At Climate First Bank, we understand that building a sustainable financial future requires vigilance and knowledge. Your hard-earned money deserves protection from the growing number of financial scams out there. In this guide, we will review some common scams and provide you with valuable tips to outsmart fraudsters, ensuring your finances remain safe and secure.

The Fake Check/Overpayment Scam

Scenario: You receive a check and are asked to send back money, often framed as an accidental overpayment, a prize-winning, or payment for secret shopper services. In each case, it's a scam.

What to do:

• If you are selling online, consider using a secure online payment service, never send money back to someone who sent you a check, and don’t accept checks for more than your selling price.
• Verify the identity of the sender through online research, checking someone’s social media account is a good start, then look at their website and Google Business Profile. And keep in mind that anything on the internet can be falsified including social media profiles...so use your best judgment!
• Trust your intuition; if something feels off, it probably is.

Cryptocurrency Scams

As cryptocurrency gains popularity, so do scams. A common scam, known as "pig butchering" happens when someone “accidentally” texts you, claiming to have the wrong number, then tries to develop a relationship with you to gain trust. They’ll then build trust and encourage you to invest in a "guaranteed returns" crypto fund through a fraudulent app.

What to do:

• Ignore unsolicited texts or messages, or block and report suspicious senders.
• Research before investing in cryptocurrencies. Always confirm the legitimacy of investing apps and URLs, check to make sure words in URLs are spelled correctly and the URL is using https or a lock icon to show security features are in place.  
• Be cautious of "get-rich-quick" promises.

Mortgage Closing Fraud

Scenario: Scammers pose as real estate professionals to steal down payments or closing costs from homebuyers. They might do this by emails or text, attempting to steal the homebuyer’s down payment or closing costs.  

What to do:

• Independently verify messages from real estate agents by calling them to discuss and verify the message.  
• Discuss the closing process and money transfer procedures in advance so you know what to expect, and to help avoid unauthorized transactions.

Debt Collection Scams

Scenario: Fraudsters claiming you owe debts you don't or have already paid.

What to do:

• Verify the debt and collection agency through online research.
• Request the caller's details and debt collector information.
• Red flags include refusal to provide written proof or using threatening language.

Phishing

Phishing attempts impersonate trusted entities to obtain sensitive information.

What to do:

• Avoid clicking on unsolicited links or attachments.
• Verify websites and contact the entity independently.
• Confirm the validity of emails or texts you receive.

Ransomware

Ransomware holds your devices hostage until you pay a ransom, often spread through infected email attachments or links.

What to do:

• Avoid clicking on unsolicited attachments or links.
• Use antivirus software to remove malicious software.
• Be cautious of thumb drives from others.

Imposter Fraud

Imposters impersonate trustworthy entities like government agencies to deceive you.

What to do:

• Call the organization to verify the situation.
• Confirm government calls and official requests.
• Government agencies would never call you about official business or ask you to wire money or buy gift cards. Never wire money or buy gift cards without proper verification.

Grandchildren and Elder Fraud

Scammers pretend to be family members in need of financial assistance.

What to do:

• Independently verify the caller's identity.
• Resist pressure to act immediately.
• Decline late-night calls from unknown numbers.

Sweetheart Scams

Scammers pretend to fall in love to steal money over time, often initiated via online dating platforms.

What to do:

• Avoid wiring money to unknown individuals, even if they claim to be in love with you.
• Be cautious about emails from unfamiliar sources claiming to know you.
• Don't respond to suspicious emails, texts, or calls.
• Block and report any texts that feel like a scam.  

Employment Scams

Con artists pose as employers, requesting you to deposit checks and wire money as part of the onboarding process.  

What to do:

• Verify job postings on the company's official website and reach out to the company if you’re still not sure the job advertisement is legitimate.
• Research the company on reputable websites and use your network to learn more.  
• Avoid on-the-spot job offers without interviews or written contracts.

Conclusion:

By staying informed about common financial scams and taking proactive measures, you not only safeguard your financial future but also contribute to a more sustainable world. At Climate First Bank, we're here to support your journey towards secure and environmentally responsible banking.

If you need help, contact us at info@climatefirstbank.com or (727) 335-0500.

Disclaimer

Climate First Bank does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Climate First Bank cannot guarantee that the information herein is accurate, complete, or timely. Climate First Bank makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.

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