The number of consumers who have fallen prey to fraud or will fall prey in the future is increasing at a scary rate. Losses in 2024 due to fraud have been reported to be $12.5 billion!

To protect our members at WV Central, we share an article on imposter fraud from TruStage. TruStage is an insurance company out of Madison, WI, with deep roots in the credit union industry.

Article - What is an imposter scam? It's a scam where a fraudster lies and pretends to be someone they're not to trick you into giving them money, access to your financial accounts, or your personal information.

How can you recognize an imposter scam? These types of scammers will typically try to:

1. Convince you they're with the government or a business you recognize by faking the caller ID.

2. Give you an employee ID, badge number, or use the name of a real employee.

3. Send official-looking letters with seals and make up government agency names that sound real but aren't.

How can you avoid these scams?

· Verify their identity — Contact the individual or company directly using a trusted phone number. For suspicious emails, always check the email domain.

· Never share personal information — Ensure that you know the identity of the person you're communicating with, and preferably, initiate the contact yourself before divulging any sensitive details over the phone or online.

· Be cautious of urgency — Scammers frequently employ tactics that instill a sense of urgency and fear, compelling their victims to take swift action without careful consideration.

· Use secure payment methods — It's essential to utilize secure and traceable billing methods to prevent fraudsters from accessing your information.

Imposter scams are constantly changing, so it's essential to remain alert. When you encounter offers or situations that seem too good to be true or raise any red flags, take the time to investigate further before proceeding. This precaution can help protect you from potential scams.