News & Advice

Picture a total of about $8.8 billion dollars. That amount of money may feel hard to fathom, but it’s the amount of money people lost to fraud in 2022.

There are many kinds of scams, but people reported losing more money to investment scams than any other type of scam last year, according to the Federal Trade Commission. Other commonly reported scams include imposter scams and online shopping scams. 

Scams are prevalent and scammers use many tactics — they may target individuals via email, text, phone call, or even in person. A scam can quickly wipe out your hard work to save money and get your finances in order, so it’s essential to know how to spot a scam. Here are some warning signs to look out for.

MESSAGING SEEMS TO BE FROM SOMEWHERE YOU KNOW

Scammers may contact you out of nowhere and pretend to be from a credible outlet. Scammers often target victims by pretending to be from a place they’d view as trustworthy — a government agency, financial institution, or recognizable company, like Apple or Microsoft.  If you weren’t expecting to hear from your bank or a government office, think twice about if the message you received is legitimate. 

If you get a message or call that asks you for personal information or money, check that communication is coming from who it claims to be. Scammers use advanced tactics that may require a critical eye. An email that appears to be from a legitimate business may only have one letter slightly off in the email address, for example. Take the time to check that messages and calls you get are from the correct email addresses and phone numbers associated with the business.

YOU’RE PRESSURED IMMEDIATELY TO SHARE PERSONAL INFORMATION 

One way to spot a scam is to pay attention if you’re being pressured to do something. Legitimate businesses and organizations won’t threaten or pressure you to give personal information or money to them. Scammers pressure people right away to do something like share personal information or withdraw money, not giving them time to think through what’s happening. 

Scammers prey on emotions like fear to get people to act quickly. Government agencies, credit unions, and other legitimate businesses do not ask people to share sensitive information immediately, especially in a way that isn’t secure. 

INOVA won’t ever text you for your PIN or any personal or sensitive information. If you’re ever unsure if communication claiming to be from INOVA is legitimate, reach out to your branch directly. We’ll be happy to help clear up what communication you can expect from us and how and when you’ll receive it. 

YOU’RE PRESSURED TO WITHDRAW MONEY

Trust what you know and be wary of what you aren’t familiar with, especially when anything financial is involved. When scammers want money, they’ll ask for it in specific ways, like through wiring or giving them information from a gift card. These out-of-the-ordinary ways of transferring money should raise red flags. 

THERE’S A PROBLEM OR A PRIZE 

Scammers might say something about how you owe money, are in trouble with the government, that there’s an emergency in your family, or that there’s some other pressing issue. They may even know the name of one of your family members, found through public records or social media. Don’t believe what you hear.

Along with problems, scammers also try to use prizes to lure people in. 

If something sounds too good to be true, it probably is. Scams may include offers of money, work opportunities, or vacations. These scam offers are often unsolicited and don’t add up. Common examples include investment scams and lottery scams. Investment scams promise a high — and unrealistic — financial return, while lottery scams try to get your banking information from fake sweepstakes or fake lotteries. 

WHAT TO DO IF YOU’VE SPOTTED A SCAM

While scammers know no bounds and target every age group and demographic, financial scams are targeting more and more elder adults. If you know an older adult, take the time to share information about how to spot a scam with them. If you have older parents, help them avoid scams by assisting them with their finances.

If you’ve identified a scam, report it to the Federal Trade Commission. 

As an INOVA member, we will never ask you for your account information through email. If you receive a message claiming to be from INOVA, please contact us immediately by calling 800-826-5465.