Scams Built on Trust

Not every scam begins with an obvious threat or urgent demand for money. Some scammers take time to build trust by presenting themselves as an investment professional, romantic partner, employer, or recruiter. They may create convincing websites, profiles, job postings, and financial records to make the opportunity or relationship appear legitimate.

Once trust is established, the scammer may ask you to invest money, provide financial assistance, deposit a check, share personal information, or complete a transaction on their behalf. Understanding how these scams develop can help you spot warning signs before you lose money or information. 

Common Trust-Based Scams

Investment Scams

Investment scams occur when criminals promote fake or misleading opportunities. They may create professional-looking websites or apps that show fabricated balances and returns, making it appear that your money is growing when the scammer is actually controlling or stealing it.

Scammers may also impersonate investment professionals or claim to have special knowledge about cryptocurrency, stocks, or other investments. They often encourage victims to invest larger amounts over time.

Warning signs:

• Someone you met online offers to teach you how to invest.
• An “advisor” tells you to purchase cryptocurrency.
• You are pressured to invest before an opportunity ends.
• Your account shows large profits, but you cannot withdraw them.
• You are told to pay a fee, tax, or additional investment to access your money.

Before investing, independently verify the person and company. If you cannot withdraw your money or are asked to pay more to access it, stop sending funds.

Romance Scams

Romance scammers build emotional relationships with their victims, sometimes over weeks or months, before asking for money. They may claim to be overseas or need help with travel, medical expenses, business problems, or another emergency.

Once trust is established, the scammer may ask for repeated payments, gift cards, cryptocurrency, personal information, online banking credentials, or access to a device.

Warning signs:

The person avoids meeting in person or by video.
They ask for money because of an emergency.
They recommend an unusual financial transaction.
Their stories contain inconsistencies.
They pressure you to keep the relationship or payments secret.
They coach you on what to say to your financial institution.

If an online relationship leads to a request for money, pause and talk with someone you trust before taking action.

Work-From-Home Scams

Work-from-home scammers often impersonate legitimate employers or recruiters. They may create professional-looking job postings that promise flexible hours, high pay, and fully remote work.

In one common scam, a supposed employer sends you a check to purchase equipment or pay a vendor. The check may initially appear in your account, but it is fraudulent and will later be returned. You are then responsible for any money you spent or sent elsewhere.

Warning signs:

• You are hired without a traditional interview.
• The job promises unusually high pay for vague or simple work.
• You receive an unexpected or unusually large check.
• You are told to deposit a check and quickly send money elsewhere.
• The employer asks you to use your personal account to transfer company funds.
• You are pressured to act immediately.

Verify the employer using contact information you find independently. A legitimate employer should not ask you to send money from a check they provided or use your personal account to move company funds.

How to Protect Yourself

• Slow down: Do not let urgency, excitement, or emotional pressure influence your decision.
• Verify independently: Research the person, company, or opportunity using sources and contact information you find yourself.
• Protect your information: Never share your username, password, PIN, security codes, or other sensitive account information.
• Keep your accounts private: Do not let another person use your account to receive or transfer money.
• Be careful with checks: Funds appearing in your account do not mean a check is legitimate. A fraudulent check may be returned later.
• Talk to someone you trust: A second opinion can help you recognize warning signs you may have missed.

Scams built on trust can happen to anyone. If something doesn’t feel right, slow down and verify the situation before sharing information or sending money.

If you believe you have encountered a scam or compromised your account information, please contact Goldenwest Credit Union at 800-283-4550.