How to Protect Your Money from Scammers This April

April is Financial Literacy Month! April is a great time to revisit your budget, explore new savings strategies, or learn more about how credit works. April is also an excellent month in learning more on how to protect your money from scammers.

This month, we're focusing on awareness because the best way to combat fraud is knowing what tactics fraudsters like to use.

Scammers Are Getting Smarter, And More Aggressive

Scammers have gotten more sophisticated in the way they target people. They no longer just send obvious spam emails or suspicious links. Scammers will call you directly, pretend to be your financial institution, send text messages that look authentic, or create urgent situations designed to get you to act without thinking.

That urgency is actually one of the biggest red flags. If someone is pressuring you to share information or make a payment right now, that pressure itself is a signal to slow down.

The Golden Rule: Your Financial Institution Will Never Ask for That

Any legitimate financial institution will never ask for your password, PIN, or full account number through a text, email, or unexpected phone call.

Scammers will pose as your credit union, or even a government agency, and they'll claim there's an urgent problem with your account that requires your login credentials to fix. Don't respond to a suspicious text. Don't click any links within the email or text message. Don't call back a number provided in the text message.

Contact your financial institution directly using the number on the back of your card or from the official website. If someone was genuinely trying to reach you about your account, the institution will be able to confirm that, safely and on your terms.

Common Scam Tactics to Watch For

Here are a few scenarios that tend to catch people off guard:

• Fake fraud alerts: You receive a text saying suspicious activity was detected on your account and asking you to verify your identity by clicking a link.

• Fake phone calls: Someone calls claiming to be from your credit union's fraud department and asks for your PIN to "secure" your account.

• Overpayment or refund scams: You're told you've been overpaid or are owed a refund and need to provide account details to receive it.

• Digital payment urgency: Someone insists you send money immediately through a payment app, often under the impression of a missed payment or an emergency.

If something feels off, it probably is. Trust that instinct.

What to Do If You're Unsure

Pausing is always the right move. Scammers rely on the fact that people feel flustered. A legitimate financial institution will never make you feel bad for taking a moment to verify who you're talking to.

If you receive a suspicious message or call, here's what to do:

1. Don't engage with the original contact. Don't call back numbers provided or click links in the message.

2. Look up the official contact information for your financial institution. Ours is right here.

3. Reach out to your financial institution and explain your experience. Our local team of financial experts can tell you whether the contact was legitimate.

4. If you believe your account has been hacked, report it to your credit union immediately so steps can be taken to protect your account.

Staying Informed Is Staying Protected

Financial literacy isn't just about understanding interest rates and investment accounts. Financial literacy is also about knowing how to recognize the warning signs before it's too late. This April, share what you know with your friends and family who might be less familiar with these tactics. Scammers often target people who haven't heard of these warnings before.

At LincOne, our team is always here to answer questions and help you navigate anything that feels suspicious. Don't hesitate to reach out, that's what your local credit union is here for. Contact us today.

Stay sharp, stay skeptical of unexpected urgency, and have a safe and financially savvy April.