December 3, 2023

Protect Your Financial Information by Recognizing the Five P’s of Common Fraud Schemes

Credit Union of Colorado Says the Best Defense is Awareness

Scammers are always on the prowl for their next victim.

“Scammers use a variety of tactics to steal private financial information and holiday joy. Once they have access to credit card or bank account details, they can make unauthorized charges, drain your accounts, and steal your identity,” says Chad Wilcox, senior vice president of lending at Credit Union of Colorado. “Credit Union of Colorado is here to help you recognize the five P’s of common fraud schemes. Once you are aware of these schemes, you can give scam artists exactly what they deserve – a lump of coal.”

The Five P’s of Common Fraud Schemes:

  1. Fraudsters PRETEND to be from a known organization

Scam artists often impersonate government organizations or companies you do business with, such as the Credit Union of Colorado. These criminals will also make up names that sound like well-known businesses or service providers and use technology to change the number displayed on your caller ID.

  1. Fraudsters say there’s a PROBLEM

These crooks know how to get your attention. They’ll use scare tactics to get you to respond to demands for cash, gift cards, wire transfers, or account access. Victims are often convinced they need to open their wallets after being told they:

  • Owe back taxes
  • Are in trouble with the law
  • Need to resolve an account issue
  • Are at risk…

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