Protecting Students from Financial Scams

At Bank Five Nine, we’re dedicated to helping students stay ahead of the growing number of financial scams. Scammers are always coming up with new ways to target your personal information, from phishing emails to fake scholarship offers. We know reading about fraud prevention might not be the most exciting thing you do all day, but it’s important to protect your finances and your future. We’re here
to make it easier by giving you tools to spot the warning signs. With a little awareness, you can confidently avoid student fraud.

Key Takeaways

• Know Common Scams: Watch out for fake scholarships, online shopping scams, ATM tampering, and impersonation scams. Recognizing these can help you avoid trouble.
• Protect Your Info: Keep sensitive details like Social Security numbers and bank info private. Only share with verified contacts.
• Trust Your Gut: If something seems off, take a step back. Avoid using public Wi-Fi for financial matters and stay informed on new scams.
• Report Fraud Quickly: If you spot something suspicious, report it to your bank or authorities. Bank Five Nine offers tools like fraud alerts to help keep your accounts safe.

Common Scams Targeting Students

• Online Shopping Scams: Always check for secure payment methods and avoid making purchases from unknown or suspicious websites. Use credit cards instead of debit cards for added protection against fraud.
• ATM Scams: If you notice any wires or unusual devices on or around an ATM, do not use it. Report it to your bank immediately.
• Imposter Scams: Scammers often pose as government officials or service providers, demanding payment or personal information. Remember, legitimate organizations will never ask for sensitive information over the phone or email.
• Social Media Scams: Be wary of ads or offers on social media platforms that seem too good to be true. Scammers can create fake profiles and ads to trick you into sharing your personal or financial information. Never give your account number or pin away.
• Rideshare Scams: Use only trusted apps and avoid sharing personal information with drivers. Confirm the vehicle and driver’s details before getting in.

General Fraud Prevention Tips for Students

• Educate Yourself: Stay informed about the latest scams and fraud tactics.
• Trust Your Instincts: If something feels off or too good to be true, trust your gut and take a step back. If something feels wrong, it probably is.
• Protect Personal Information: Never share sensitive information like your Social Security number or bank details over the phone or online unless you’re sure of the recipient’s identity.
• Use Secure Connections: Avoid using public Wi-Fi for financial transactions. Always use a secure connection.
• Look for secure websites (https://) and read reviews before buying from unfamiliar sellers. Monitor Accounts: Regularly check your bank and credit card statements for unauthorized transactions.
• Keep Software Updated: Ensure your devices and apps are up to date to protect against vulnerabilities.
• Limit Social Media Exposure: Be mindful of the personal information you share online.
• Report Scams: If you suspect a scam, report it to your bank and local authorities.
• Set Strong Passwords: Use unique passwords for each account and consider using a password manager. Please note that legitimate companies will never ask for your password on the phone.
• Seek Guidance: If you’re unsure about a transaction or offer, ask a trusted friend or family member for their opinion. Get Your Credit Report: Check your credit report regularly for any signs of identity theft. You can obtain a free report at AnnualCreditReport.com.
• Verify Student Fees: Before paying any student fees assigned by your college or university, always verify the legitimacy of the fee with your college’s bursar’s office. This ensures that you are not falling victim to scams targeting students.
• Think Before You Click: Scammers often use phishing emails or messages with malicious links to trick you into sharing personal information or installing malware on your device. Always be cautious before clicking on any links from unknown or unexpected sources. Instead, visit the website directly by typing the URL into your browser. If you’ve clicked a suspicious link and are noticing unusual activity, check your authorized application list on your computer and remove any unknown apps.
• Memorize your social security number: Do not carry it in your wallet or purse.
• Important IRS Tips:
  • Verify Contact Methods: The IRS does not initiate contact with taxpayers through email, text messages, or social media to request personal or financial information. If you receive such communication, it’s likely a scam.
  • No Phone Demands: The IRS will never call you demanding immediate payment using specific payment methods, such as debit cards, gift cards, or wire transfers. If someone pressures you for payment in this manner, it’s a scam.
  • No Threats of Arrest: The IRS will not threaten to involve local police or other law enforcement to have you arrested for non-payment. Scammers often use threats like these to intimidate victims.

Warning Signs You May Be Getting Scammed

1. Unsolicited Contact: Receiving unexpected calls, emails, or messages from unknown individuals or organizations claiming you have won a prize or owe money.
2. High-Pressure Tactics: Being urged to act quickly or face dire consequences, such as threats of arrest or legal action if you don’t pay immediately.
3. Requests for Personal Information: Scammers often ask for sensitive information like Social Security numbers, bank account details, or passwords.
4. Requests to Keep It a Secret: Being told to keep the conversation confidential or not to discuss it with anyone, especially family or friends.
5. Unusual Payment Methods: Being asked to pay using wire transfers, prepaid debit cards, or gift cards instead of traditional payment methods.
6. Inconsistencies in Information: Mismatched details about the offer or the organization, such as misspellings or vague descriptions.
7. Too Much Personal Information: Scammers often know personal details about you that can make their pitch seem credible, but this could be due to data breaches.
8. Inability to Verify Claims: Legitimate companies or organizations should have verifiable contact information, but scammers often use fake or unverifiable details.

Reporting Fraud

If you suspect financial exploitation, it’s important to act quickly. Here’s what to do:

• Contact Bank Five Nine Immediately. We’ll help you secure your accounts and investigate any suspicious activity.
  • Call: (888) 569-9909
• Contact the Credit Bureaus and freeze your credit.
  • Place a credit freeze with each of the three major credit bureaus:
    • Equifax: Visit equifax.com/personal/credit-report-services/ or call 1-800-685-1111.
    • Experian: Visit experian.com/freeze or call 1-888-397-3742.
    • TransUnion: Visit transunion.com/credit-freeze or call 1-888-909-8872.
• Report the Fraud: You can also report the fraud to your local police, adult protective services, or the Federal Trade Commission (FTC).

Report lost or stolen debit/ATM cards within two business days.

If you lose your debit/ATM card (or other access device) report it immediately. By contacting your
financial institution within two business days of discovering the loss, you limit your liability to $50.
Waiting more than two business days to report the loss increases your liability up to $500.

How We Help

Bank Five Nine offers services and support to protect seniors from financial exploitation:

• Fraud Monitoring: Our systems actively monitor for suspicious account activity, helping to catch potential fraud early.
• Account Alerts: You can set up text or email alerts to notify you of unusual transactions.
• Expert Assistance: Our knowledgeable staff is here to help with questions or concerns about your financial security.

Additional Helpful Resources

Following is a list of sources that can help seniors to protect themselves against financial scams and exploitation. Search for these organizations online to learn more:

• Consumer Financial Protection Bureau
• American Bankers Association – Banks Never Ask That
• Elder Financial Protection Network
• Federal Bureau of Investigation (FBI)
• Federal Trade Commission (FTC)
• National Center on Elder Abuse
• National Council on Aging
• National Do Not Call Registry
• National Resource Center on Women and Retirement Planning
• Senior Medicare Patrol
• U.S. Administration on Aging
• Wisconsin Board on Aging & Long Term Care
• Wisconsin Department of Health Services
• Wisconsin Department of Justice