Learn how to protect your identity and keep your accounts safe during the COVID-19 pandemic.
During these uncertain times surrounding COVID-19, it is important to stay vigilant with regard to your finances. Amidst the ever changing information and facts, scammers will continue to craft new schemes. Keep an eye out for the following scams:
- Work from Home Scams – Work from home opportunities can be especially attractive amidst the Coronavirus pandemic. Flexible hours, the ease of no commute, social distancing, and the salary are all perks. During this time phony work from home scams will continue to rise. Always do your research on the company to help confirm if it is legitimate. The Federal Trade Commission (FTC) has additional resources and tips if an opportunity seems too good to be true.
- Imposter Scams – This type of scam involves a fraudster posing as someone you know or even an organization you trust. These kinds of scams are especially popular during the uncertainty and fear surrounding COVID-19. Fraudsters will attempt to steal personal information or convince you to make a charitable donation. They may even pose as someone from a legitimate organization like the Centers for Disease Control (CDC) and Prevention or the World Health Organization (WHO).
- Investment Scams – These scams usually involve ways to make easy money with large payouts. They are usually disguised as promising business opportunities or a new type of investment product. If you buy into these scams, you're likely to find out that the investment you paid for is worthless and that your money is gone.
- The U.S. Securities and Exchange Commission (SEC) urged investors to be wary of COVID-19-related investment scams. This includes promotions that falsely claim that the products or services of publicly traded companies can prevent, detect, or cure coronavirus.
- Product Scams – The FTC and U.S. Food and Drug Administration (FDA) have issued public statements and warning letters to companies selling unapproved products that have claimed to help treat and prevent COVID-19.
For additional information on the types of scams and updates surrounding them, the FTC sends consumer alerts by email. To be notified, please visit the FTC Website and select ‘Get Email Updates’.
For additional information surrounding the current state of COVID-19, the CDC and the WHO have up to date information on their websites.
To learn what your Credit Union is doing to help members during the pandemic, please visit BFSFCU.org/COVID19.