Welcome to B-SMART Fraud Prevention.
The security and privacy center.
Learn to avoid fraudulent financial activity and scams.
Scammers bank on what you DON'T know about cryptocurrency. Don't get duped!
Never send money to an online love connection
Know Who's Getting Your Money
Scammers Setting Up Fake Charities
Avoid unauthorized testing kits
Crypto scams are greatly impacting the LGBTQ+ community
Romance, Investment & Online Shopping
Scammers often pretended to be from Amazon
Make Yourself aware of the current scammer tactics
Nationwide initiative to protect consumers
Nearly $117 million lost to scams started on social media in first half of 2020
A free national program for high school students to master cybersecurity
Scares people into "unsubscribing" from confirmation emails coming from an adult dating list
Virtual classes not stopping scammers from targeting students
Scammers bank on what you DON'T know about cryptocurrency. Don't get duped!
"Pig Butchering" Cryptocurrency Scam
There is a new cryptocurrency scam called "pig butchering" that combines dating apps with investment fraud. This horrific name, according to the FBI, refers to "fattening up prey before slaughter." It originated in Southeast Asia and is now everywhere. Although pig butchering commonly uses romance as a strategy, scammers can also build other types of personal or professional relationships. It is estimated worldwide losses were in the tens of billions of dollars in 2021 alone. The pig butchering scam is considered a "super scam."
What happens?
A ring of cryptocurrency scammers troll dating apps and social media sites and pose fake profiles to look for victims. Scammers may even send random texts to a potential victim’s cell phone perhaps disguising themselves as an old acquaintance.
This "new friend" continues the conversation and actually becomes part of the victim's daily life as the two develop a "relationship" to build trust. Over time, the scammer introduces the concept of making a business investment with cryptocurrency. Scammers are smart and use persuasion rather than asking for money - they know the potential victim would know asking for money to be a red flag.
Eventually, the scammer/friend convinces the victim to invest in cryptocurrency and refers them to a false website or app that looks authentic but is controlled by the scammer. The victim is told to invest a small amount at the start and the scammer posts a modest gain on the investment. The scammer also allows the victim to withdraw money a couple of times to help show it is a legitimate site.
The scammer then persuades the victim to invest a large amount of money - which could be six figures - and once the fake website receives that money the scammer disappears, and the victim loses the money.
What you can do:
- Always be vigilant and alert for things that don't seem right
- Do your research with new financial products likes cryptocurrency or bitcoin
- Avoid people or entities demanding upfront payment in cryptocurrency
- Be skeptical of promises of large, quick returns
- Do not mix online dating with any investment advice
What are red flags?
- Receiving a seemingly innocuous text message from a stranger
- This same stranger quickly trying to move the text conversation to WhatsApp or another social media site
- People who avoid video-calling with multiple excuses
- People chit-chatting about their insider investment knowledge
- An investment platform's URL does not match the official website of a popular cryptocurrency market or exchange but is very similar
- The investment app generates warnings of being "untrusted" when launched, or your computer's antivirus software marks it as potentially dangerous.
- It sounds too good to be true
Do not ever:
- Send money, trade, or invest with a person you have only met online
- Talk about your financial position or investments
- Share personal information or current financial status with strangers
- Give your banking information, social security number, copies of your identification or passport, or any other personal information to anyone online or to a site that you cannot verify is real
If you think you have been a victim of a cryptocurrency scam, you can report the crime to your bank, the Federal Trade Commission (FTC), the Internet Crime Center (IC3), the Federal Bureau of Investigation (FBI) local office, or your local police.
Do not wait to report - the longer you wait, the harder it is to trace or freeze stolen funds.
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.
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
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.
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.
Cryptocurrency Scams on the Rise
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
Common
Scams
Warning signs
for common scams
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
Take ten simple steps
to protect yourself.
HOW TO AVOID FRAUDTen 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
Scammers
There are things that
banks never ask
Outsmart The ScammersHow 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
Look out for each other
Help the vulnerable.
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
Veterans
Recognize fraud attempts common to veterans.
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.
Contact UsManage Your
Security
Customize your alerts
Set your privacy choices.
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!
FTC Online
Resources
Resources for keeping you and your personal information safe.
Online Resources
Identity Theft
Support
Immediate action is the key.
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.
Contact UsStay 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.