Welcome to B-SMART Fraud Prevention.
The security and privacy center.
Learn to avoid fraudulent financial activity and scams.
CAUTION! CRYPTO CURRENCY SCAMS ON THE RISE
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UKRAINE CHARITY SCAMS
Common
Scams
Warning signs
for common scams
How To
Avoid Fraud
Take ten simple steps
to protect yourself.
Outsmart
The Scammers
There are things that
banks never ask
Protecting
Our Elders
Look out for each other
Help the vulnerable.
Protecting
Veterans
Recognize fraud attempts common to veterans.
Manage Your
Security
Customize your alerts
Set your privacy choices.
Online
Resources
Resources for keeping you and your info safe.
Identity
Theft
Immediate action is the key.
Stay informed. Be smart.
The best defense against falling victim to scams and fraudulent financial activity is to stay abreast of common scams making the news and to use common sense. If something doesn't seem right to you, it probably isn't. Trust your instincts.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.
CRYPTOCURRENCY SCAMS
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:
- Many begin with ads, posts, or social media messages
- Investment scams are huge, where scammers get you to "invest" money and promise that you will make more in short order - this is always a scam
- Beware in dating apps and social media where a new romance interest may say he or she is rich and offer to help you get started in crypto investing - RUN
- Major companies (you have heard of) and the government are frequently impersonated
- Pop-up messages may say there is an issue with your account or a security problem and the only way to "protect" yourself is to put money in crypto
What We Know for Sure:
- Promises of big payouts, fast are always a scam
- Avoid mixing dating with investment advice
- Real companies or the government will never make you buy cryptocurrency to resolve an issue
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
Romance Scams
Never send money to an online love connection
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.
Some points to note:
- If a family member or friend tells you about an online love connection, ask if they have met that individual in person.
- If your family member or friend (or you!) have not met the individual in person and they ask for money - it is a scam - even if that individual sends you money or gifts first.
- Only scammers tell people to send money by gift cards, money transfer, or cryptocurrency.
You can report romance scams to ReportFraud.ftc.gov.
BEWARE MOBILE PAYMENT APPS
Know Who's Getting Your Money!
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.
Scammers Might:
- Pretend they're having an emergency
- Say they're with the App Company or the Bank
- Trick you into saying you have given them money in the past
You can ABSOLUTELY USE mobile payment apps, just use caution - here are some tips:
- Never send money to someone you don't recognize
- If you get a cash request from someone you do recognize, reach out to them with a known phone number or email address to confirm they are really asking.
- When using a mobile payment app for the first time, it may ask to access your contacts to enable easier payments - you can deny access or delete the app if you don't like that idea.
- If you're suspicious, just call the Bank. 508-627-4266
You can report scams like this to ReportFraud.ftc.gov.
UKRAINE CHARITY SCAMS
Scammers Setting Up Fake Charities
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:
- Research the intended organization online along with search terms such as "review," "scam," or "complaint"
- Check if other people have had good or bad experiences with the charitable organization
- Review if charity watchdog groups have any red flags on the organization
- Don't make a fast decision
- Try to inquire how your money will be spent
- Know who is making the request - just because your friend shared it on social media doesn't necessarily make it valid
- Find out about any fees and how quickly your money can get to the intended destination
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.
Social Media Scams
Romance, Investment & Online Shopping
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:
- Limit who can see your posts and other personal info on social media.
- Check your privacy settings on social media to limit risk.
- "Opt-out" of targeted advertising if your particular social media outlet allows.
- Any messages from a "friend" or "dating match" asking for money is clearly fraud.
- Research a company or online store before you buy anything.
- Required payment by cryptocurrency, gift card, or wire transfer is always a scam.
Report social media scams to ReportFraud.ftc.gov.
Fake Covid Tests Online
Avoid unauthorized testing kits
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.
Tips for buying an at-home test kit online:
- The test should authorized by the FDA. Check the FDA's lists of antigen diagnostic tests and molecular diagnostic tests before you buy to find the tests authorized for home use.
- Review the seller/website/company before your purchase. Search online for the website, company, or seller's name together with search words like "scam," "complaint," or "review."
- Pay by credit card. You can dispute the charge if there is a problem.
Report a suspected scam seller or bogus test at ReportFraud.ftc.gov.
Cryptocurrency Scams Having a Great Impact on the LGBTQ+ Community
Cryptocurrency is now a common platform for scammers, but it seems to have an even greater impact on the LGBTQ+ community.
Be on the lookout for these crypto-related scams:
- Most investment scams begin with a text, email or social media message and promise to make lots of money quickly with no risk if you buy or send crypto to the person contacting you - This is always a scam.
- Most impersonator scams begin with gaining your trust from a company (whose name you'll recognize, like Amazon, for example), the government, or a well-known job website about a "problem" with your account and then ask for a crypto payment - This is always a scam.
To protect yourself:
- No legitimate company or the government will ask you for cryptocurrency to pay for something in advance.
- No legitimate investment will guarantee "easy money" with no risk by "helping" you invest in the crypto markets.
- Be wary of mixing online dating and investment advice - This is generally not a great combo.
You can report any crypto scams to ReportFraud.ftc.gov and to learn more on cryptocurrency and scams, visit ftc.gov/cryptocurrency
Medicare Open Enrollment Scams
Avoid marketing scams during 2022 Medicare Open Enrollment.
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
Be familiar:
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.
You have rights and agents must follow the law:
- They cannot discuss other Medicare or insurance products that you did not request to talk about.
