Resources
Fraud
Fraud Prevention Tips
- Spot the Warning Signs: Be aware of unsolicited requests for personal or financial information.
- Common Scams: Learn about phishing, identity theft, and check fraud to stay ahead of scammers.
- Best Practices for Online Security: Use strong passwords, enable two-factor authentication, and avoid sharing sensitive information over email or phone.
Fraud Education Tools
Fraud Prevention Video Series
Short, informative videos to help protect yourself and your family.
Fraud Education & Prevention
In today’s world, many aspects of life—from school to work to social events—have shifted online. Unfortunately, this increase in digital activity has also led to a rise in malicious cybercrime. At Yampa Valley Bank, the security of your information is our top priority. We also encourage you to take proactive steps to safeguard your personal information.
Yampa Valley Bank Will NEVER Ask For:
- Your entire Social Security Number
- Your online banking user ID or password
- Your entire debit card number
- Your debit card PIN
If you receive a suspicious call, hang up immediately and contact your local branch at 970- 879-2993 (Steamboat Springs) or 970-824-3600 (Craig). Be aware that scammers can “spoof” caller ID numbers to appear legitimate.
Focus on Fraud: Articles and Resources.
Raising A Red Flag
Fraud is ravaging Northwest Colorado communities, often going unnoticed due to limited press coverage and silent victims. Yampa Valley Bank aims to raise awareness by highlighting common scams, providing prevention tips, and empowering our community to fight back.
Continue ReadingDealing with the Aftermath
Fraud victims often feel embarrassment, guilt, anger, or helplessness. Scammers are skilled at psychological manipulation, using fear and desperation to their advantage. Learn how to process these emotions and take actionable steps to recover.
Continue ReadingHow To Spot A Scam
Discover the warning signs of today’s most common scams, including imposter, romance, and overpayment scams. Equip yourself with tips to identify and avoid falling victim.
Continue ReadingBecome Fraud Proof
Discover the warning signs of today’s most common scams, including imposter, romance, and overpayment scams. Equip yourself with tips to identify and avoid falling victim.
Continue ReadingGuarding Against QR Code Scams
QR codes are increasingly popular but have also become a target for scammers. Learn how to identify and avoid “Quishing” (QR phishing) schemes that compromise your digital security.
Continue ReadingProtecting Personally Identifiable Information (PII)
- PII includes information that directly identifies an individual, such as:
- Name, address, Social Security Number
- Telephone number, email address
Safeguarding PII is a priority for Yampa Valley Bank, and we encourage customers to take these precautions:
- Avoid giving personal information via email, text, or phone to unknown individuals.
- Monitor account activity regularly and report any discrepancies immediately.
- Update your contact information with your bank to ensure timely communication about suspicious activity
If you suspect a scam or fraudulent activity, contact us immediately. Scammers are exploiting fears surrounding COVID-19 and other trending topics, so stay vigilant.
Common Types of Fraud
Staying informed and vigilant is your best defense against fraud. Below are some of the most common types of cyber fraud, along with tips on how to protect yourself from falling victim to these scams.
Man-in-the-Middle Fraud
Man-in-the-middle fraud is a cyberattack where a hacker intercepts sensitive information being transmitted between two parties online. This is often done through unsecured public Wi-Fi networks or poorly protected home networks. Malware can also be used to carry out the attack. Fraudsters may also spoof emails to trick individuals into sharing sensitive data. Be cautious when accessing personal information on public networks and ensure your devices are protected with up-to-date security software.
Injured/Arrested Family Member Scam
This scam preys on emotions, particularly targeting the elderly. It usually begins with a late-night phone call where the fraudster impersonates a relative, claiming to be injured or arrested and in urgent need of money. They will insist on secrecy, urging the victim not to inform the bank about the wire transfer. Once the money is sent, it cannot be recovered. Always verify any urgent financial requests with the supposed relative before acting.
IRS Scam
Fraudsters impersonate the IRS, claiming that you owe taxes and must pay immediately. The IRS does not initiate contact via phone calls, nor will they demand payment via gift cards, money orders, or Google cards. They will first send you a bill by mail. If you receive a suspicious call or email, do not share any personal information. Call the IRS directly at 800-829-1040 to verify any claims.
Be wary of scammers using fake names, IRS badge numbers, or spoofed caller IDs to make the situation seem legitimate. They may even threaten legal action or jail time to intimidate you.
Be wary of scammers using fake names, IRS badge numbers, or spoofed caller IDs to make the situation seem legitimate. They may even threaten legal action or jail time to intimidate you.
