Beware of Gift Card Scams this Holiday Season

Gift cards are a common go-to gift idea for many Ohioans each year. In fact, according to a recent national survey, 44% of consumers said they expect to give a gift card as a present this holiday season.

If gift cards are on your holiday shopping list, the Division of Financial Institutions is sharing tips to help keep you safe from scams that are becoming more common.

• Only purchase gift cards from reputable sources, such as a restaurant or store itself or a larger chain that offers gift cards, such as popular grocery stores or drug stores.
• Always inspect gift cards before purchasing them to ensure the card itself nor its packaging have been bent or altered in any way.
• Avoid purchasing gift cards from third-party sources, such as online auctions, since it may be difficult to verify whether those cards still contain all or any funds.
• Maintain copies of receipts since those can be helpful in the event a scam occurs.

Text Phishing Scam Targeting Members & Non-Members

We’ve been made aware of a recent phishing attempt that is being sent to members and non-members through text. Our utmost concern is the safety and security of your deposits, and we're dedicated to providing you with the knowledge you need to protect yourself in these situations.

We have received reports of a scam involving a phishing attempt through texting, where fraudsters impersonate Millstream Area Credit Union. These fraudulent messages list a fake transaction and ask you to click on a link if the transaction wasn’t authorized. The link is not our website, millstreamcu.com, and you should avoid clicking on the link and providing any information.

Sample Fraud Text:

Please pay close attention to any text messages you receive claiming to be from MACU.

Be aware that Millstream Area Credit Union will never call you to ask for your full debit card number, PIN, CVV code, or 2-factor authentication codes. We will only ask you to verify your personal information when YOU initiate a call with us.

If you receive a suspicious SMS or phone call, do not provide any personal information. Instead, ask for the caller's name, hang up, and immediately contact our member experience specialists at (419) 422-5626. Our team will verify the information and provide necessary guidance.

Your security is our top priority, and we're here to assist you every step of the way.

Thank you for helping us keep your accounts safe!

Keeping Your Account Safe This Holiday Season

Holiday Spending is certainly something that is on everyone's mind right now. What you may not be thinking about are all of potential security risks involved with Holiday shopping.

Here are some common holiday-themed scams, and tips to avoid them, that Betty Lin-Fisher at USA Today put together. These come from a variety of sources, including Wells Fargo, Chase Bank, BMO, Feedzai, a company that helps financial institutions manage their fraud and BioCatch, a company that works with banks to protect their customers from fraud and scams:

◾ The “it” toy scam: Scammers target emotions and frazzled parents trying to get the hottest toy with fake links. Make sure you are interacting with a reputable retailer and not clicking on unsolicited emails, said Alvarez with Wells Fargo.

◾ Fake package notifications: Be careful of clicking on an unsolicited text or email pretending to be from a legitimate company to "track" your package or help with a "lost" package.

◾ Fake charities: Scammers know people are generous at the end of the year with charitable giving. Research the charity to ensure you are donating to a legitimate cause, according to Wells Fargo.

◾ Holiday/seasonal job scams: There's a rise in part-time work during the holidays to make some extra cash. But scammers also make up fake jobs to get your money and personal information, according to Wells Fargo.  

◾ Beware of gift card scams: Be careful of buying gift cards from third-party sites, said Chase Bank. Scammers will pre-save card details or sell expired cards. Don't answer unsolicited emails or text messages offering you a gift card; it could be a way to track your online activity.

◾ Watch for unsolicited “friendly” messages on social apps: Scammers first try to hook you by starting a friendly conversation and then asking for money once they earn your trust, said Chase Bank. Be careful of accepting requests from contacts you don't know and never send money.

◾ Deals that are too good to be true: Scammers will lure shoppers with deeply discounted prices or offers that are simply unbelievable, according to Feedzai. If a deal seems too good to be true, it probably is. Do your research and compare prices from different retailers before making a purchase.

◾ Double-check the website: Scammers often create fake websites that look just like legitimate online stores, according to Feedzai. Triple-check the URL web address for a slight variation in the spelling of a popular website. Look for a padlock icon on the address bar and check for "https" to indicate a secure connection.

◾ Use a secure payment method: Whenever possible, use a credit card for online purchases, said Feedzai. Credit cards offer more protection against fraud than debit cards or peer-to-peer payment apps.

◾ Be skeptical of product reviews and testimonials: Artificial intelligence can be used to create fake reviews and testimonials. Do your own research and look for reviews from trusted sources, said Feedzai. 

◾ Payment app scams: Scams involving payment apps run all year long, according to BioCatch, but the volume is expected to increase during the holiday season. Most of these scams start with a call from someone pretending to be your bank or credit card company, saying there has been fraud detected on your account. They'll try to get you to transfer the money to an account to "protect" it, but it's actually an account for the scammer.

Scammers Exploit 2024 US General Election to Perpetrate Multiple Fraud Schemes

The FBI is warning the public about scammers exploiting the 2024 US General election to perpetrate multiple types of financial fraud schemes. These scams target victims across the United States and have previously exploited state and local elections for similar scams.

Scammers use the names, images, logos, and slogans of candidates to fraudulently solicit campaign contributions, sell merchandise (which is never sent to the purchaser), or steal victim personally identifiable information (PII) that can be used for other fraud.

Campaign Investment Pool Scheme

Victims are promised a return on their campaign contribution dollars if they invest in a pool to fund the candidate's campaign. The pool is guaranteed to grow and be returned to the victims after the candidate wins. Victims are also encouraged to recruit others to invest in the pool to increase their share of the payout.

Scam Political Action Committees

Victims are contacted by a scammer who misleads the victim to believe the scammer is affiliated with a legitimate Political Action Committee (PAC), such as a Super PAC or candidate’s campaign committee. The victim is duped into believing they are making a legal campaign contribution to a legitimate PAC but instead the scammers keep the funds for themselves and have no affiliation with the specified PAC.

Merchandise Online Purchase Scam

Victims are enticed to purchase merchandise with the logo of a political candidate though the company is not associated with the political campaign and does not ship the purchased product. This is a classic "non-shipment scam" or "non-delivery fraud" scheme taking advantage of victim's interest in the 2024 election.

Scam Voter Registration

Victims receive a text message or email stating they are not registered to vote in their state and encouraging them to click a link that takes the victim to a fraudulent state voter registration page. The victim may or may not already be registered to vote with their state. This scheme is a means to steal PII for identity theft and potentially to further target victims for additional scams.

Counterfeit Check Scam Targets Law Firms Via Debt Collection Scheme

The FBI warns of a counterfeit check scheme in which fraudsters target law firms engaged in collections work by deceptively contracting their services to ultimately defraud them. It may focus on any type of representation where a lawyer is hired to assist in the transfer or collection of money, e.g. real estate, collection matters, collaborative law agreements in family matters, etc. This scenario continues to be replayed as part of a sophisticated scam that targets collections lawyers and the scope is constantly evolving.