Protecting Yourself and Your Family
In today’s world, it’s good to have a healthy dose of skepticism when it comes to email, online, and in-person offers or solicitations. That’s expected to become even more true in 2024 with the possible rise of cryptocurrency and employment scams. Let’s look at these new and rising cons, how to spot them, and what to do if you find one.
Cryptocurrency Scams Cash is easy. When you pay someone using cash, there are no transaction fees. But you can lose cash, which makes it far less safe than a credit or debit card. But when you pay using a card, there are some fees (usually paid by the vendor).
Cryptocurrency (Bitcoin, etc.) utilizes the idea of cash in a digital form. While it might sound ideal, cryptocurrency is not backed by the government, is not NCUA or FDIC insured, and the values change constantly. Plus, cryptocurrency is ripe for scams, fraud, and other issues. Here’s how to spot a cryptocurrency scam.
- Someone demands payment in cryptocurrency. If you find someone who will ONLY accept payment with cryptocurrency, reconsider the transaction. This is likely a scam, according to the FTC (Federal Trade Commission).
- You’re promised big profits/returns. One of the biggest cryptocurrency scams involves the promise of quick and easy profits if you buy a large amount of cryptocurrency.
- Don’t mix dating and investment advice. The FTC warns that dating sites are packed with criminals. These people will lure you with romance and then swindle you out of your money with get-rich-quick schemes that involve (you guessed it) buying a lot of cryptocurrency.
Additionally, unlike paying with a credit or debit card, cryptocurrency payments have no protections. If there is a dispute or you are overcharged (or charged twice for a single transaction), there may not be any way to recoup your money. To avoid this issue, verify that the store or company you are paying has a refund policy when using any kind of payment.
Job and Employment Scams
Changes in the economy and job market are making it easier for criminals to find new victims. A job or employment scam uses legitimate job posting sites to part people from their money and personal information.
Here’s how these scams work: A recruiter says you’re perfect for a job that they are trying to fill. They send you an invitation for a virtual interview via an official-looking email. Soon after the interview, you will get a “you’ve got the job” notice along with the official offer. But you’ll also need to pay a recruitment fee along with a request for money to cover the cost of your computer or other equipment. Signs these might be a scam include:
- The email did not come from the company making the offer. Instead, the person emailing you is using a Gmail account.
- They’ll ask you for money. Often scammers will ask you to use an app such as PayPal or Zelle. If they were legitimate, they’d accept credit cards or allow you to pay using your first few paychecks.
- They want personal information before the job is even offered. This includes your Social Security number. Keep that kind of information to yourself until you are officially employed by a real company.
Not sure if the offer is a scam or not? Call the company directly and ask for the human resources department. They’ll be able to quickly verify or deny the offer.
Report Scams and Fraud
Anytime you come across a scam or fraud, or you become a victim, report it to the Federal Trade Commission at reportfraud.ftc.gov. Additionally, call Central Willamette Credit Union. We may be able to help protect your finances by putting a freeze on your cards or accounts.
We’re Here for You
Central Willamette has plenty of resources to help you learn more about scams and identity theft, as well as an eBook to help you understand cryptocurrency. If you have any questions, stop by any branch or call (541) 928-4536.