At a recent financial literacy seminar presented by Clark County Credit Union, we learned tips for protecting our information and how to safeguard our data. In addition to learning from a Metro police detective, we heard from a long-time CCCU member about his personal experience as the target of a financial scam.
John E. worked with the credit union team to protect his hard-earned savings after an attempted fraud scheme, and he wanted to pay it forward by sharing his story to help save someone else from fraud. His experience also serves as a powerful reminder that scams can happen to anyone and it is important to stay vigilant.
John described how it all began with what seemed like a routine online purchase using PayPal. Not long after completing the transaction, he received an email appearing to be from PayPal notifying him of a $1,000 Bitcoin purchase made through his account. Alarmed, and seeing the email so soon after his actual transaction, John acted quickly to remedy the situation while going through a very busy day. "The email looked real," John told the group. "It had the PayPal logo and all the right details. It even gave me a phone number to call."
Wanting to resolve the issue, John called the number provided. On the other end of the line was someone claiming to be a financial manager from PayPal, who told him they could help reverse the charge. The “manager” instructed John to download a remote access program called AnyDesk, allowing them to "check the issue” but in actuality it gave them access to John’s device.
Once John was on the site, they asked him to input his information and type in $1,000 to get a refund. Then the screen went blank and the caller said that instead of typing in $1,000 he had typed in $100,000 and now that amount was deposited into his checking account. The caller said John would have to then transfer the money back to PayPal.
“I felt something wasn't right,” he said. "When I told the guy I was going to call my credit union, he told me not to. That was the red flag I needed.” John immediately hung up and called CCCU. He found out that the scammer had moved his own money from other accounts into his checking account to look like the $100,000 had been deposited by mistake. Thanks to his quick thinking and immediate call to CCCU, our responsive fraud team was able to freeze his accounts to stop any transfers going out, securing 100% of his funds.
We’re grateful to John for sharing his story. It's a valuable reminder to stay alert, trust your instincts, and contact your credit union immediately if something doesn’t feel right. Never download a program to your computer or transfer money back to your financial institution – it is a scam! Before you answer the phone - use this guide to stay safe.
To learn more about scam prevention or upcoming financial education events, visit ccculv.org or call us at 702-228-2228.