Too good to be true offer - NW Preferred Federal Credit Union

Too good to be true offers: the classic scam

"Too good to be true" offers are one of the most common ways scammers lure people into fraudulent schemes. These offers promise unbelievable deals, discounts, or rewards that seem too perfect to pass up, but they’re often a trap designed to steal personal information or money.

How it works:

• Scammers advertise deals that appear too good to be true, like a high-end product at a fraction of its retail price, or a luxurious vacation at an unbelievable discount.
• The offer often requires immediate action, such as paying a small upfront fee or providing sensitive personal information to secure the deal.
• Once victims respond, the scammer either disappears with the payment or uses the personal information for fraud.
• In some cases, the "offer" turns out to be a fake product, service, or prize, and no delivery is made after payment is received.

Example:

You receive an email claiming you've won a luxury vacation package worth thousands of dollars for just a small “processing fee.” After paying the fee, you realize the vacation doesn’t exist, and the scammers vanish with your money.

✩ Tips:

• Research the offer: Look up the company or promotion online to check for reviews or red flags. Legitimate businesses will have a solid online presence.
• Don’t rush into decisions: Scammers often create a sense of urgency, encouraging you to act fast. Take your time to think things through.
• Avoid upfront payments: Be cautious of offers that require you to pay upfront to claim a reward or prize.
• Question extraordinary promises: If the offer seems too perfect, like a brand-new product for a fraction of the price, it’s likely a scam.
• Look for warning signs: Poor grammar, vague details, or generic terms like “limited time” or “exclusive offer” can be indicators of a scam.
• Trust your instincts: If something feels too good to be true, it probably is. Always double-check and verify the offer before engaging.

Remember:

We will never contact you by phone, email or text asking you to provide account numbers, passwords, social security numbers or other personal information. Be cautious of offers that seem too good to be true — they often are. If you receive suspicious communications, do not respond or share any personal information.

Stay in Control

As a credit union member, you help protect your financial information from cyber threats. Stay informed about risks and follow best practices to keep your accounts secure. Cybersecurity is a shared responsibility, and together, we can create a safer digital environment.

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Account alerts

Setting up text or email alerts can help you recognize suspicious transactions more quickly. Set these up within online banking. Login and navigate to the “Resources” menu, and select “Alerts.” From there, you can choose the types of alerts you want and how you’d like to receive them—via SMS, push notifications, or email.

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