Fraud is on the rise—and it’s affecting individuals and financial institutions across the country, including here in our community.
While these scams are becoming more sophisticated, awareness is one of the most powerful tools you can have to protect yourself. That’s why we’re committed to identifying trends in fraud, alerting our members via secure channels, and sharing tips regularly so you’ll be ready when fraudsters call (or text).
#1 - Account Takeover & Impersonation Scams
These are currently the most common, and unfortunately convincing, scams. Scammers may contact you by phone, text, or email pretending to UMassFive employees. They may at first sound courteous, helpful, and professional. Remember: Their goal is to gain your trust and access your account.
They Might Say…
- Your personal or account information is needed to verify your identity
- That time is of the essence to rush your decisions
- Your debit or credit card is compromised and they need to verify your PIN
- In extreme cases, even offer to arrange to pick up your card from your home
Once they gain access, they’ll may make unauthorized transactions or transfers.
The Truth is…
We will never:
- Ask for your full card number
- Ask for your PIN
- Ask for your online banking username or password
- Send someone to your home to collect your card or information
If something feels off, trust your instincts, hang up and contact us directly.
#2 - Identity Theft & Fake Account Scams
Fraudsters are using stolen or altered documents like fake IDs or utility bills to open accounts under someone else’s name. In some cases, they deposit stolen checks and withdraw funds quickly before the fraud is detected.
While we uphold rigorous identity verification procedures, your ID or information falling into the wrong hands could result in identity theft, and put your name on the line for stolen funds.
How to protect yourself:
- Monitor your accounts regularly for unfamiliar activity
- Report lost or stolen identification immediately … do we have a resource for where members can report things other than the CU?
- Stay cautious about sharing personal information
#3 - Apartment Rental Scams
Looking for a new place can be exciting, and feel like a first step toward achieving your dreams. But apartment shopping is also a time to be cautious—scammers are capitalizing on competitive markets and your impulse to make quick decisions to secure that amazing spot.
Fraudsters Might:
- Advertise properties that aren’t actually available using photos from a former listing
- Pressure you to send money quickly to “secure” a unit
- Avoid meeting in person or showing the property
- Share a personal story about needing to fill the opening ASAP to make competitive rates or requests seem valid
What You Should Remember:
- Never send money before seeing a property in person
- Verify listings through trusted sources like real estate agents
- Be wary of deals that seem too good to be true
#4 - Investment Scams
Scammers are also posing as financial advisors or investment experts, often reaching out through social media or messaging apps.
They Might Say:
- High returns are guaranteed risk free
- You have to send money quickly to take advantage of the market
- Payments can only be made through wire transfers or cryptocurrency
- Nothing (because you already sent them money and they’ve run for it)
The Truth is…
- Financial experts aren’t making unsolicited investment offers
- Investing doesn’t require immediate action to keep up with the market
- Consulting an established and trusted financial professional like your UMassFive Wealth Advisors is always the right choice—even if you decide to take a chance anyway.
One Simple Rule: Pause Before You Act
Fraudsters often rely on urgency and pressure. Taking a moment to pause, ask questions, and verify information can make all the difference. When all else fails, remember: hang up, and call us directly. We’re always here to help protect your finances, your future, and your peace of mind.