3 Social Media Scams and How to Avoid Them

With the rise in popularity in social media there is also a sense of comfort when it comes to using these popular networking platforms. However, it’s important to continue practicing online safety, even among your closest social media “friends,” because fraudsters are getting more creative with using these platforms to access your personal and financial information. Read this article for information on what social media accounts to trust, the top social media scams and how to avoid them.

Our secure social networks

We will never ask you to provide any information over social media—ever. And no legitimate business or financial institution will for that matter. Our official Needham Bank social media accounts are:

Advertisements will only ever come from our official accounts and will never ask you to enter your personal information. Any message you receive from us on social media will come from one of our official Needham Bank social media accounts and will only be in response to a comment you posted or a message you sent. We only have one social media account on each platform and will never ask you to share your account information over social media.

Malvertising

Malvertising, or malicious advertising, occurs when a scammer injects malware into a legitimate online advertising network through code. The cybercriminals then pay these advertising networks money to advertise malicious ads on different websites or social media platforms. The advertisements are created to look like they are from a legitimate company, making it hard to distinguish harmful ads from real ones. This malicious code will then install malware on your computer, ultimately allowing the criminal to capture your credentials.

Tip: If an advertisement sounds too good to be true, such as “Sign up now and receive free cash,” it probably is.

Phishing

Phishing happens when a scammer uses a message on a social media platform to trick someone into clicking a malicious link or giving out personal information. The messaging is often an enticing invitation making it hard not to click.

Tip: Check to make sure you recognize who the message is coming from.

Impersonation

Impersonation is when a scammer creates a fake account to impersonate a person trusted by the target. Since the potential victim believes they are interacting with someone they know, they are more likely to share information and click malicious links. Scammers will commonly steal photos or create fake photos with AI for their profiles.

Impersonators also can create fake accounts that appear as a legitimate social media page for a trusted company or brand. These pages are used to collect information on people that interact with the page.

Tip: Make sure you are interacting with verified companies.

How to avoid these social media scams

  • Don’t give out your username or password to anyone else
  • Only accept friend and follow requests from people you know
  • Don’t click on any suspicious links—think before you click
  • Check your privacy settings frequently
  • Keep your antivirus software updated

If you have questions or concerns about your account or any advertising you have seen, do not hesitate to reach out as soon as possible. Call 1-781-444-2100 or your local branch immediately if you suspect fraud or have any questions about the security of your Needham Bank account or information. 

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