Fraud tactics are constantly evolving, and scam trends are becoming more sophisticated and harder to spot. Criminals are using advanced technology and social engineering to make their messages, calls, and requests look and sound more legitimate than ever.  The days of simply spotting an email that is poorly worded with grammatical errors, although still present, are nearly a thing of the past.  AI has made it even easier for scammers to fool you.

There are several new fraud trends that are gaining momentum this year.  Here is what you should look for.

Bank Rep Scams: Fraudsters pose as a “bank representative” from the fraud department.  The caller ID can be manipulated to make it look like the call is coming from your bank and list the bank’s phone number.  The caller creates urgency about a “compromised” account to trick you into wiring money or sharing login credentials or one-time passcodes.

“Safe Account” Scams: Scammers instruct you to move your funds to a “protected” or “safe” account to avoid supposed suspicious activity.

Person-to-Person Payment Fraud: This is one of the fastest-growing threats because the victim is authorizing the payment themselves. Scammers trick you into transferring money via real-time systems like your bank’s person-to-person payment system, or apps such as but not limited to Zelle®, or Venmo®.

AI-Generated Voice Scams and Deepfake Impersonation Scams: These scams use realistic images, videos, or messages to impersonate coworkers, supervisors, business owners, or family members. Requests may appear professional and believable; they typically include urgency to perform a task and are designed to pressure fast action without verification.

QR Code Tampering: QR codes are commonly used for payments, menus, parking, and event access. Scammers place fake stickers over legitimate QR codes.  These codes redirect the users to fraudulent websites designed to collect login information and/or payment details.

Money Mule Recruitment Disguised as Jobs: Criminals continue to post fake job listings that promise quick income or remote work. These roles often involve moving money, depositing checks, or processing payments through a personal bank account.

How to Protect Yourself

  • Salem Co-operative Bank will never contact you to move money via wire, pressure you to send money or act immediately, or ask you to share personal information
    • If you receive a call that makes you suspicious, end communication with the caller immediately. Hang up and contact us immediately using a verified phone number on our website or on the back of your debit card.
    • If you receive suspicious instructions via text or email or feel unsure, contact us immediately using a verified phone number on our website or on the back of your debit card.  Avoid clicking on unfamiliar links.
  • Unexpected payment or information requests should always be confirmed, even if they appear to come from someone you know
  • Always confirm wire instructions are accurate using a verified phone number for the business
  • Avoid scanning QR codes that look like stickers placed over original menus or other advertisements
  • Use strong passwords and enable multi-factor authentication
  • Use a pre-established “safe word” with loved ones to verify their identity if you receive a distressing call that sounds like them
  • If you think that you may be the victim of one of these scams, and you have given the caller any sensitive information, contact us immediately.

 

Your safety is always our top priority.  Never feel embarrassed to contact us if you are concerned.  We are here to help.