Cash Withdraw Scams
If anyone is telling you exactly what to say or more importantly, what not to say when withdrawing cash for a transaction, it is likely fraud.
Fraudsters might tell you to say the money is for home repairs, a family gift, or another routine expense. They may even warn you not to mention them or the real reason you're withdrawing the funds.
If this happens, stop and think. It's a major red flag that you could be dealing with fraud.
Why Fraudsters Want You to Lie
Financial institutions are trained to watch for signs of fraud. When a member requests a large cash withdrawal, staff may ask questions to ensure the transaction is legitimate and that the member isn't being pressured or deceived by a fraudster. By getting you to provide a false explanation, they hope to prevent warning signs from being identified before the money leaves your account.
They may contact you regarding:
- A fake investment opportunity
- A supposed government fee or legal payment
- A lottery or sweepstakes prize "tax"
- Tech support services
- Fraudulent cryptocurrency purchases
- Emergency requests from someone pretending to be a family member
In many cases, the fraudster will insist that the transaction remain secret or that you avoid discussing it with anyone.
Questions Are Meant to Protect You
If a member service representative asks why you're withdrawing money, they're not being nosy. They're trying to protect you and your finances.
These conversations can help uncover fraud before money is lost. In many cases, asking a few questions has saved members from sending thousands of dollars to fraudsters.
Trust Your Instincts
A good rule of thumb is simple: if someone is telling you to keep secrets from your financial institution, something isn't right. Honesty helps your financial institution protect you. If something feels off, trust your instincts and ask questions before handing over your hard-earned money. A brief conversation today could prevent a costly case of fraud tomorrow.
What to Do If You Suspect You've Been Targeted
If you think you may have given your card information to a scammer or approved a fraudulent purchase:
- Place a temporary block on your card through our Card Management/Alerts tool in Online Banking.
- Call us immediately at 614.707.4000.
- Monitor your account for unauthorized transactions.
- Consider updating your Online Banking password and enabling multi-factor authentication for added protection.
- Report the incident to the Federal Trade Commission at www.reportfraud.ftc.gov.
Fraudsters are getting smarter and more convincing. But by staying informed and cautious, you can help stop fraud before it starts. If something doesn't feel right, report it!