Library of Congress Federal Credit Union

A recent Gallup survey found that 1 in 4 Americans reported losing money to some form of scam in 2023. In that same timeframe, the Federal Trade Commission (FTC) received 2.6 million consumer complaints about online, over-the-phone, and in-person scams. With numbers like that, you’re bound to come across a scam or two in the coming year. Here are some of the more common ones, how to steer clear, and what to do if you become a victim.

Job/Employment Scams: People looking for work turn to employment websites. There, companies post open jobs to prospective employees. The problem is that criminals are posting fake job offers. After a virtual interview and some official-looking emails, they will offer you the job. All you need to do is fill out some paperwork and send them some money to cover the cost of your computer, phone, or other business essentials.

Spot the Scam

• If the employer uses a Gmail account or their personal email address, it’s likely a scam.
• Scammers will ask you to send them money instead of simply taking the cost for supplies out of your first few paychecks.
• Be extra careful if anyone suspicious asks for your Social Security number.

Social Media Phishing Scams: While silly Facebook quizzes about where you grew up, places you’ve been, and your family names might seem innocent enough, these can also be scams designed to part you from your passwords and other credentials. It can also add up to identity theft.

Spot the Scam

• Anything you share online can be used against you. Keep your private life private.
• If asked, don’t share names of grandkids, pets, places you’ve lived, or your favorite musicians. These can help predict passwords and login credentials.

Student Loan Scams: Every year, Americans lose billions to student loan fraud. These start as robocalls, emails, or online ads that promise to help you apply for federal or other aid, They might also promise to eliminate the loans you already have. However, you don’t need to pay someone else to help you apply for grants and other aid for college. And offers to eliminate student loans are almost always fraudulent.

Spot the Scam

• If a company asks for a monthly fee to help apply for student loans, ignore the offer. It’s free to apply at fafsa.gov.
• No company can get you total loan forgiveness.
• Do not give anyone your FSA (federal student loan) ID and login information.
• Avoid any company that asks you to sign a power of attorney in exchange for a reduction in your student loan payments.

Cryptocurrency Scams: These involve big promises of profits or returns if you buy cryptocurrency. Additionally, criminals will demand payment via cryptocurrency (Bitcoin or other brand names) to avoid being tracked. If you send or trade real money for cryptocurrency, it is potentially lost forever.

Spot the Scam:

• If someone demands payment with Bitcoin or digital cash, it’s likely a scam.
• Nobody can guarantee a return on an investment.
• If someone on a dating site asks you to look at investing in cryptocurrency, dump them.

AI Phone Call Scams: We’ve all received scam phone calls. But now criminals are incorporating artificial intelligence to not only spoof phone numbers but voices of loved ones as well. These fake calls use urgency and fear to demand money via cryptocurrency or gift card payments.

Spot the Scam:

• Only criminals will ask for gift card payments.
• If someone you know is pushing you to send them money, hang up and call the person using your own contact information.

Report Fraud to the FTC and Library of Congress FCU
To help fight fraud, the FTC is asking Americans to report scams and other crimes at reportfraud.ftc.gov. Additionally, if you fear you may have fallen victim to an online or phone scam, stop by, call, or email. We may be able to help protect your finances and personal information.

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