Associated Incidents
PHOENIX --- A local credit union reports a surge in sophisticated tech scams targeting Arizona banking customers, with some victims losing hundreds of thousands of dollars to fraudsters.
OneAZ Credit Union officials warn the schemes typically begin with urgent text messages about account fraud.
"Anyone can be targeted by fraudulent texts about account fraud," OneAZ Credit Union's Chief Operating Officer Laura Worzella said.
The fraudsters hook victims with the first text, scaring them into thinking they're protecting their bank accounts and personal identity.
The scammers then ask for account numbers, passwords, pass phrases, anything to gain access to their money. She warns that once scammers gain account access, they move fast.
The Better Business Bureau also reports a spike in romance scams ahead of Valentine's Day, with victims losing an average of $126,000 per person in early 2024. Officials warn these scams often start through social media or dating websites.
Here are seven things to know about Arizona's tech and romance scams:
1. How the scams work
Fraudsters send alarming texts about account problems. "They'll target debit card numbers," Worzella said, explaining scammers seek passwords and account information.
Scammers are texting bank members saying they've been involved in a fraud scam, scaring them into thinking they're protecting their bank accounts and personal identity.
2. Warning signs
Quick online friendships and rapid money discussions signal danger. Scammers often claim overseas legal troubles needing funds.
"Many times they say they're out of the country, they don't want a video chat," Better Business Bureau Representative Joe Ducey said. "That's a big red flag there, and they start talking about money really quickly."
3. Fast action needed
Banks can freeze accounts and stop payments if contacted quickly after compromise. The first 24 hours are crucial to stopping them.
Account reassignments are one quick method to stop your money from being stolen. If you suspect you're the victim of a scam, "call your banker, get in your car, go to your local bank, because we can put freezes on your account," Worzella said.
4. Money moves overseas
Scammers transfer funds internationally within hours.
"If we're notified within a 24-hour period, we can try. But again, if those accounts, if that money's gone overseas, which is typically what we see, then it is very, very, very hard to get back," Worzella said.
5. National impact is growing
Text scams cost Americans $330 million in 2022. The FTC reports that bank fraud prevention alert scams top their list.
6. Romance scams surge
BBB data shows victims lost $885,000 in February and March. The scammers try to engage, and compliment a photo or post.
The interaction seems very familiar and it happens quickly. Older people are usually targeted the most. But anyone is at risk.
"The money talk can be about possibly being in another country, wanting to come here," Ducey explained. "Need the money to do that, having legal troubles leading, needing a lawyer in the other country to be able to come and see the person."
7. Getting help
If you think you're a victim of this scam, report it to your local police department and the Federal Trade Commission.
The BBB has a scam tracker online that breaks down all of the scams by zip code so you can see what is targeting your neighborhood.