Security Banking Tips From First National Bank of River Falls

Imposters often disguise themselves as someone you trust—a family member, friend, or representative from organizations like the NCUA, IRS, or Social Security Administration. They may also pose as tech support agents or representatives of companies you do business with. Their goal? To gain your trust and steal your personal information or convince you to buy gift cards, send digital currency, or transfer money.

Stay vigilant. Legitimate government agencies, including the NCUA, will never ask for money or your personal and financial information. If you’re unsure whether a request is legitimate, do not send money or share sensitive information. Instead, end the communication immediately and contact the organization directly to verify their claims.

Online shopping scams can happen in various ways, from paying for products that never arrive to losing money and sensitive payment information on fake websites or apps. Scammers create fraudulent websites that mimic trusted retailers and design counterfeit apps embedded with malware to steal your data and money.

• Check Refund and Return Policies: Review policies carefully before making a purchase.
• Dispute Unauthorized Charges: If your order doesn’t arrive or your refund request is denied, dispute the charges with your credit card provider.
• Use Credit Cards: Paying with a credit card can simplify the dispute process and provide added security.
• Stick to Trusted Retailers: Only use official retailer websites or apps with stronger security measures.
• Monitor Transactions: Regularly review your credit and debit card activity to detect unauthorized purchases early.

Scammers may contact you claiming you’ve won a prize, sweepstakes, or lottery, then demand money or account details to cover "taxes" or "fees" upfront. They might impersonate government agencies or claim you've won a foreign lottery—common signs of a scam.

Protect Yourself from Prize Scams:

• Know the Rules: Legitimate sweepstakes are free to enter and won by chance.
• Beware of Upfront Fees: Government agencies never request money or financial information to claim a prize.
• Validate Claims: If you didn’t enter a lottery or sweepstakes, it’s likely a scam.
• End Suspicious Contact: Hang up or delete messages if something feels off. Contact the organization directly to verify any claims.

Investment fraud comes in many forms, including Ponzi schemes and pyramid scams. A Ponzi scheme pays returns to earlier investors using funds from new investors, while pyramid scams operate similarly. Often, these scams promise high investment returns without actually investing your money. Despite their names, most investment scams share common red flags: guaranteed high returns with no risk and high-pressure sales tactics.

How to Protect Yourself from Investment Fraud:

• Watch for Vague Details: Scammers often avoid providing written information or claim details are "confidential."
• Consult Experts: Speak with fiduciary financial advisors before making decisions.
• Do Your Research: Don’t rush into investments without conducting independent research.
• Trust Your Network: Discuss opportunities with trusted friends or family to gain clarity.
• Report Suspicious Activity: If you suspect fraud, report it to agencies like the SEC, FINRA, CFTC, FBI, or FTC.

Scammers frequently advertise fake job and business opportunities that sound too good to be true. Promises like "minimal work with a high salary," "guaranteed income," or a "proven business operation system" are red flags. These scams often disguise themselves as legitimate job offers, mentoring programs, or business opportunities to exploit your money and steal personal information.

Tips to Protect Yourself:

• Trust Your Instincts: If it sounds too good to be true, take your time to investigate.
• Verify Employers: Honest employers, including the federal government, will never ask for payment to secure a job.
• Research Business Opportunities: Before paying for a business opportunity, research the seller, company, and coach’s credentials.
• Request a Disclosure Document: Legitimate business opportunities must provide a one-page disclosure document outlining lawsuits, cancellation or refund policies, and other critical details.
• Seek Advice: Talk to someone you trust to gain perspective before making decisions.

Fake check scams follow a common pattern: scammers send you a cashier’s check or money order and ask you to return a portion of the money using gift cards, money orders, or cryptocurrency. While the check may initially clear, it’s later identified as fraudulent, leaving you responsible for repaying the deposited funds to your credit union or bank.

How to Protect Yourself from Fake Check Scams:

1. Understand Cashier’s Checks: Cashier’s checks are not cash, and it can take weeks to verify their legitimacy.
2. Beware of Overpayments: If the check amount exceeds what it should be, void it and request a replacement for the correct amount.
3. Avoid Risky Transactions: Never send money via gift cards, money orders, or cryptocurrency in response to a check—it’s not a protected transaction.
4. Stay Skeptical: If something feels off, stop the transaction and verify the source of the payment.

Check washing scams involve criminals altering checks by changing the payee names and often increasing the dollar amounts before fraudulently depositing them. Scammers frequently steal these checks from mailboxes and use chemicals to erase ink, allowing them to rewrite the check details.

How to Stay Safe from Check Washing Scams:

1. Secure Your Mail: Retrieve your mail promptly to reduce the risk of theft.
2. Use Secure Drop-Offs: Deposit outgoing mail at your local Post Office or in blue collection boxes before the final pickup of the day.
3. Plan for Absences: If you’re traveling, have your mail held at the Post Office or ask a trusted friend or neighbor to collect it daily.
4. Stay Informed: Learn more about check washing scams and prevention tips from the United States Postal Inspection Service website.

Disaster fraud occurs when scammers exploit vulnerable individuals during crises. Common tactics include posing as fake government employees or representatives of bogus charities. These fraudsters aim to steal your money and financial information under the guise of offering recovery assistance.

Tips to Protect Yourself from Disaster Fraud:

1. Verify Identity: FEMA, federal, and state workers will never ask for or accept money when assisting with disaster relief. Always ask to see an official ID.
2. Be Skeptical: If someone claiming to be a government worker approaches without proper identification or credentials, do not provide personal or financial information.
3. Confirm Legitimacy: Contact government agencies or local law enforcement to verify the identity and legitimacy of suspicious individuals or organizations.
4. Stay Cautious: Take your time before engaging with anyone offering help—don’t let urgency pressure you into acting.

Romance scams occur when scammers create fake online identities to gain your trust and affection. They manipulate you into believing you’re in a close or romantic relationship. These scammers often promise to meet in person but never follow through, claiming to be working abroad or dealing with emergencies. Their ultimate goal? To ask for money or trick you into sharing sensitive information.

How to Protect Yourself from Romance Scams:

1. Guard Your Social Media: Scammers often use personal details shared on social media or dating profiles to target you. Be mindful of what you post.
2. Verify Their Identity: Use a reverse image search to check if their profile photo is linked to multiple accounts or scams.
3. Be Skeptical: Avoid sending money, gifts, or gift cards to someone you haven’t met in person, no matter how convincing their story.
4. Trust Your Instincts: If something feels off, take a step back and evaluate the relationship critically.