Top Scams on the Rise
News outlets frequently report on the latest scams impacting people around the world, but what about the scams affecting First New York members in their everyday lives? Below are the three most common scams our members have encountered recently.
Phishing Texts and Emails
As one of the most common scams, Phishing is a go-to method for bad actors attempting to steal private information and funds from our members. Here is what that might look like on different platforms:
- Text Messages: An unexpected message from someone outside of your contacts claiming to be First New York. The sender will explain that there is an urgent need to update an account password or verify personal information.
- Emails: Similar to text message phishing, these emails will include similar urgent requests. In particular, phishing emails informing you that there has been a new login or emails that include a security code will often include a false login link to confirm your account details.
Tech Support Scams
Tech support scams are slightly more covert than phishing attempts. Since most people are taught to keep a constant eye out for phishing attempts to keep our accounts secure, an alert suggesting that your device has a virus or your bank account has been compromised may cause enough panic to let your guard down. This is precisely what tech support scammers rely on to claim their victims.
For this type of scam, fraudsters will contact you in some way, most often over the phone, to inform you that you have been hacked and/or have a virus on your device. If you engage, the fraudsters may take a number of different routes to steal your information and/or money, including:
- Remote access: They may request that you download software that gives them access to your device. This grants them access to all stored data and accounts on your device (or devices, if you share data across the cloud), allowing them to steal personal information, data, and even make purchases or wire transfers from your accounts.
- Service charges: To free your device from “viruses” or secure your accounts, scammers may charge high fees for their false services, often using confusing technical jargon to make the non-existent issues seem more serious thus encouraging you to pay the price.
- Transferring funds: In the specific instance where fraudsters claim your accounts, specifically your bank accounts, have been compromised, they may ask you to wire transfer your money to a “safe account” or ask for your login credentials so they can transfer the money themselves.
Impersonation Scams
Certain impersonation scams can fall under the umbrella of phishing, however in the case of bank and credit union impersonation, there are a few unique impersonation scenarios to look out for:
- Spoofed phone calls: Some scammers are able to use technology to make a caller ID look like it is from First New York. They gain your trust by making the call appear legitimate, then they ask for sensitive information such as social security numbers, account or card numbers, PINs, or other information under the guise of securing your account.
- Fake transactions: Often in the form of text messages and emails, fake messages asking for confirmation or approval for purchases of expensive items (such as a $500 Apple item) can be sent in an attempt to gain login credentials. The messages will appear to come from First New York and include a link that may look like it goes to the First New York website but actually go to a fake login page that will store the login information inputted by the victims of the scam.
- Employee disguises: Sometimes, fraudsters will research specific employees at a bank or credit union, such as the CEO or branch managers, and use their names to try to influence unsuspecting members to share private information over email, text messages, or phone calls.
Staying Safe
In order to avoid falling victim to phishing scams, keep a close eye out for these indicators that a message may not be legitimate:
- Incorrect contact information: Verify that any communication is coming from a legitimate First New York email or phone number. Our phone number is (518) 393-1326, or (800) 734-7375 for toll free. All of our official email addresses will end in @firstnewyork.org.
- Sense of urgency: While certain authentication codes become invalid after a period of time when logging into My First New York, other time limits (such as requests to validate a purchase within 24 hours) should raise red flags.
- Suspicious fund transfers: Requests to transfer money in unusual ways, such as via wire transfers, bitcoin, or gift cards are key signs of a scam.
- Threats, like account closures: Should there be some type of issue with an account, whether it be a password in need of updating or a form that needs to be filled out, most organizations including First New York will not threaten to close your account, withhold funds, or enact any other kind of penalty in a short time period, such as 24 hours. Urgent requests with drastic repercussions are designed to get victims to act without considering the validity of the request.
It is crucial to stay vigilant when examining any form of communication online or over the phone. Your personal information, data, and finances are some of your most valuable assets, and protecting them should be a priority. Staying aware of the scams our members see most often, and knowing how to avoid falling victim to them, creates a strong defense against attackers.
If you receive any communication that seems suspicious, do not hesitate to reach out to our Contact Center at (518) 393-1326, Option 2 for assistance. Staying educated is staying safe!