Fraud Prevention

Fraudsters often use online dating platforms or social media to build fake relationships, eventually asking for money or access to your banking credentials. Typical red flags include the following:

1. Excuses for not meeting in person
2. Financial hardship stories that lead to requests for help; and/or
3. Claims of needing login information to repay loans or transfer funds

Key Point: No matter how genuine the relationship seems, never send money or provide account access to anyone.

Fraudsters are often friends, family members, caregivers, neighbors, acquaintances, or even financial advisors who illegally or improperly utilize an elder individual’s money or assets.  Signs of elder financial abuse can be difficult to spot, but often include the following red flags:

1. Decline in physical or mental well-being

1. Sudden or unexplained monetary withdrawals from bank accounts while in the care of a loved one or caregiver (Individuals may attempt to conduct transactions on behalf of the member.)
2. The member appears agitated or confused and is being constantly reminded by their caregiver of the purpose of the transaction (e.g, “Remember we’re making this withdrawal to pay your grandson’s tuition today.”)

What to Do: If you suspect an elder is being financially exploited, report it to local law enforcement and Adult Protective Services.  Reporters who act in good faith are protected from legal liability.

Fraudsters often pose as friends or family in distress, requesting immediate funds via peer to peer (P2P) transfers. Often, they use compromised social media, direct messaging or spoofed numbers.  Red Flags include the following:

1. Unexpected request from someone claiming to be in an accident, jail, or stranded
2. Requests for immediate financial help via unfamiliar platforms
3. Poor grammar or uncharacteristic behavior in messages

Always verify any purported emergency by calling the friend or loved one directly. Ideally, you should use a phone other than your own to make the call. Never use any numbers or emails contained within the suspicious communication to call your friend or loved one.

Scammers may pose as your bank, a company, or tech support, urging you to provide a multi-factor authentication MFA code, card details, or routing/account numbers to stop a fraudulent transaction or “verify identity”. Red flags include the following:

1. Unsolicited messages asking for sensitive information
2. Urgent language like “act now” or “your account will be locked”

MidSouth will never ask for your MFA code, password, or full account number via phone, email, or text.

Fraudsters may send unsolicited checks, often under the guise of pre-approved loans or sweepstakes winnings. These checks may initially clear your account, but are later returned as fraudulent, leaving you, the member, liable. Red flags include the following:

1. Receiving a check without applying for a loan
2. Instructions to send a portion of the funds elsewhere
3. Communications stating that the check is a “test” or an advance

Never deposit a check from an unfamiliar source. If it seems too good to be true, it likely is.

Victims are contacted by individuals claiming to be law enforcement, government officials, or bail bondsmen. They’re told they owe fines or must bail out a loved one and are asked to send gift cards or P2P payments such as Zelle, Cash App, Apple Pay, Google Pay, or PayPal.  Red flags include the following:

1. Demands for secrecy
2. Threats of arrest or legal action

No legitimate agency will require/request that a fine or bail be paid via gift cards or P2P apps.

Victims are tricked into downloading apps such as AnyDesk, TeamViewer, or QuickSupport, allowing scammers to view or control the user’s phone screen. Red Flags include the following:

1. A “representative” asks you to install software to help “fix” a problem
2. They then request to navigate your online banking after installing the app

Tip: Never download remote access apps at someone else’s request.

Emails may appear to come from MidSouth or another trusted source, asking you to click a link or enter login information. Red flags include the following:

1. Misspelled domain names or suspicious sender addresses
2. Generic greetings (“Dear customer”)
3. Unexpected attachments or links

Tip: Hover over links (don’t click) to check their destination and never input credentials through an email link.

Scammers can spoof your financial institution’s name, logo, or even phone number, sending you a fake notification to verify a transaction or activity on your account. Red Flags include the following:

1. Messages include clickable links
2. You’re prompted to confirm or deny a transaction you do not recognize

Tip: Instead of clicking the link, log in directly through MidSouth’s actual website or mobile app.