- They cannot set their own time limits for you to enroll in a plan - Everyone has until December 7th to enroll, and there are zero benefits for signing up early.
- They cannot threaten to remove your benefits if you do not enroll in a plan.
- They cannot offer you gifts if you enroll in a plan.
- They cannot say that Medicare prefers their plan.
Before you sign up for a plan:
- Get all the details in writing.
- Read all information and verify all the details.
- Check that your doctors are in the plan's network.
Be aware of and report marketing violations:
- A company may not say it is Medicare, Social Security, or Medicaid.
- You should not receive leaflets, flyers, or door hangers on your car or at home from a company you do not have an appointment with.
- You cannot be promised to keep your Medigap plan (supplemental plan) when you sign up for a Medicare Advantage plan. (You cannot have both a Medigap plan and a Medicare Advantage plan.)
Protect your medical information:
- Scammers call and pretend to be Medicare representatives or agents.
- Scammers use a fake Caller ID name to impersonate Medicare or other companies.
- HANG UP if anyone calls and asks for your Medicare, Social Security, or bank or credit card information.
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.
Amazon is the Most Impersonated Business
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).
How do scammers get your attention?
- Messages to call about suspicious activity or unauthorized purchases on your Amazon account - when you call, a fake Amazon representative fools you into giving them remote access to your computer to give you a refund.
- Telling people to buy gift cards and asking to send pictures of the numbers on the back. These numbers allow stealing the money on the card.
- Messages that say you've won a raffle for a free product from Amazon. When you access the link to claim your prize (by entering credit card info for shipping) - you're getting charges you never agreed to.
These are scams:
- Never call phone numbers given in unexpected calls, texts, emails, or messages on social media. Do not click any links.
- Do not trust the phone numbers or links that come up in search results.
- Never give anyone remote access to your devices.
- Never pay by gift card.
- Never send pictures of gift cards.
Visit ftc.gov/scams for more info and you can report a scam at ReportFraud.ftc.gov.
Avoid COVID-19 Vaccine Scams
People are desperately wanting the COVID-19 vaccine and scammers know it - be aware of their current tactics!
These are all scams:
- You cannot pay to put your name on a vaccine list.
- You cannot pay to get early access to a vaccine.
- No one will call, text, or email you about the vaccine and ask for your credit card, social security, or bank account info.
And keep in mind:
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:
- Contact your local or state health departments for the latest info.
- Ignore sales ads for the vaccine - it is not for sale anywhere and is only available at federal and state approved locations.
- Watch for unusual texts - if you get one, check with your health care provider who supposedly sent it to see if it is legitimate. Same goes for emails or voice mails/calls.
If you are aware of a COVID-19 vaccine scam, report it at ReportFraud.ftc.gov.
Second round of Economic Impact Payment (EIP) checks and cards. What you need to know
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.
Covid-19 Vaccine Scam
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.
COVID-19 Small Business Scam
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.
Stimulus Checks are for People, not Nursing Homes
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.
Common Scams
- How Scammers Tell You to Pay - Scammers often say you've won a price, you owe a debt, or a family member is in an emergency. READ ARTICLE
- Social Security Scams - Scammers pretend to be calling from Social Security and aim to get you to tell them your social security number. READ ARTICLE
- Phishing Scams - Scammers send emails or text messages to fool you into giving them your personal information. READ ARTICLE
- IRS Scams - Scammers pretend to be calling from the IRS, and say they're filing a lawsuit against you for owed taxes. READ ARTICLE
- Fake Check Scams - Scammers ask you to deposit a check for more than the owed amount and send some of the money to another person. READ ARTICLE
HOW TO AVOID FRAUD
Ten Things You Can Do
- Spot imposters - Scammers often pretend to be someone you trust, like a government official, a family member, or a charity.
- Do online searches - Type a company or product name into your favorite search engine with words like "review," "complaint" or "scam."
- Don't believe your caller ID - Technology makes it easy for scammers to fake caller ID information, so the name and number you see aren't always real.
- Don't pay upfront for a promise - For things like debt relief, credit and loan offers, mortgage assistance, a job, or a prize.
- Consider how you pay - Credit cards have significant fraud protection built in, but some payment methods don't.
- Talk to someone you trust - Before you give up your money or personal information.
- Hang up on robocalls - Hang up and report it to the FTC.
- Be skeptical about free trial offers - Research the company.
- Don't deposit a check and wire money back - If a check you deposit turns out to be a fake, you're responsible for repaying the bank.
- Sign up for free scam alerts from the FTC at ftc.gov/scams.
Outsmart The Scammers
How to identify fraud. (Things Banks Never Ask.)
- Banks will never ask for your password or pin number in a text message.
- Banks will never ask you to click a suspicious link or provide confidential info in an email.
- Banks will never ask you to verify your pin over the phone.
- Banks will never ask for the following in an email, text, or phone call for any of the following:
- Your account number
- Your user name or password
- Your Social Security Number
- Your Pin
- Your Birthday
- Your Address
- Share a One-Time Code
- Fill Out a Form
- Download an Attachment
- Reveal a Security Question Answer
Any of the above is a definite RED FLAG. End the call, delete the text, or trash the email.
Pro Tips
- Look for misspelled words
- Call the phone number on your card
- Protect your confidential info
- Beware of scare tactics
- Beware of links
Protecting Our Elders:
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:
Protecting Our Veterans
During the past four years, the FTC has logged more than 378,000 reports from veterans - and nearly 161,000 were fraud-related.
Manage Your Security
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.
Download our App today!
Online Resources
Identity Theft
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.