There's a New Kind of Social Media Influencer
These days, there’s a new kind of social media influencer. But instead of promoting clothing lines and lifestyle products, they promote fraud. It’s called card cracking. Card cracking is where scammers recruit participants through social media posts to assist them in committing fraud. Here’s how it works and how to steer clear of these scams:
- A scammer posts an offer on social media about making quick and easy money, and you respond. While these scams could occur on any social media channel, these scams are commonly seen on Facebook, Twitter, Instagram, and Snapchat
- The scammer asks you for your debit card and PIN, or username and password, to deposit a fake check into your account or use your debit card to make a purchase.
- In exchange for the information, the scammer promises that you will be allowed to keep a portion of the money deposited.
- After receiving your account information, the scammer deposits a fake or stolen check and then immediately withdraws the amount of the deposited funds from your account.
- The scammer then takes it a step further and directs you to report your card lost or stolen to your credit union to seek reimbursement for the “stolen funds.”
If you participate in a card cracking scam, you could lose more than just the funds in your account. It is illegal to knowingly deposit bad checks and can result in hefty fines and criminal charges. You could also find it more difficult to open a checking account or credit card in the future since your participation turns you into a co-conspirator.
How to avoid being scammed on social media
- Do not respond to online solicitations from people you do not know.
- Never share your account or card information with others.
- If you see a suspicious post, report it to the social media site. Suspicious posts may include:
- Unrealistic promises. If it seems too good to be true, it usually is.
- Requests for account information. Scammers usually ask for information that a bank would not request through social media.
- A limited-time offer or urgent response required. Scammers want to motivate you to act fast so that you do not hesitate in providing the information requested.
If you notice suspicious activity or unauthorized transactions on your RGCU account or have reason to believe your account has been compromised, contact us immediately at 505-262-1401. For more security tips, please visit our Security Center.