Learn to avoid fraudulent financial activity and scams.
Warning signs
for common scams
Take ten simple steps
to protect yourself.
There are things that
banks never ask
Look out for each other
Help the vulnerable.
Recognize fraud attempts common to veterans.
Customize your alerts
Set your privacy choices.
Resources for keeping you and your info safe.
Immediate action is the key.
The Martha's Vineyard Bank B-Smart Fraud Prevention Page is intended to not only help educate you and provide resources for avoiding scams, but also how to move forward if you or someone you know becomes a victim. Anyone is susceptible. Scammers are clever and tend to prey on our heartstrings to get personal information. Please visit our page often and call us anytime for help. We're here for you.
Hearing a lot about cryptocurrency but don't know what to make of it? Scammers know this and they are up to their tricks to get your money. According to the FTC, cryptocurrency is now a frequent way scammers get money, with more than 46,000 people reporting losses over $1 Billon since the onset of 2021.
Things to note:
What We Know for Sure:
For more info on crypto scams visit ftc.gov/cryptocurrency and report scams at ReportFraud.ftc.gov.
Further Reading:
This article discusses cryptocurrency scams and can be found on the FTC website: READ ARTICLE
Spring is coming and love may be in the air but beware of romance scams as you begin your online quest for Mr. or Mrs. Right. The pandemic has done a number on peoples' financial and emotional health and as maybe more people turned to the virtual world to make a connection, romance scams reached a record $304 million in losses reported to the FTC in 2020 - which is an increase of about 50% from 2019.
Romance scams may begin with fake profiles on dating apps or social media and they all seem to end in the same way when that person makes up a story about needing money.
You can report romance scams to ReportFraud.ftc.gov.
Zelle (and other payment apps like it) are super-convenient ways to get cash quickly to where it needs to go - but always know who is on the receiving end. Scammers are on to this and people are losing money.
You can report scams like this to ReportFraud.ftc.gov.
War time is no deterrent for scammers to do their thing. Preying on dire circumstances and kind people who just want to help. Your generosity and goodwill need to get to the right place and into the right hands. Here are some tips:
If one organization does not give you the answers you need, just look for a different one. Many people need help now and your donations will be greatly appreciated. As always, just use caution. Knowledge is the best defense.
You can report scams to ReportFraud.ftc.gov.
According to the FTC, almost 100,000 people in 2021 said they were a victim of a scam they believe originated on social media, equaling about $770 million.
How do scammers use social media to do their dirty work (especially in areas of romance, investment, and online shopping)?
Many romance scams reportedly began on Facebook or Instagram, and often people reported never receiving something they bought that was advertised on social media. The 18 to 39 age group is most at risk.
Here's how to protect yourself:
Report social media scams to ReportFraud.ftc.gov.
Getting a COVID test is no small task these days with long lines at testing centers, long waits for test results, and limited supplies of at-home test kits. Fake at-home testing kits are available for purchase online amid scammers who smell an opportunity.
Purchasing a fake test not only puts you and others around you at risk by possibly having an inaccurate test result, but of course they are also a waste of money.
Report a suspected scam seller or bogus test at ReportFraud.ftc.gov.
Cryptocurrency is now a common platform for scammers, but it seems to have an even greater impact on the LGBTQ+ community.
You can report any crypto scams to ReportFraud.ftc.gov and to learn more on cryptocurrency and scams, visit ftc.gov/cryptocurrency
During Medicare's Open Enrollment Period (OEP), which began October 15th and ends December 7th, Medicare beneficiaries can choose the plans that are right for them in 2022. Remember, agents cannot force time limits for you to sign up for a plan. Everyone has until December 7th to enroll and there are no perks for signing up early. For more tips and to read on please visit www.ftc.gov or www.medicare.gov
Help is available to compare Medicare plans from your local State Health Insurance Assistance Program (SHIP). Medicare Advantage (MA, Part C) and Medicare Prescription Drug Plans (Part D) are sold, administered, and marketed by private insurance companies. Don't let an insurance agent enroll you in a plan that you do not want by familiarizing yourself with some of the limits on marketing.
For more information and help reporting Medicare fraud visit smpresource.org or call 1-877-808-2468. To report someone who pretended to be from Medicare, call 1-800-MEDICARE and visit ReportFraud.ftc.gov. If you think you are a victim of identity theft, report it at IdentityTheft.gov.