Secret Shopper Scam
Fraudsters may recruit victims to become “secret shoppers” by sending them official-looking checks to deposit. They’ll then instruct you to purchase gift cards or wire money through Western Union, claiming you can keep a portion of the money as payment. However, the checks are fake, and once cashed, you’ll be left owing the bank for the full amount. Never respond to unsolicited offers to become a secret shopper.
Social Security Scam
Beware of anyone asking for your Social Security number over the phone. A common scam involves fraudsters posing as Social Security representatives, claiming that your payment is delayed and asking you to verify your banking information. Once they have this, they may use it to conduct fraudulent transactions. Always verify any requests through official channels and never share your personal information over the phone.
Medicare and Prescription Drug Schemes
Scammers may pose as government healthcare representatives or fake pharmacies, requesting personal information to process fraudulent claims or offer counterfeit drugs. Always verify the legitimacy of any healthcare-related request before sharing your information, and only purchase medications through reputable sources approved by your doctor.
Bereavement Scams
Fraudsters often target families grieving the loss of a loved one. They may claim the deceased owed money, attempting to collect payment directly from surviving family members. Additionally, dishonest funeral homes may try to upsell unnecessary services, such as overpriced caskets or cremation services. Always consult with a trusted family member or attorney, and request a detailed price list before making any purchases related to funeral services.
Investment Fraud
Be cautious of unsolicited investment offers promising unusually high returns. Fraudsters often use high-pressure tactics, claiming limited-time offers or using fine print to hide fees and restrictions. Always do your research before investing, and consult with a licensed financial advisor to verify the legitimacy of any offers.
Computer Virus Scam
In this scam, a fake virus alert pops up on your screen, urging you to call a toll-free number or click a link to fix the issue. Clicking on the link gives the fraudster access to your computer, where they can steal personal information, login credentials, and financial data. If you receive a virus alert, do not click on any links or call the provided number. Unplug your device from the internet and contact a professional to resolve the issue.
Computer Takeover
If your computer becomes locked by a ransom message demanding payment to unlock it, do not comply. Fraudsters will lock your screen and threaten to delete or withhold your information unless you pay. Never pay the ransom, and do not call the number provided. Seek professional assistance to have the issue resolved.
Lottery or Inheritance Scam
You may receive a message claiming you’ve won a lottery or are entitled to an inheritance. The fraudster will ask you to deposit a check and return a portion to cover “taxes” or “fees.” The check will later be discovered as fraudulent, leaving you liable for the full amount. If you didn’t enter a lottery, you cannot win it. If an inheritance is due to you, it will be processed legally and not require immediate payment.
Mortgage and Refinance Scams
Fraudsters may try to convince you to take out a mortgage or refinance with high fees, unfavorable terms, or unaffordable payments. To avoid falling victim to such scams:
• Do not respond to unsolicited advertisements.
• Be cautious of offers claiming you can own a home with no down payment.
• Always understand what you’re signing and seek trusted advice.
• Avoid vendors or home repair companies pushing reverse mortgages.
• Be wary of letters claiming to help you get your Warranty Deed or offering to
reassess your property’s tax burden for a fee. These services are often offered for
free or at a much lower cost through official channels.
• Do not respond to unsolicited advertisements.
• Be cautious of offers claiming you can own a home with no down payment.
• Always understand what you’re signing and seek trusted advice.
• Avoid vendors or home repair companies pushing reverse mortgages.
• Be wary of letters claiming to help you get your Warranty Deed or offering to
reassess your property’s tax burden for a fee. These services are often offered for
free or at a much lower cost through official channels.
Another Homeowner Scam
Scammers may send homeowners a personalized letter appearing to come from the County Assessor’s Office. The letter looks official, containing public information like the property’s assessed value, and offers to arrange a reassessment for a fee. Remember, these services should not require an additional fee, as property assessments are public information.
Fraud Prevention Tips
- Be cautious with attachments and links. Verify the sender before clicking on anything.
- Beware of unsolicited requests. Never share personal or payment information with unknown callers or texters.
- Monitor your credit. Check your credit report annually at FreeCreditReport.com.
- Enable notifications. Set up alerts for your banking transactions to catch unauthorized activity early.
- Recognize hot topics used by scammers. Be wary of buzzwords like “student loan forgiveness,” “disaster relief funds,” or “urgent donation requests.”
- Review your financial statements. Regularly check for suspicious transactions and report issues immediately.
