Security Center

Popular Scams and How to Protect Yourself From Falling Victim

Recently, there has been an increase in scams. At Walpole Co-operative Bank, we are committed to keeping our customers informed about common scams. If you receive anything suspicious—an email, phone call, text message, or direct mail—please don't hesitate to contact us directly during regular business hours.

If you believe you have been involved in a scam or have fallen victim, you can report it to the Federal Trade Commission by visiting ReportFraud.ftc.gov.

Bank Impersonation Scams

Cybercriminals will often impersonate banks by spoofing the bank’s phone number, claiming to be from the fraud department. They will send a code to your phone to “verify” your identity. By providing the scammer with the code, they can bypass multi-factor authentication and log into your account.

It’s important to remember that legitimate financial institutions will NEVER request personal or financial information over the phone, text, or email. If you find yourself answering or receiving a potential spam call, here are some tips you can follow to protect yourself:

• Hang up your phone and call the financial institution using the main number found on their website.
• Don’t rely on caller ID.
• Consider registering your number on the National Do Not Call Registry.

If you received a call from Walpole Co-operative Bank and are unsure if the call is legitimate, please hang up and call us at 508-668-1080.

Phishing and Smishing Scams

Phishing is a tactic used by cybercriminals to get individuals to click links sent in emails. The links may direct you to fake websites, where scammers hope you will enter your user ID and password. Smishing is the same thing, but the links are delivered via text message.

Exercise caution whenever you log in to a website or disclose financial information on websites. If you are unsure about a link you received and its origin, go directly to the website by entering it into your browser.

Learn more about popular phishing scams and their red flags.

World Event Scams

Natural disasters, wars, and other world events can be the catalyst for imposter scams. Cybercriminals will use these events to try to acquire your data, sending targeted individuals emails or making phone calls while posing as a relief organization or charity raising money for victims.

If you wish to donate money to these causes, we recommend you find a reputable site.

Learn more about charity scams.

Romance Scams

Many turn to online dating apps or social media sites to meet their perfect match. But while these individuals look for true love, scammers are working to trick victims into sending money. Once they have established a relationship, they will say they can’t meet in person, need money to pay for medical expenses or pressure you for money, hoping you will take the bait.

Learn more about romance scams and how to avoid them.

Lottery Scams

Fraudsters will call, email, or send a letter to individuals saying they won a sweepstakes, lottery, or prize. But if they ask you to pay money or give them your account information to get the prize, stay away as a scammer is trying to steal your personal information. ​​If something sounds too good to be true, it usually is.

Learn more about lottery scams.

Steps to Protect Yourself

After familiarizing yourself with popular fraud, the next step you can take to protect yourself is to implement some security measures into your daily life:

• Implement multi-factor authentication (MFA) as part of your login process.
• Use separate passwords for each system.
• Enable transaction alerts on your debit card.
• Annually request a copy of your credit report from the three credit bureaus and look for any open accounts you do not recognize.

For more information and tips, visit the Federal Trade Commission's website.