Scammers are not shy and no type of business is safe from them, but the FTC reports that "About 1 in 3 people who report a business impersonator say the scammer pretended to be from Amazon. Of 273,000 people who reported a business impersonator from July 2020 - June 2021, about 96,000 said the scammer claimed to be from Amazon (and about 16,000 said the scammer claimed to be from Apple)." Losses totaled more than $27 million with a median individual loss of $1,000 - and unfortunately data is showing that older adults are more at risk (being four times more likely to fall prey to an Amazon scam).
Visit ftc.gov/scams for more info and you can report a scam at ReportFraud.ftc.gov.
People are desperately wanting the COVID-19 vaccine and scammers know it - be aware of their current tactics!
Scammers are taking advantage of the growing confusion around COVID-19 vaccinations and where and how to get them. Here's what to do to protect yourself:
If you are aware of a COVID-19 vaccine scam, report it at ReportFraud.ftc.gov.
The US Department of the Treasury and the IRS are in the midst to get a second round of Economic Impact Payments (EIP) to people. It's possible you got your check already - be sure to check your bank account for a direct deposit or your mailbox for a check. Some may get their money on an EIP Visa debit card. Note that the way you received the money the first time may be different the second time.
If you get an EIP VISA debit card, activate it right away by calling 1-800-240-8100 (and you'll have to give the last six digits of your Social Security number). Once the card is activated, it is usable anywhere that accepts VISA debit cards, including online or in a store, or at an ATM to get cash. You can also transfer the money to your personal bank account with no incurred fees. The EIP debit cards expire after three years, but if that happens, you can call customer service and ask for the funds as a check. Visit EIPCard.com for more info.
Important - the government will never call, text, email, or ask you to click on a link to activate your EIP card. Never give anyone your personal or financial information (such as your Social Security or bank account numbers), and do not pay anyone to get your EIP funds. Report any scam immediately to the FTC at ReportFraud.ftc.gov.
Martha's Vineyard Hospital is alerting the public to a scam telephone call related to the COVID-19 vaccine. The fraudulent message states the call is coming from Martha's Vineyard Hospital and the caller says this is your last notice to make your COVID-19 vaccine appointment. To do this, the caller is requesting payment information. Martha's Vineyard Hospital is urging people not to engage with the caller and not to give out your personal information.
The Federal Trade Commission is reporting a new scam targeting small businesses that begins with an email claiming to come from the "Small Business Administration Office of Disaster Assistance." The email states that the recipient is eligible for a loan of up to $250,000 and asks for personal information like birth date and Social Security number. A legitimate lender would never say you are "automatically eligible for a loan." Do not respond to this email.
Just like the first round of EIPs last year, the money is meant for a person, not the residential facility they may reside in. The FTC reports that in the first round some nursing homes tried to take the stimulus checks meant for their residents (and seemed more common for those on Medicaid). Be sure to review the situation if you have a loved one who resides in a care facility and you believe they qualified for a stimulus payment.
Any of the above is a definite RED FLAG. End the call, delete the text, or trash the email.
Pro Tips
Having a conversation with the seniors in your life about common scams and staying involved in their lives is a great way to start. Check out this link for some more great info on how to help protect our seniors from scams and fraud:
During the past four years, the FTC has logged more than 378,000 reports from veterans - and nearly 161,000 were fraud-related.
Set transaction limits, location limits, and merchant limits for your debit card right on your smartphone using our mobile App. Watch a tutorial on how to download the App and how to set card limits. It's easy and a wise thing to do in these stressful times.
Think you left your debit card behind and want to instantly block it so no new transactions can be made? No problem. You can do this with one click right from your smartphone.
If you suspect that you are a victim of identity theft, please CONTACT THE BANK IMMEDIATELY!
After that, visit www.IdentityTheft.gov. It's the federal government's one-stop resource for identity theft victims. The site provides step-by-step guidance, streamlined checklists and sample letters to guide you through the recovery process. If you prefer, you can download the entire kit, or ask a Martha's Vineyard Bank Customer Service Representative to print it for you.
Martha's Vineyard Bank is proud to announce the hiring of John Smith. Bill brings to the table...