Fraud & Scams

Money Mule Scam

• Romance Scams – A romantic interest attempts to obtain funds or financial information from their “partner.” These scams can occur online or in person. Be wary of romantic interests who say they’re in a sudden dire financial situation and ask for a loan or gift.
• Work from Home Scams – An “employer” promises prospective employees they can make money working from home. Once “hired,” the employee is asked to open a bank account or provide their financial information to receive funds and then transfer all, or a portion, to another party. The employee may be told they’re allowed to keep a portion of the funds.
• Lottery and Sweepstakes Scams – A scammer may claim you’ve won the lottery but need to pay a fee to receive the prize. In some cases, thieves ask for cash, although they might also request gift cards to specific retailers or bank account information. You may receive these scams through the mail, digitally or in person.

Telephone/Internet Scams

• Debt Collection Scams – A scammer may pretend to be from a law firm or federal government agency (such as the IRS), claiming to be collecting a debt. They may threaten to make an arrest or file a lawsuit if the debt is not paid.
• Phishing or Tech Support Scams – A scammer may send an email, text message or pop-up that appears to be legitimate but is aimed to trick consumers into providing sensitive information.
• Grandparent Scams – A scammer impersonates a grandchild or other close relative pretending to be in a crisis situation and asks for immediate financial assistance. “Grandchildren” will often tell their grandparent not to tell anyone else of their crisis.

Business Scams

• Business Identity Theft – Someone poses as a decision maker at your company, making purchases or taking on debt you’ll eventually have to foot the bill for.
• Imposter Scams – Someone pretending to be from a government agency, a vendor or another trusted entity requests sensitive information about your business or payment for a fake invoice.
• Email & Cyber Threats – An email, attachment or unexpected password reset request for one of your company’s accounts could be phishing or a cyberattack. Opening or clicking unfamiliar hyperlinks or attachments can expose your computer or entire network to malware. If critical data becomes compromised, you could receive subsequent messages from scammers demanding payment.

Other Common Scams

• Investment Scams – A scammer asks you to invest money in fake stocks, bonds, notes, commodities, currency or real estate. They may even provide fake information about a real investment.
• Homeowner Scams – A scammer uses high-pressure tactics to sell unnecessary, overpriced home improvements or repairs and either provide incomplete work or no work at all.
• Veteran Scams – Some scammers try to take advantage of your generosity and ask for a donation to a veteran’s fundraiser or charity that isn’t legitimate.
• Power of Attorney Exploitation – An appointed power of attorney abuses their power for their own financial gain.

Red Flags

• You’re asked to receive funds via wire transfer, check deposit, gift cards or any other funds transfer system and forward them to one or more individuals.
• You’re asked to submit payment via wire transfer, ACH, gift cards or other funds transfer systems, such as PayPal, Venmo, Zelle® or CashApp.
• A friend or romantic interest pressures you to send them funds via wire transfer, check, ACH, gift cards or cash.
• Someone uses fear tactics to threaten you and get you to send them funds or provide your information.
• You’re pressured or rushed to purchase investment products, including cryptocurrency investment opportunities.
• Someone tells you to keep your transaction secret and not contact a bank or law enforcement.

Tips

• Don’t be pressured or intimidated into sending funds or making an investment or immediate decisions. If you’re unsure something is real or legitimate, consult with someone you trust or contact Highland Bank.
• Don’t sign any documents that you don’t completely understand without first consulting an attorney, family member or trustworthy friend.
• Don’t provide personal information over the phone unless you’ve initiated the call and know who you’re speaking to.
• Be wary of uncommon or alternative payment methods such as gift cards, PayPal, Venmo, Zelle® or CashApp.
• Verify licensing information for all individuals who claim to be a professional service provider (accountants, financial advisors, contractors, etc.).
• Always report something that makes you uncomfortable, worried or cautious, even if you’re told not to.