Most people assume they would recognize a scam immediately. Yet every year, millions of consumers lose money to scammers pretending to be someone they trust.
According to the Federal Trade Commission, imposter scams continue to be the most frequently reported type of fraud. They work because they take advantage of something human: trust. Rather than hacking their way into accounts, scammers often convince people to hand over information or money voluntarily.
Why These Scams Are So Effective
Imposter scams rarely begin with an obvious red flag. Instead, scammers create situations that feel believable:
- A text message about suspicious account activity.
- A message claiming you've been pre-approved for a loan and need to act quickly.
- A phone call from someone claiming to be from your financial institution.
- A warning that a package couldn't be delivered.
- A request from a family member who needs urgent help.
The scam works because the message creates urgency. When people feel rushed, they're more likely to act before verifying the information.
Today's Most Common Scam Tactics
Scammers often pretend to be:
- Financial institutions or fraud departments
- Government agencies
- Delivery companies
- Well-known brands and service providers
- Utility providers
- Family members or friends
They may contact victims through phone calls, text messages, email, social media, or fake websites.
Many fraudsters can now spoof phone numbers and email addresses to make communications appear legitimate. In some cases, they already have access to basic personal information, making the interaction seem even more convincing.
The "Safe Account" Scam
One of the fastest-growing scams targeting financial institution members involves convincing victims that their account has been compromised. The scammer may claim fraudulent activity has been detected and instruct the victim to move their money to a "safe" or "secure" account. The problem? That account belongs to the scammer.
If someone contacts you and tells you to move your money to protect it, treat it as a major warning sign and verify the request independently.
The New Role of Artificial Intelligence
Fraudsters are beginning to use AI tools to make scams even more convincing.
These tools can help create:
- Realistic emails and text messages
- More personalized phishing attempts
- Cloned voices that sound like a trusted person
- Fake identities built from publicly available information
The technology is changing, but the goal remains the same: creating enough trust to convince someone to act without verifying first.
Three Habits That Can Help Protect You
1. Slow Down: Scammers want immediate action. Taking a few extra minutes to verify information can be enough to stop a scam.
2. Verify Independently: Never rely on the phone number, website, or contact information provided in a suspicious message. Contact the organization using information from its official website or a trusted source.
3. Protect Your Security Credentials: Passwords, online banking credentials, one-time passcodes, and other sensitive personal information should never be shared with anyone who contacts you unexpectedly.
What SAFE Members Should Remember
SAFE will never ask you to:
- Move money to another account to keep it safe.
- Share your online banking password.
- Ask you to lie to SAFE employees, law enforcement, or family members about a transaction.
- Ask you to purchase gift cards to stop or prevent fraud.
- Pressure you to act immediately without allowing time to verify the situation.
- Ask you to download software or provide remote access to your device.
- Be offended if you hang up and call us back using an official SAFE phone number.
Fraudsters can "spoof" phone numbers, making it appear that a call is coming from SAFE even when it is not. If you receive an unexpected call claiming to be from SAFE and someone asks you to provide personal information, online banking credentials, security codes, or move money, hang up and contact SAFE directly using a trusted phone number from your debit card, a recent statement, or safecu.org
