Common Financial Scams 

Protecting Your Money Starts With Knowing the Warning Signs

Financial scams are becoming more sophisticated, and credit union members can be targeted through phone calls, text messages, emails, social media, and even in-person interactions. Scammers often create a sense of urgency or fear to persuade people to reveal personal information, send money, or approve transactions they did not intend to make.

Understanding how these scams work can help you recognize suspicious activity before it becomes a financial loss.

1. Impersonation Scams

One of the most common scams involves someone pretending to be a trusted organization or person.

A scammer may claim to be:

• A credit union employee
• A government agency representative
• A law enforcement officer
• A family member
• A technology-support representative
• A merchant or delivery company

The caller may tell you that your account has been compromised and that you must immediately verify your identity, move your money, or provide a security code.

Warning sign: Someone contacts you unexpectedly and pressures you to act immediately.

Remember: A legitimate financial institution should not pressure you into moving money to a supposedly "safe" account or ask you to disclose a one-time verification code simply to stop fraud.

2. Phishing, Smishing, and Email Scams

Phishing occurs when criminals use fraudulent emails or websites to steal information. When the same tactic is delivered through text messaging, it is commonly called smishing.

You might receive a message saying:

"Your debit card has been locked. Click here to verify your account."

The message may contain a link to a fake website designed to look like TrailNorth's website. If you enter your username, password, card number, or other information, the scammer can use it to access your accounts.

Protect yourself:

• Don't click unexpected links in financial messages.
• Verify the sender independently.
• Navigate to your credit union's official website or mobile app yourself.
• Never provide a password or security code because someone contacted you unexpectedly.

3. One-Time Passcode Scams

Multi-factor authentication can make accounts safer, but scammers may try to trick members into giving them the verification codes that protect those accounts.

A criminal might already know your username and password. They then attempt to log in and trigger a legitimate security code to your phone or email. The scammer contacts you and asks you to read the code back to them.

Never share a one-time security code with someone who contacted you unexpectedly.

The fact that a code came from your credit union does not mean the person requesting it is legitimate.

4. Check and Deposit Scams

Fake-check scams can be particularly convincing. A scammer may send you a check and ask you to deposit it, then send some of the money somewhere else.

Common stories include:

• "You won a prize."
• "We accidentally overpaid you."
• "You received a job-related payment."
• "You need to help us transfer funds."
• "Keep part of the money and send the rest back."

A deposited check appearing in your account does not necessarily mean the check is legitimate. If the check later proves fraudulent, you may be responsible for the resulting loss.

If something about a check or deposit seems unusual, contact your credit union before sending money to anyone.

5. Romance and Relationship Scams

Romance scammers build relationships with victims through dating apps, social media, or online communities. After establishing trust, the scammer eventually asks for money.

They may claim they need funds for:

• An emergency
• Medical expenses
• Travel
• Legal problems
• A business opportunity
• A family member

A common warning sign is a person you have never met in person repeatedly asking you to send money or receive and transfer money on their behalf.

Never allow someone you met online to use your account to move money.

6. Investment and Cryptocurrency Scams

Investment scams often promise unusually high returns with little or no risk. Scammers may use professional-looking websites, fake investment platforms, social-media advertisements, or convincing testimonials.

Cryptocurrency can make these scams especially difficult to recover from because payments may be irreversible.

Be cautious if someone:

• Guarantees profits
• Claims an investment is risk-free
• Pressures you to invest immediately
• Tells you to keep the investment secret
• Requires cryptocurrency payments
• Asks you to send money to an unfamiliar person or platform

Before investing, independently research the investment and the people offering it.

7. Family Emergency Scams

In a family emergency scam, someone pretends to be a relative who urgently needs money.

The scammer may say:

"I'm in trouble. Please don't tell Mom and Dad."

They may claim to have been arrested, stranded, hospitalized, or involved in an accident.

Scammers can use information from social media to make these stories sound believable.

Stop and verify the story independently. Call the family member using a phone number you already have—not a number provided by the caller.

8. Tech Support Scams

A scammer may contact you claiming that your computer, phone, or online banking account has been compromised.

They may ask you to install remote-access software or give them control of your device. Once inside, they could attempt to steal passwords, personal information, or financial data.

Never give an unsolicited caller remote access to your device.

If you believe your device has a legitimate technical problem, contact the technology company or service provider through an independently verified number or website.

9. "Safe Account" Scams

This scam deserves special attention because it can involve a person who appears to know information about your financial institution.

The scammer may claim that criminals are attacking your account and instruct you to transfer your money to a different account for protection.

That "safe account" is actually controlled by the criminal.

Your credit union will not ask you to protect your money by transferring it to an account controlled by someone who contacted you unexpectedly.

10. What To Do If You Suspect a Scam

If you think you may have fallen for a financial scam, act quickly.

• Stop communicating with the suspected scammer.
• Do not send additional money.
• Contact your credit union using a trusted phone number or the official mobile app.
• Explain exactly what happened, including any payments or information you provided.
• Change compromised passwords.
• If you provided a one-time code or login credentials, tell your credit union immediately.
• Monitor your accounts and credit reports for suspicious activity.
• Save relevant texts, emails, receipts, phone numbers, and transaction information.

The sooner we know about suspicious activity, the sooner TrailNorth may be able to help protect your accounts.

A Simple Rule: Stop, Verify, Then Act

Scammers rely on urgency. They want you to make a decision before you have time to think.

Before sending money or providing sensitive information, stop and ask yourself three questions:

Was I contacted unexpectedly?
Am I being pressured to act immediately?
Can I independently verify who I'm dealing with?

If the answer to any of these questions raises concern, pause the transaction and contact your credit union directly through a trusted channel.

Your Information Is Valuable

Your account number, debit card information, password, Social Security number, and authentication codes can all be valuable to criminals. Protect them the same way you would protect cash.

When in doubt, stop, don't click, don't send, and verify.