Mortgage Payment Scams

The Mortgage Payment Scam has been around a long time. Mortgages are recorded in the local county courthouse and are therefore public information. It is just as easy for a criminal to get a hold of this information as anyone else, so be mindful of any solicitations you get in the mail regarding your property.

How does it work?

A member may receive a letter from a company other than their known mortgage company indicating that they purchased their Freedom mortgage and future payments are to be make to them, not us. This is the entire SCAM. Freedom does not sell the servicing of our mortgages to anyone. If you receive such a letter, please disregard and report it back to us.

How can I protect myself from this type of scam?

Do:

Be wary of any solicitations demanding immediate payment or warning that you are late on a payment that is not from your known mortgage provider.
Call your mortgage provider to confirm that there have been no changes to your loan servicing agreement.
Report the letter to your credit union.
Use the Consumer Finance Protection Bureau’s online portal to file a mortgage-related complaint
Report any suspected scams to the Better Business Bureau (BBB). Don’t let those crooks walk free!

Don’t:

Make a payment to anyone who is not your known mortgage lender without verified proof from your original lender.
Share any personal information with an unverified contact. If it’s personal info, make sure to keep it that way!
Click on links or download files from an unfamiliar email address.

Stay safe!

Freedom keeps all loans, including mortgages, in house for the duration of the loan term. Your loans will not be sold to any other management company. If you receive something suspicious via text, email, or mail, please don’t hesitate to reach out if you are unsure.

Your Turn: Have you encountered a scam like this before? Tell us about it on Facebook, LinkedIn,Twitter, or Instagram @FreedomFedCU.

Payment Protection Program Scams

The Paycheck Protection Program (PPP) has been one of the most important pieces of legislation signed into effect since the COVID-19 pandemic began. The unsecured loans through the Small Business Association (SBA) have enabled our favorite retail shops, restaurants and small businesses to stay afloat, even as the coronavirus devastates sectors of the economy.

Not surprisingly, scammers have been using the PPP for their own purposes, mainly to con struggling business owners out of money. In these scams, they’ll pose as SBA representatives or legitimate lenders to ask for personal information from the borrower. They may also send bogus emails appearing to be from the SBA to lead the victim into downloading malware.

Scammers are getting smarter all the time, but so are we! Here’s how to avoid PPP scams:

Know how PPP loans are processed

Ready to apply for a PPP loan? Fill it out the SBA PPP loan application, and submit it to an SBA-approved lender. You’ll also need to provide some documents, such as tax returns for 2019, verifiable payroll expense documents, your most recent mortgage or rent statement, etc.

If you’re applying for a Second Draw PPP Loan, you will also need documentation that shows how you have used, or plan to use, your original PPP funds.

After you’ve submitted your application, just sit back and wait for approval.

How can I protect my business from PPP fraud?

Do:

Be wary of any individuals demanding immediate payment or asking that you make immediate contact to be eligible for a PPP loan. These are likely scammers.
Only use a lender that is accredited by the SBA. You can find all SBA-approved lenders here.
Look for the .gov at the end of each email or website allegedly from the SBA or another government entity.
Report any suspected scams to the Better Business Bureau (BBB). Don’t let those crooks walk free!

Don’t:

Pay for a program that promises to process or expedite a PPP loan request if the organization behind the program is not accredited by the SBA.
Share any personal information with an unverified caller or email contact. If it’s personal info, make sure to keep it that way!
Click on links or download files from an unfamiliar email address.

Stay safe!

Freedom has made the Paycheck Protection Program available to its current members. Applicants must have established a business or personal membership with Freedom on or before December 27, 2020. Visit freedomfcu.org/business/ppp/ for more details.

Your Turn: Are you a small business owner who has applied for a loan under the Paycheck Protection Program? Tell us about it on Facebook, LinkedIn,Twitter, or Instagram @FreedomFedCU.

Beware the Pending Package Scam

Everyone loves a surprise package, and scammers are taking the excitement out of that experience by using bogus packages as a cover for a nefarious scam that tricks victims into sharing personal information.

Here’s all you need to know about the pending package scam:

How the scam plays out

In the pending package scam, the victim receives a text message from a contact who is an alleged mail carrier or represents a package-delivery service. The contact tells them that they were unable to deliver a package to the victim’s home. The victim is asked to reply to confirm their identity; however, as soon as they engage with the scammer, they are asked to share personal information or credit card details for scheduling delivery. This, of course, places the victim at risk for identity theft.

Red flags

There are two primary red flags that can warn you about the pending package scam.

First, the original text or email will generally not inform the victim of the identity of the company they represent. The scammer will only claim to be an employee of a mail or package-delivery service, but will not verify if they work for UPS, FedEx or another legitimate organization. However, this is not always the case.

Second, the scammers don’t always check if the victim actually has a package in transit. They’ll either assume the victim has recently ordered something online or they’ll claim a friend or family member has sent a surprise gift. If you know that neither of these is true, you can be on the alert for a possible scam.

Third, the text message may address you by the wrong name. Scammers may try to take advantage of your good conscience by baiting you into clicking a malicious link to report that they have reached the wrong individual.

Don’t get scammed!

Take these precautions to avoid being the next victim of a pending package scam:

Be wary of unsolicited communications. Your mail carrier and package delivery services will never contact you via text message. If a package cannot be delivered for any reason, they will usually leave a note on the door.
Track all incoming packages. After placing an order for an item, record the tracking number for the package so you can easily verify its whereabouts. This way, you can quickly confirm the authenticity of any suspicious texts, emails or phone calls about your package.
Never share personal information with an unverified contact. Be super-wary when asked to share sensitive information via text. If you suspect fraud, end the conversation immediately and do not engage further.
Never click on links in unsolicited text messages. Links in text messages can download malware onto your computer or device.

If you’ve been targeted

If you believe you’ve been targeted by a pending package scam, it’s important not to engage with the scammer. Delete any suspicious text messages and block the number of the contact. You can also report the scam at FTC.gov .

Your turn: How do you determine if you’ve been targeted by a pending package scam? Tell us about it on Facebook, Twitter, or Instagram. @FreedomFedCU