A finance post on Wells Fargo is detailing how to avoid social media scams and a viral Twitter post is reacting to it.
A recent Tweet from @notpassy reacts to a finance post on Wells Fargo’s website that is instructing people on how to avoid scams on social media sites such as Twitter. A conversation soon started under the post discussing how some scammers operate, the thread is laid out below.
“giving up your bank account to only get $1800 is CRAZY”
giving up your bank account to only get $1800 is CRAZY😂😂😂
— passy. (@notpassy) August 3, 2022
“coming from somebody who USED to sc** they only be having bout 30 to they name before the flip anyway that’s why they don’t care that 1800 be enough for them”
coming from somebody who USED to sc** they only be having bout 30 to they name before the flip anyway that’s why they don’t care 😂😂😂 that 1800 be enough for them
— MRS.ALG🪡 (@rinnacari3) August 3, 2022
“Break down the process then. Why they ask for ya bank”
Break down the process then. Why they ask for ya bank
— Meek Mill’s PR (@MeekMillPR) August 3, 2022
“They use fake routing numbers that’s associated with your bank. Then they send you a check for x amount of money. They request you western Union x amount of money. You send it and then the check bounces. They’ve received money while your negative the initial amount of the check.”
They use fake routing numbers that's associated with your bank. Then they send you a check for x amount of money. They request you western Union x amount of money. You send it and then the check bounces. They've received money while your negative the initial amount of the check.
— Keith (@krxd_) August 4, 2022
The Wells Fargo post in question can be found on the basic finances portion of their website and details four main ways that Wells Fargo has identified in which scammers operate.
Scam #1: Social media phishing
Scammers create fake social media posts and profiles to convince you to share your personal or financial information. The profile may use a real company’s name or logo, and often links to a fake website where you’re asked to enter your checking account or credit card number, SSN, or other sensitive information.
Common ploys include:
- Requests to report vaccine side effects
- Offers to receive grants or government benefits
- Deep discounts on expensive products
- Requests for charitable donations
If you provide your information to the scammer, it can be used to access your bank account, make fraudulent purchases, or steal your identity.
Other social media phishing tactics are quizzes that lure victims with clever questions such as “Which celebrity do you look like?” When you launch a quiz app, you may be unknowingly giving a third party access to your profile data that could be used to hijack your social media account or install malware.
Scam #2: Hacked profiles with requests for money
Instead of creating a fake profile, scammers may take over an existing one. This can happen when a scammer steals a username and password through a data breach, phishing, or malware. Scammers use the hacked profile to contact the person’s friends and family and ask for money or to promote a link to a fraudulent site they own.
Scam #3: Online dating
Scammers create fake social media profiles and use the promise of love to trick naive victims into sending them money. They may use a fictional name or falsely assume the identities of aid workers, military personnel, or professionals working abroad.
Once they gain your trust, they may claim to need funds for an emergency or other hardship and convince you to share your account information or send money before disappearing.
Some telltale signs of this scam include poor or vague communication, flowery language, a small number of Facebook or Instagram pictures and posts, or a Twitter account with just a few tweets.
Scam #4: Card cracking and job scams
In card cracking schemes, scammers use social media to post opportunities to make “easy money” in a way they say is “legit.” They typically request your debit card and PIN and/or mobile banking username and password to deposit a fake check into your account. They may ask you to report your card lost or stolen or that your username and password have been compromised in order to seek reimbursement from your bank. In exchange, scammers promise you a portion of the money you deposit.
After gaining access to your account, scammers can transfer money or deposit phony checks and quickly make withdrawals before your bank identifies the bad checks. Not only are you robbed of your money, but you may also face hefty fines and criminal charges because your participation in this scheme makes you a co-conspirator.3
In job scams, victims are promised a high-paying job in return for a small “advance fee” to secure a position that doesn’t actually exist. The phony employer may also send a new employee a fake check before their start date and require them to send some of the money back to pay for training or supplies. If the employee deposits the fake check, they will be responsible for the check amount and any money sent to the scammer.