Cash in the Mail ScamsPublished: December 11th, 2018
Not a new kind of fraud
As gift card and wire fraud continue to rise, consumers need to be on the lookout for old fashion cash scams often disguised as family members being in trouble and needing quick cash through the mail. Unlike credit card scams, once the cash it sent there is no stopping it or getting it back. According to the FTC, this type of scam often targets the elderly with an average of loss of $9,000 per reported scam case. Simply put, cash in the mail is never a good idea and sure sign of fraud.
What should you do if you receive a call that a family member is in trouble and needs cash?
Hangup and call the family member. If you cannot reach them call another friend or family member to verify the legitimacy of the call. If you think you've received a fraudulent call and want to do something about it report it to the FTC.
Check out a quick video below
To see how the scam typically works.
Think you've been scammed?
As always if you have a question regarding your account, credit/debit card or if you think you've been scammed please call your financial institutions immediately. Call SOCU's Call Center at 815-673-5577.
Source: Vaca, M. (2018, December 03). Putting cash in the mail. Retrieved from https://www.consumer.ftc.gov/blog/2018/12/putting-cash-mail