to steal money and information from people while they’re distracted. While you’re shopping for school supplies, planning for the holidays, and starting new routines, scammers are ramping up their efforts. But at SharePoint Credit Union, we are committed to helping our members protect their finances and their identities. Let’s take a closer look at some common fall fraud schemes and how you can protect yourself from them.

Online Shopping Fraud

Back-to-school and early holiday shopping have many people looking for the best deals. Scammers know this. They create fraudulent online shopping websites that may steal your data, ship you falsely advertised products, or ship you nothing at all after you enter your payment information. Many of these online shopping scams are advertised on social media with deals that seem incredible but are really too good to be true. False advertising and online shopping scams can now be made even more convincing with the use of AI-generated images and fake customer reviews.

To avoid these scams, always use official websites for online shopping and be wary of any deals that seem too good to be true.

Charity Scams

Charitable giving increases in the months leading up to the holidays. As with online shopping, scammers take advantage of this by creating fake charity websites designed to steal your money and data. They will often create convincing false narratives about people in need, preying on people’s goodwill and compassion. Sometimes they will even impersonate legitimate, well-known charities. Deepfakes and other AI-generated images make charity scams more dangerous than before.

Before donating to a charity, always verify its legitimacy through the IRS’s Tax Exempt Organization Search tool or another trusted source such as Charity Navigator or Charity Watch.

Medicare & Healthcare Fraud

Open enrollment for Medicare and other healthcare plans usually happens in the fall. Scammers often pose as official representatives of these organizations, targeting seniors with offers of fake care plans. They may also call, text, or even visit your home to ask you for sensitive information supposedly needed to update your records. Legitimate representatives will not call you or visit your home to ask for this information without contacting you first. So, be wary of unsolicited phone calls and anyone who demands sensitive information.

Imposter Scams

Scammers may also impersonate other trusted entities, such as government agencies, the USPS, and even financial institutions such as SharePoint Credit Union. Their strategy usually includes creating a sense of urgency with messages like “Your account has been suspended,” “Verify your information immediately,” and “Your package is being held.” Their goal is for you to react quickly out of fear instead of taking the time to think critically. Be wary of urgent messages like this. If you’re not sure whether a message is legitimate, contact the organization through their official website or phone number to inquire about it.

How SharePoint Credit Union Keeps You Safe

SharePoint Credit Union will never ask you for sensitive information like your Online and Mobile Banking login, card info, account number, or Apple Pay / Google Pay details. If you receive a suspicious message claiming to be from SharePoint CU, call us at 952-930-0700 to verify it.

In addition, we have partnered with IdentityIQ® to offer our members special rates on their best-in-class identity theft protection and credit monitoring services. IdentityIQ® offers dark web monitoring, identity theft restoration and protection, and $1 million in stolen funds reimbursement.

And with our online banking, mobile app, and Cards App, you can monitor your accounts, transfer funds, dispute transactions, and turn cards on and off.

To learn more about how we can help protect your money and information from fraud schemes this fall and all year, reach out to our local team.