Relationship-based Scams Difficult to Detect

That email from the Nigerian prince who will reward you handsomely for helping move money from his homeland is clearly a hoax designed to take your money. But more and more, scams are being perpetrated by someone with whom you may be acquainted or have initiated contact.

Dating Sites

People using dating sites are open to making connections with others. However, not everyone is there for the same reason, and scammers are willing to put a lot of time and effort into developing trust before asking for money.

Watch for these warning signs:

• Someone presses you to communicate by personal email, instant message, or text rather than through the dating website.
• The person claims to be from the U.S. but is traveling or working overseas.
• Plans to meet have to be canceled.
• Someone asks for money for travel, medical emergencies and hospital bills, visas and official documents, or losses from a financial setback.

Online Sales

Sellers are at risk for financial fraud when they use online sales sites such as eBay. They stand to lose what they’re selling as well as cash, particularly when selling a big-ticket item.

Clues to attempted fraud include:

• The buyer overpays and offers to be reimbursed for the overage.
• Payment arrives by overnight delivery service. Most buyers do not want to spend extra for overnight delivery of payment. Although the buyer could be legitimate, this is a warning flag.
• The check is drawn on a business or individual account under a name other than that of the person buying your item. Payments coming from another account should always be scrutinized. You may wish to contact the issuing financial institution to verify that the check is valid.

Protect Your Money.

If you receive a communication asking for personal information, a credit card number, or an account number or PIN (usually under the guise of confirming YOUR identity due to a “problem” with your account), contact the company directly to find out if it’s a legitimate request.

SLFCU will never ask you for your account number by initiating a phone call, email, or text. If you receive such a request, please let us know. If you have provided personal information to a scammer, contact SLFCU immediately so we can take precautions that may include changing your account number or reissuing your credit or debit card.

For more information about common fraud schemes, visit the FBI website.