Each year, fraudsters find new ways to trick people and financial institutions out of money. Whether its an imposter scam – impersonating a love interest, a grandchild, debt collector, etc. – or stealing someone’s identity, these fraudsters know how to pull it off. While some of these scams involve new tricks, many have been around for decades.
Using common channels like emails, text, and phone calls; fraudsters typically disguise their identify while retrieving confidential member information. To no surprise, scammers most commonly request their money through wire transfer – the most common of any payment method reported with a total of $423 million last year.* The Federal Trade Commission also reported a surge of payments connected with gift cards, including reloadable cards.
*The Top Fraud of 2018, Federal Trade Commission
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