Not all fraud is obvious. Some attempts blend into ordinary interactions, like selling an item online or responding to a message from someone you recognize. According to the Federal Trade Commission, one in three people who reported fraud said they lost money in 2024, adding up to $12.5 billion. A little awareness can make a big difference in helping you protect your finances with confidence.

Protecting Yourself While Selling Items Online

Selling items on Facebook Marketplace, Craigslist, OfferUp, or similar sites can be an easy way to earn extra income. It can also create opportunities for buyers to pull money from your account if you are not careful. 

Overpayments and Requests for Refunds

An overpayment scam occurs when a buyer agrees to buy an item you’ve listed, then sends a payment that is more than expected. They may say it was an honest mistake or claim the extra amount was meant for something else. Soon after, they ask you to send the extra money back through a fast payment service.

In other cases, they may tell you that the extra funds are meant for a “shipper” and request that you forward money to cover pickup or delivery.

Anytime a buyer overpays, treat it as a warning sign. Their payment is often fake or tied to stolen information. Once it is reversed, you lose the money you returned and never receive real payment for your item.

Sudden Cancellations After Sending Payment

Another situation involves a buyer who sends payment, then quickly says the sale needs to be canceled. They ask you to return the money before the original payment has fully processed. If the initial payment was never valid, the refund becomes your loss.

How to stay protected:

• Do not send money back to a buyer for any reason.
• Decline any request to pay or reimburse a shipper.
• Wait for your financial institution to confirm that a payment has fully cleared before handing over or shipping anything.
• Trust your instincts. If a buyer complicates the process or adds urgency, step away from the sale.

Spotting Imposters Claiming to Be CUA or Other Agencies

Some fraud attempts involve unexpected calls or texts from individuals pretending to represent a financial institution, government agency, delivery service, or merchant you know. These impersonators often try to create a sense of urgency and may use familiar language to sound convincing.

Imposter scams are alarmingly common. According to the Federal Trade Commission, imposter scams were the most commonly reported scam category with 845,806 reports in 2024, resulting in $2.95 billion in losses.

They might claim there is a problem with your account or a transaction you did not authorize. To appear legitimate, they may ask you to verify personal details, read off security codes sent to your phone, or log in to online banking while they remain on the line. Caller ID can be easily manipulated, so even a trusted or local number does not guarantee the call is genuine.

How to stay protected:

• Hang up and call the organization back using a verified phone number from your statement or their official website.
• Never share one-time passcodes or log in information with anyone.
• Do not click on any links in unexpected texts or emails.

Understanding Cryptocurrency and Bitcoin ATM Scams

The FBI reports that Americans lost nearly $250 million to scams using Bitcoin ATMs in 2024, more than double the sum from the previous year.

Some investment schemes begin with a message that appears to come from someone you know. This may happen if a friend or family member’s Facebook account is hacked or if you receive a text or email that looks familiar. The message usually promotes a supposed investment opportunity with fast, high returns.

Once interest is sparked, you may be instructed to withdraw cash and deposit it into a cryptocurrency or Bitcoin ATM. The person may say this is how the investment is funded or activated.

Here is the risk. When money is placed into a Bitcoin ATM, it is converted into cryptocurrency and sent directly to a digital wallet controlled by the scammer. There is no legitimate investment behind the offer, and the funds are nearly impossible to recover once sent.

How to stay protected:

• Be cautious of investment messages received through social media, text, or email.
• Do not withdraw cash or use a Bitcoin ATM at someone else’s direction.
• Question any promise of unusually high or guaranteed returns.

Awareness Is Your Best Defense Against Fraud

Fraud often relies on pressure, urgency, or a story that seems believable at first glance. Taking a moment to pause, ask questions, and verify information can protect your accounts and provide peace of mind. If something feels off or you want help determining whether a message or payment is legitimate, contact us right away. We are here to support you and help you protect your financial well-being.

 

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