Fraud Alert: Protect Yourself From This New Social Media Scam

August 24, 2018

A new scam on social media has cropped up in recent days, and it is especially deceptive because it might be coming from someone you know who hasn't realized they've been duped yet!

Instagram users are seeing a post in their Story that asks for a direct message (DM) to initiate the scam. Scams such as this can seem authentic sometimes, so it's important to know what to look out for.

That's why we've compiled important details here for our members:

Here's how the scam works:

1. Instagram users intrigued by the offer send a DM saying they're interested.

2. They are then sent a text message from the fraudster, requesting the victim send them their online banking username and password so that the fraudster can make a mobile deposit into their account.

3. The fraudster then sends the victim a screenshot of the successful mobile deposit and instructs the victim to send them a portion of the deposit via ApplePay, telling them they can keep the rest.

4. Days later, the mobile deposit then comes back as returned because the check deposited was fraudulent.

How to stay safe:

1. Protect your username and password information. This information should be kept secret, similar to how you would keep your social security number private.

2. Avoid sending money or making deals with people who you haven't met in real life.

3. Remember, if it seems too good to be true, then it probably is!

For more information on different types of fraud and warning signs to look for, please visit our Fraud Protection resource page.