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Busting Common Fraud Myths

Summary Fraud can happen to anyone. Understanding the facts behind common fraud myths can help you stay informed and better protect yourself.Key Takeaways
  • Scammers target people of all ages and backgrounds.
  • Technology does not eliminate the risk of fraud.
  • Awareness is one of the best forms of protection.
  • Question unexpected requests involving money or personal information.
Hey there, fellow fraud-fighters! Have five minutes to bust some common myths about scams? Because the more you know, the more you can stop fraudsters before they strike.
Myth: If a contact looks like it's from Summit, it is.
Fact: We’ve received reports of scammers making calls that look like they’re coming from Summit. But it's NOT US if you receive a random call, text or email requesting account information, PINs, username/passwords, or one-time codes.
Myth: Fraud victims are most often older adults.
Fact: People ages 18 to 24 reported the highest median dollar loss for the second year in a row, based on the 2023 Better Business Bureau’s Scam Tracker Risk Report.
Myth: You only need to worry about romance scams if you’re on a dating app.
Fact: Many victims of online romance scams say it started on Facebook or Instagram, so you don’t have to be looking for love to be a target.Be wary of a stranger admiring your photos or chatting you up on social media – especially if as your connection deepens, they ask you to send money or gift cards so they can visit or cover other needs.
Myth: You only need to report fraud if you lose money.
Fact: Whether you lose money or not, reporting fraud is really important (and is easy).Sharing your experiences helps with law enforcement efforts by the Federal Trade Commission and other agencies. And just as importantly, you help protect others by getting the word out.If you think you’ve been a victim of a scam or experienced a fraud attempt, reach out to your financial institution right away. Summit members, call us at 800-236-5560.  And if you’ve heard about a scam you’d like to report, email us at . Please do not email any private or personal information.

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