Don’t believe scam artists’ lies!

Scam artist criminals are always “switching it up,” trying to fool you into believing their lies “this time.”

For example, two of the most common scams of all time are the “Overpayment Scam”and the “Grandparent Scam.”

In the “Overpayment Scam,” someone you don’t know overpays you for something and asks you to send them back the difference.

In the “Grandparent Scam,” someone contacts you pretending to be your grandchild claiming they’re in trouble and asking you to send money.

There are countless variations on both of those. The “Overpayment Scam” can involve a job offer or an online purchase or getting the proceeds of a loan, to name just a few. The imposter in the “Grandparent Scam” might claim to be a niece or a nephew or the child of a friend.

Today we are seeing something interesting. Possibly because people are more aware of these scams and less likely to fall for them. Also because cell phones and online banking have become so popular. Criminals are adapting with some modern twists.

In the “Overpayment Scam,” it used to be all about going to the bank, getting cash and wiring it. While that still happens, the criminals are now also directing their victims to purchase gift cards or pre-paid debit cards and text them the card number and the PIN.

And in the “Grandparent Scam,” the imposter might now say that “the police” will be calling to tell the victim where to send the cash – so that the situation seems more genuine. Of course, the “police officer” making that call is an imposter too.

What can you do to protect yourself and people you care about?
These three things will help a lot!

  1. Be aware of these scams and be prepared. DO NOT panic or act quickly if you are approached, even if you are frightened. (And you may be frightened!)
  2. Remember – the moment an alarming stranger directs you to get gift cards or debit cards or to wire money, you are being scammed.
  3. Take the time to be 100% sure of who you’re doing business with – especially online. If you’re not sure, do not give any personal or financial information.

If you have questions, come see us or call 781-828-8811 x5.

 

Canton Co-operative Bank has been Canton’s hometown bank since 1891 and is rated “5-Star for Strength & Stability” as “one of the strongest banks in the country,” according to bank-rating service BauerFinancial of Coral Gables, Florida. All deposits are insured by the FDIC and the Share Insurance Fund (SIF). The phone number is 781-828-8811. 

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