Coronavirus crisis creates scam potential

Woman wearing a mask on computer.

As the world hits pause on social gatherings, school days and much more in the wake of the coronavirus, it’s important that consumers watch for those who want to take advantage through misinformation and fraud.

As you practice social distancing to protect the health of yourself and others, there are ways you can protect your identity. It’s a good idea to share fraud protection measures with the elderly or others at risk of becoming victims of fraud.

Who to trust

The Federal Trade Commission, U.S. Securities and Exchange Commission, Internal Revenue Service and Centers for Disease Control, in addition to local health commissions and government agencies, should be your primary sources of information during this time.

Scammers have already been creating and sending malicious messages with links designed for identity theft. It’s important to verify someone you trust is sending you the message before you click. Some messages may seem legitimate, but they are actually spoofing a company’s email address.

What to look out for

As people begin to receive the stimulus checks or small business loans, security experts have reported a rise in scammers posing as banks. They will send fraudulent emails or text messages about your account or loan in an attempt to gain your online banking credentials.

SouthState will never send an email or text message asking you to provide personal or confidential information. If you receive a suspicious email claiming to be from SouthState, do not respond or click on any links within the email. You can help by forwarding the email to [email protected] or calling Customer Care at 1-800-277-2175.

Don’t fall for “click here for a cure” emails or text messages.Remember that the CDC or World Health Organization will not send an email to your personal or work account. If you receive an email from an “expert,” do not click links or download attached files. Any “click here to download this file” is likely malware or a virus just waiting to infect your device.

Be wary of scammers asking for donations for someone’s medical care. When in doubt, never wire money, donate by sending a gift card or be rushed into giving. Use reputable giving sites, if possible, verify the facts of the person’s story by searching their name or the charity’s name along with the “complaint,” “review,” “rating,” or “scam.”

Watch for tax scams offering refunds now. Instead, follow updates from the IRS about extended deadlines and tax relief.

You may see advertisements begin to appear on your social media feeds about COVID-19 cures and vaccines. Even if someone shares a link about a medical breakthrough, it’s unwise to click the story as it may lead to a harmful website. Instead, follow updates from the CDC’s coronavirus coverage.

The SEC has also seen social media ads and other online promotions recruiting people to buy stock in a company that’s making a vaccine or cure. The agency warns against this type of investment frauds. Often called a “pump and dump,” a scammer will spread rumors about a company’s stock to drive up the price. As the initial hype fades, the scammer quickly “dumps” their stock while the investor loses their money as the stock drops or the company comes under investigation.

If you have encountered a scam and have information about the how the scammer tried to obtain information through fraudulent means, you can report the incident with the FTC Complaint Assistant or the FBI’s Internet Crime Complaint Center. You will need to provide information including the victim’s name and address, when fraudulent transactions took place and an email addresses the scammers used.

  • This content is general in nature and provided for informational use only. Content may be used in connection with the advertising and marketing of products and services offered by SouthState Bank, N.A. and its subsidiaries and affiliates. This is not to be considered legal, tax, accounting, financial or investment advice. You should seek individualized advice from personal financial, legal, tax and/or other professionals, as appropriate depending on the specific facts of your situation. We do not make any warranties as to the completeness or accuracy of this information and have no liability for your use of this information.

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