With the advance in wire transfer technology like cryptocurrency, Zelle, Venmo, or other third-party payment apps, sending money is quick and easy. But just because it is easy, don’t let your guard down. Here’s how to use these services safely and what to do if things do go awry.
What to Watch for:
1. Bank employee impersonators – A scammer may call, email, or text pretending to be from your bank. They may say there is fraud on your account or try to trick you into providing personal information like your date of birth or account information to gain access to your account.
2. Receiving unusual requests to send or transfer money – Fraudsters may try to trick you into thinking the bank has found 'suspicious activity' on your bank account. Then, they will help you fix this issue by having you transfer money to yourself. But in reality, the account belongs to the scammer.
3. Fake phone numbers – Your Caller ID may indicate that the call is coming from your bank, even though it is not. That’s called a ‘spoofed’ phone number.
Safe Sending Tips:
1. Verify - Before you send money, let the recipient know to expect the transfer and verify that you have their correct account address. If you send money to the wrong person, you may never see your money again.
2. Know with whom you are speaking - Confirm and confirm again. If you receive an email from your grandson needing money, call him directly and make sure he has requested the money. Never offer personal information to someone who calls you, even if they say they are from your bank or another company.
3. Stop and think. Scammers make the issue sound urgent so you don’t have time to think. If you are told to take action ‘right now, it may very well be a scam.