Financial Tips

‘Tis the Season – Beware of These Scams

Univest, as with most financial institutions, has seen a significant increase in fraud attempts. This is especially true during the holiday season with even more people online shopping. Based on cases Univest has investigated and reports from our customers, a common theme has evolved – fraudulent emails, phone calls and texts have increased dramatically.

In some instances, customers have been duped into providing their personal credentials leading to their accounts being compromised. The result was fraudulent mobile deposits, electronic payments, and transfers against those deposits. In other cases, our customers were scammed into providing information to take advantage of a job opportunity on Craig’s List and other similar sites that turned out to be bogus. Additionally, some of the schemes involve imposter websites and fraudulent links in emails and texts. The result of these schemes has been fraud losses, identity theft and added emotional stress during an already stressful time of year.

The Federal Trade Commission is an excellent resource for trends, publications and resources for victims of fraud including tips on recognizing and avoiding scams. If everyone adhered to these best practices, a great majority of the fraud we have seen would have been avoided.

Here’s what you should be on alert for:

Scammers PRETEND to be from an organization you know.
Scammers often pretend to be contacting you on behalf of the government. They might use a real name, like the Social Security Administration, the IRS, or Medicare, or make up a name that sounds official. Some pretend to be from a business you know, like a utility company, a tech company, or even a charity asking for donations. They use technology to change the phone number that appears on your caller ID. So, the name and number you see might not be real.

Scammers say there’s a PROBLEM or a PRIZE.
They might say you’re in trouble with the government. Or you owe money. Or someone in your family had an emergency. Or that there’s a virus on your computer. Some scammers say there’s a problem with one of your accounts and that you need to verify some information. Others will lie and say you won money in a lottery or sweepstakes but have to pay a fee to get it.

Scammers PRESSURE you to act immediately.
Scammers want you to act before you have time to think. If you’re on the phone, they might tell you not to hang up so you can’t check out their story. They might threaten to arrest you, sue you, take away your driver’s or business license, or deport you. They might say your computer is about to be corrupted.

Scammers tell you to PAY in a specific way.
They often insist that you pay by sending money through a money transfer company or by putting money on a gift card and then giving them the number on the back. Some will send you a check (that will later turn out to be fake), tell you to deposit it, and then send them money.

Here’s what you can do:

Block unwanted calls and text messages.

Update/change passwords if you have not done so recently.

Do not give your personal or financial information in response to a request that you didn’t expect. Legitimate organizations won’t call, email, or text to ask for your personal information like your Social Security, bank account, or credit card numbers. If you get an email or text message from a company you do business with, including Univest, and you think it’s real, it’s still best not to click on any links. Instead, contact the sender using a website you know is trustworthy. Or better yet, look up their phone number. Don’t call a number they gave you or the number from your caller ID.

Resist the pressure to act immediately. Legitimate businesses will give you time to decide. Anyone who pressures you to pay or give them your personal information is a scammer.

Know how scammers tell you to pay. Never pay someone who insists you pay with a gift card or by using a money transfer service. And never deposit a check and send money back to someone.

Stop and talk to someone you trust. Before you do anything else, tell someone — a friend, a family member, a neighbor — what happened. Talking about it could help you realize it’s a scam.

The holiday season should be full of joy and festivities, don’t let a scammer ruin those good tidings. Awareness is one of the best ways to help protect against fraud and identity theft. Keep these tips in mind now and throughout the year and learn more in the Univest Security Center.


Univest Bank and Trust Co. is Member FDIC