Imagine it is 5:30 p.m. on Friday, and you just left work when you receive a text message from what appears to be your bank inquiring about a $1,500 Amazon purchase. The text asks you to reply back with a “Y” or “N” to confirm or deny the transaction.  After you reply “N”, as you have not made any Amazon transactions, you receive another text with a link to verify your account information.  You click the link and are taken to the bank’s internet page, where you are prompted to log in to be verified.  You enter your credentials and there is a message thanking you for verifying and you close out the page.  Fast forward to Monday morning when you check your bank account and find it is negative due to several unauthorized transactions. 

This is something a lot of people in the San Luis Valley, and United States in general, do not have to imagine because this is a reality.  Fraud is on the rise with an estimated total amount of fraud experienced by consumers in 2024 of $743 billion and a projected increase of about 33% in 2025. 

To help protect oneself, family and friends; become familiar with common scams currently impacting the local area.  You can visit FTC.GOV to learn more about scams and trends.  Some popular scams currently impacting the US are: 

• Romance scams
• Impostor Scams
• Employment Scams
• Loan Scams
• Online sale scams
• Lottery / Sweepstakes scams
• Social Media scams
• Investment scams

Scammers will use several tactics to obtain funds such as: 

Sending fraudulent checks for deposit and then asking to forward funds via instant transfers such as Cash App or Venmo. 

Obtaining online banking access then mobile depositing a fake check for funds to be forwarded via instant transfers. 

Sending fraudulent ACH transfers and requesting funds be forwarded via instant transfers. 

Instructing the purchase of gift cards requesting front and back images of the card sent via text. 

Instructing large cash withdrawals be made and funds deposited into Bitcoin ATMs, accounts with another bank, or sent via mail hidden in magazines. 

Needing to use the victim’s debit card or account to conduct activity because theirs is locked or they are out of the country with limited access. 

Requesting funds for investments be sent to personal accounts, not investment companies. 

The following scenarios have been compiled from sources such as the FBI, Secret Service, Law Enforcement and other financial institutions, taken from true fraud cases. 

If you can answer Yes to any of the following questions associated with your transaction, you could be involved in a Fraud Scheme or about to be SCAMMED. 

Online Fraud 

Is this transaction connected with someone you have been talking to online? 

Are the funds associated with an online romantic relationship, i.e. boy/girl friend, fiancé, or spouse?  If yes, this is Fraud 

Are the funds associated with an Item sold online such as car, boat, clothing on sites such as craigslist, offer up etc?  Is the amount sent to you more than the item's selling price?  If yes, this is Fraud 

Did you receive a check via email for any situation?  If yes, this is Fraud 

Government or Business Scams 

Have you been contacted by an individual claiming to be from Law Enforcement, FBI, or the IRS instructing you to withdraw cash, purchase gift cards, conduct a wire, or deposit funds into a bitcoin ATM or an account with another financial institution?  This is a Scam! Law enforcement or government agencies will not contact you with a request like this… Ever 

Have you been contacted by companies such as “Norton”, “Microsoft”, “Amazon”, or “PayPal” regarding an unauthorized transaction, computer compromise, or renewal of a subscription, followed by a request to gain remote access to your device or provide banking information?  If yes, this is Fraud 

Have you been contacted by “Bank Security” or “Bank Fraud Department” and instructed to withdraw funds, conduct funds transfers, purchase gift cards or deposit funds into a Bitcoin ATM or an account with another financial institution?  If yes, this is Fraud 

If you are contacted by an individual associated with a local business such as your electric company or other utility demanding payment and threatening disconnection of services, is the payment being made to an individual and not the actual company name? If yes, this is Fraud 

Have you been in contact with anyone regarding an employment opportunity where you have been asked to purchase or send funds to purchase software, a computer or to have a vehicle wrapped? If yes, this is Fraud 

Lottery and Inheritance Scams 

Have you been informed you are the winner of a lottery or sweepstakes you do not recall entering or are you being asked to pay taxes or fees to claim your prize?  If yes, this is Fraud 

Have you been asked to pay money to receive a deposit (inheritance, lottery, jobs, military personnel working overseas) especially associated with a foreign country/ If yes, this is Fraud 

Miscellaneous 

In any scenario, have you been instructed not to tell your bank, family or friends about the transaction, what it is for or to make up a false story? If yes, this is Fraud 

Are you receiving pay or commission for facilitating money transfers through your account? If yes, this is Fraud and potentially a crime 

Have you responded to an email or text message requesting you confirm, update, or provide account or personal information? This is a scam, contact your financial institution immediately 

Be wary regarding texts or emails requesting personal information, and never share usernames, passwords, or codes.  When in doubt, call your financial institution and provide all details of the situation. Even if the person contacting you claims to be from your bank, a known company, has advised you not to tell anyone about the situation or is making threats; hang up, stop communicating with them and call a known number for the company they claim to represent.   

Stay safe out there. 

Dennis Gonzales is Deposit Services Specialist III, First Southwest Bank.