Offering personal lending and financial services to CPS Energy® employees and their families since 1938

Federal Credit Union San Antonio | IBEW Credit Union | CPS Credit Union

BE MONEY-SCAM SAVVY THIS SUMMER

New money scams are popping up daily to take advantage of the financial and emotional turmoil many have been feeling. Phone scams relating to coronavirus were reported to be up 37% between April and May alone. In light of this, we wanted to remind you of the warning signs of fraud and the new tricks that are being used.

Fake consumer products and goods

If you’ve found yourself desperately searching for hand sanitizer and masks or even a backyard pool or peanut butter, you’re not alone. The scammers have noticed and have stepped in with too-good-to-be-true offers.

One way to avoid being duped is to shop online at reputable sites that you trust only. Now is not the time to experiment with brand new online stores. Even sites like Amazon and Walmart.com have been targeted by fraudulent and price-gouging sellers, so it matters what vender is shipping the product and what their terms are. The problem is so huge for Amazon that the company just launched what it calls a Counterfeit Crimes Unit to help reduce the selling of knock-off products on its site.

Pet scams

As families shelter-in-place this summer, there’s been increased interest in adopting household pets like an adorable puppy. Scammers have noticed this too and, unfortunately, pet scams have been on the rise. These scams usually involve Facebook ads from fake breeders or sellers. Once you inquire about the pet, money is requested upfront, but the pet never arrives. Sometimes the pet is real, but it has health or genetic problems that aren’t documented. If you’re looking for a family pet, consider a local shelter or breeder, one that has a good BBB rating and where you can see the pet in person before making a payment. 

IRS imposters

The IRS will not call, text, instant message, or email you about your federal stimulus check. You don’t need to pay to get your stimulus money or jump through any additional hoops, either. And you certainly won’t be contacted to send money back because the IRS accidentally paid you too much. These are all imposter scams that have popped up recently to trick those who have received or are still waiting for their federal stimulus money.

IRS imposters continue to target taxpayers for other reasons, too—from threatening legal action to claiming your Social Security account will be suspended for unpaid tax bills. Know that the IRS will never call or email you as their first contact about a tax problem. Plus, the IRS will never require a specific type of payment be made or that the payment be made immediately if you do owe money.

The bottom line

Be careful out there. Take extra measures to be sure the person contacting you or the company whose website you’re on is who they say they are. If you feel your CPS IBEW FCU debit card or checking account has been compromised, log into our mobile app to freeze your debit card account and give us a call at 210-353-2376 to alert us. The sooner you catch fraud, the better.

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