According to the Federal Trade Commission, American consumers lost more than $12.5 billion to fraud in 2024, an increase of 25% since 2023.
At Midwest Community Federal Credit Union, our goal is to help protect you and your loved ones from falling victim to fraud and to keep your hard-earned money protected from would-be scammers.
Below we’ve shared some of the most common scams as well as ways to protect yourself. As always, feel free to contact us or visit your local branch to learn more about ways we can help you prevent fraud and keep your finances secure.
Imposter Scams
Fraudsters will often pose as someone you know or trust – such as a family member, friend, well-known company, financial institution or government official – to try to trick you into sending them your money or personal information. For example, a number of Ohioans recently reported receiving text messages from the Ohio Turnpike demanding payment for an unpaid toll. These text messages were fake, but many people clicked on the fake link or even made a payment, because they were threatened with penalties or legal action if they didn’t.
If you receive a message or request that you’re unsure about, find a known phone number for the person, entity, or company and ask if the communication is legitimate. If it’s not, ignore the message and consider reporting the scam to the Federal Trade Commission.
Investment Scams
Investment fraud is one of the fastest-growing categories of fraud, leading to $5.7 billion in losses for American consumers in 2024. Investment fraud often includes promises of major returns on investment with little to no effort on your part and pressure tactics to make you invest your hard-earned money quickly without giving you time to think about it.
Be wary of financial promises that seem too good to be true and consult a financial advisor before making any major investment decisions that could put your money at risk.
Lottery/Sweepstakes Scams
Scammers often try to get victims to share their personal financial information by claiming they’ve won a lottery or a sweepstake. These scammers promise big payouts if you share your personal financial information so they can deposit the funds into your account. Instead, they turn around and use your financial information to steal funds or steal your identity.
It’s important to remember that you can’t win a lottery or sweepstakes you never entered. If someone is contacting you with promises of free money for nothing in return, it’s probably a scam.
Sweetheart Scams
Fraudsters are creating fake profiles to try and trick victims into romantic relationships and then scam them out of their hard-earned money. Scammers will often use fake photos or appeal to the victim’s emotions to make them fall in love and then pretend to need money quickly for emergencies or to travel to visit their victims.
Avoid sweetheart scams by asking to speak to a potential partner over the phone or on video to confirm their identity. Ask to meet in-person before giving away any money or sending gifts.
What To Do If You Fall Victim to a Scam
Contact Midwest Community Federal Credit Union immediately. We’ll work with you to find the best path forward. If you made a payment through another financial institution, contact them immediately and ask them to stop the payment.
If you shared your social security number, you should report the scam to your financial institutions and ask them to freeze your accounts. You should also request a fraud alert with one of the three credit bureaus (Experian, TransUnion, or Equifax). That bureau must tell the other two. You may also choose to file a report with your local police department.
Contact Us
We’re here to help! Visit your local branch or call/text us today at 419-783-6500 to learn more about effective ways to combat fraud.
