The Scam Looks Real. Here’s How to Know When to Stop.
The Scam Looks Real. Here’s How to Know When to Stop.
Your phone buzzes in the middle of a busy day. The message says there may be suspicious activity on your account and asks whether you authorized a purchase. A few minutes later, someone calls claiming to be from the fraud department. The caller knows your name, sounds professional, and seems genuinely concerned about protecting your money.
What would you do? That question has become harder to answer because today’s scams are designed to look and feel legitimate. Scammers are impersonating financial institutions, government agencies, delivery companies, employers, and even people we know. They create situations that feel familiar enough to earn our attention and urgent enough to keep us from slowing down.
According to the Federal Trade Commission,
impersonation scams were the most commonly reported type of fraud in 2025, with more than one million reports and $3.5 billion in reported losses.
Some of the costliest scams begin with something as simple as a fake security alert that appears to come from a financial institution. The important lesson is not that you need to become an expert at spotting every new scam. You need to recognize the moment when it is time to stop and verify.
Five major financial-institution-related scam threats noted by the FTC and FBI:
1. Financial Institution / Fraud Department Impersonation
The FTC reported in June 2026 that imposter scams were the most-reported fraud category in 2025, accounting for nearly one in three fraud reports. Consumers reported $3.5 billion in losses. Among business impersonation scams, bank impersonators produced the highest reported losses.
2. Account Takeover / One-Time Passcode Scams
The FBI issued a specific warning in November 2025 about criminals impersonating financial institutions to take over accounts. Since January 2025, the FBI has received more than 5,100 complaints involving account takeover fraud, with losses exceeding $262 million. The FBI specifically describes scammers using calls, texts, and emails to convince victims to provide login credentials, MFA codes, and one-time passcodes.
3. “Move Your Money to Protect It” Scams
The scammer claims the member's account has been compromised and instructs them to move money somewhere "safe." The FTC specifically warns: “Never move or transfer your money to ‘protect it.’” The FTC also connects these schemes directly to fake bank fraud calls and requests for verification codes. This scam can be financially devastating because victims may voluntarily
transfer substantial portions of their savings. The FTC reported a significant increase in large-dollar losses from these impersonation schemes, particularly among older adults.
4. Fake Check / Check Fraud Scams
Fake-check scams involve someone sending a fraudulent check, having the victim deposit it, and then convincing them to send part of the money elsewhere. Funds can initially appear available even though the check ultimately proves fraudulent. For the Prestige member education campaign, fake-check scams are cleaner to communicate than the broader institutional problem of stolen and altered checks.
5. Zelle / Payment App Scams
The FTC specifically warns about scammers impersonating a person's bank and telling them there is a problem with their account. The scammer then walks the victim through the process of transferring money using services such as Zelle. The supposed new or protected account actually belongs to the scammer. The FTC emphasizes that payments made via payment apps can be extremely difficult to recover after the money is sent.
The Scam May Start by Trying to Protect You
One of the most convincing scams begins with exactly the type of message you would want your credit union to send: a fraud alert.
You may receive a text asking whether you made a purchase or warning that someone is attempting to access your account. After you respond, you may receive a call from someone claiming to be from the financial institution’s fraud department. This is where the scam becomes particularly convincing. The caller may tell you that they need to verify your identity, reset your password, or secure your account. They may ask for a one-time password sent to your phone. That code can actually be the security code the scammer needs to access your real account. Prestige Community Credit Union will never call or text you asking for your username, password, PIN, Social Security number, or one-time passcode. If someone asks for this information, stop the conversation.
Do not rely on caller ID as proof. Scammers can make a call appear to come from a legitimate organization. Hang up and contact Prestige directly using the phone number you already know or obtain independently.
The Small Request Is Often the Hook
Not every scam begins with your financial account. You may receive a text saying you have an unpaid toll. Another says a package cannot be delivered until you confirm your address. You may receive an unexpected job opportunity or a message that appears to be from a government agency.
These scams work because the request often seems small and believable. Paying a few dollars for a toll or confirming a delivery address may not immediately feel like a major financial decision. The real objective may be to get you to a fraudulent website
where you enter a card number, password, Social Security number, or other personal information. The FTC has specifically warned consumers about fake toll notices, package-delivery messages, job offers and fake fraud alerts. The details vary, but the scam strategy is remarkably consistent:
Create a believable situation, introduce urgency, and get you to respond before you have time to verify it.
Even a Familiar Voice May Not Be Enough
There is another reason slowing down has become increasingly important. Technology can make impersonation more convincing. Scammers can use voice-cloning technology to imitate someone you know. A call may sound like a family member saying they have been in an accident, lost their phone, or need money immediately. The emotion of the situation can make verification feel unnecessary or even insensitive.
It is exactly the opposite. If someone you know suddenly needs money or sensitive information, contact that person separately using a phone number you already have. A legitimate emergency will remain an emergency even after you take a moment to confirm it.
Look for the Pressure, Not Just the Mistakes
We have traditionally been taught to look for misspellings, strange email addresses, and poorly designed websites. Those are still useful warning signs, but increasingly sophisticated scams may not contain obvious mistakes. Instead, pay attention to what the person or message is asking you to do. Consider stopping whenever someone unexpectedly asks you to:
Share a password, PIN, security code or one-time passcode.
Click a link to resolve an urgent financial problem.
Move money somewhere else to “protect” it.
Pay an unexpected toll, fee, fine or delivery charge.
Send money to someone who needs immediate help.
Provide financial information for an unexpected job opportunity.
Keep the conversation or transaction secret.
Urgency is one of a scammer’s most useful tools. Verification is one of yours.
Permit Yourself to Stop
There is nothing rude about hanging up. There is nothing wrong with ignoring a text, and there is no legitimate financial emergency that requires you to give an unexpected caller your password, PIN, or one-time passcode. If someone contacts you claiming to be from Prestige and something does not feel right, end the interaction and contact us directly. Do not call a number
provided by the suspicious caller or text message. Use Prestige’s main number or another contact method you already know is legitimate. That small pause can be one of the most valuable financial habits you develop.
Fraud Protection Can Lead to a Bigger Financial Conversation
Protecting yourself from fraud is also a good reason to review the rest of your financial life occasionally. Ask yourself these questions:
Are your contact details current?
Are you monitoring your accounts regularly?
Are there old passwords that should be changed?
Do you understand the security features available to you?
It may also be worth looking at how you would handle the financial disruption caused by fraud or identity theft. Building emergency savings, maintaining healthy credit and understanding where your money is held can provide greater flexibility when something unexpected happens. These are not separate financial issues. They are part of understanding and protecting the financial life you are building.
When in Doubt, Talk to Someone You Know
Scammers depend on getting you to react before you have time to think. Prestige would rather you take the extra minute. If you receive a suspicious call, text, or email involving your Prestige account, or you want another set of eyes on something that does not feel right, contact us directly. We can help you understand what you are seeing and determine what may need attention. As a member-owned credit union, protecting members also means helping you recognize the situations that could put your financial information at risk. When something feels urgent, unexpected, or just a little unusual, you do not have to figure it out alone.