Written by Wendy Bowen, Casco FCU and Jake Holmes, Maine Credit Union League

As we step into the New Year, it’s a great time to reassess our habits and resolutions—and that includes safeguarding ourselves against scams. Fraudsters are always looking for new ways to take advantage of unsuspecting individuals, especially during periods of transition like the start of a new year. Whether it’s a fraudulent investment opportunity, a phishing email, or a phone scam, the tactics used by scammers are becoming increasingly sophisticated. We’re sharing some tips from Jake Holmes, Director of Outreach and Financial Education at the Maine Credit Union League. He’ll explain red flags to watch out for and practical steps you can take to protect yourself from scams, helping you stay safe and secure as you begin a fresh year.

What is a scam? A scam is a scheme or a trick that uses misinformation and scare tactics to obtain your personal, financial, or other important information. Scams can take place over the phone, by email, mail, and even in person. The groups or individuals perpetrating these schemes, known as scammers or fraudsters, often pose as people, agencies, and companies that you know and trust.

What are some signs of a scam? You need to act fast. Acting in urgency is a warning sign of a scam. Scammers want you to act quickly and make payments without taking the time to think the situation through. They’re using fear tactics. If someone threatens to arrest you, sue you, or subject you to any other consequences if you don’t pay them, it’s likely a scam. Scammers know that fear can lead to poor judgement. Unusual payment methods are requested. If you are asked to send a payment via a wire transfer, prepaid card, or cryptocurrency, do not do it. These methods are nearly untraceable, and once the money is sent, it’s usually gone for good. Pre-payment is requested. If someone offers you a prize or debt relief, if you pay an upfront fee or shipping cost to get it, it’s most likely a scam. They want your personal information. If you are contacted and asked to verify sensitive information over the phone, hang up. Never provide personally identifiable information like your birthday or social security number in response to an unsolicited call, email, or text message. You need to keep it a secret. If you are asked to keep a transaction a secret, it’s likely because the scammer doesn’t want you to share the situation with someone who might detect it as a scam.

How can you avoid scams? Never open unsolicited attachments or links. If you receive an unexpected text, email, or message that contains an attachment or link, delete it. Store or shred documents with personal information. If you have documents with your birthdate, passwords, Social Security Number, or other personal information, store them away for prying eyes or hands, or shred them before disposing of them. When in doubt, don’t give it out. Trust your instinct. If someone asks for your information and you feel uncomfortable or that it could be a scam, end contact with them. Casco FCU emphasizes that protecting yourself from scams in the New Year demands awareness, vigilance, and proactive steps. By staying informed about common scam tactics and adopting security best practices, you can minimize the risk of falling victim to fraud. Sign up to have Casco FCU immediately text you alerts about new scams happening in our community. The more awareness we spread, can help prevent future victims. Simply text the word Casco to 207-530- 8205. Message and data rates may apply, opt out at any time. Call 207-839-5588 with any questions. As you embrace the new year, Casco FCU wants you to make it a priority to stay alert, secure, and prepared to spot potential scams, ensuring a safer and more confident year ahead for you and your loved ones.