Back to school season means back to scams season! This time, fraudsters are taking advantage of money-hungry college students or consumers wanting to make some quick and easy cash. The scam is called Crackin' Cards, and here's everything you need to know about how it works: 

Crackin’ Cards starts with the fraudsters heading over to where most college students tend to hang out – social media. It’ll usually be in the form of sending a direct message to a potential victim that reads, “If you want to make real legit money no scam and have a bank account. Get $5000-10000 instantly 100% guaranteed hit me up!”

While the improper grammar and simply saying, “No scam” within the message can be enticing (wink, wink!), stop right there! The promise of fast and easy money does not imply that it’ll be legal.

Excited about the potential earnings, the college student then sends the fraudster their debit card information, PIN, and credentials to log in online! The fraudster then begins depositing stolen or counterfeit checks into their account and begins to withdraw funds before the checks have a chance to bounce back as phony.

Next thing you know, not only has the student been an accomplice to a crime, now they’ve given up their banking information and put themselves at further risk in the future.

The next step in the crime is for the student to call their financial institution and report the fraudulent activity on their account – even though they were a part of it. Once the check bounces back as phony, the account holder is on the hook for the withdrawn funds and their relationship with their financial institution is harmed. Services such as mobile deposit and shared branching can be revoked, and the account may be subjected to longer check holds in the future. 

Furthermore, there is no guarantee that their financial institution will reimburse the account holder for the “stolen” funds. If they do, the fraudster will try to cash in on the money, and as a “Thank you” for assisting in the crime, the fraudster will give the student a portion of the funds.

So, what can you do to prevent fraudsters from Crackin’ Cards against you? Here are some tips for prevention:

-       Pay attention to who is reaching out to you via social media. If the person seems suspicious, trust your gut! They probably are.

-       Do not give your debit card or banking information out to anyone.

-       Never deposit funds into your account from someone you do not know.

-       Think before you become part of an illegal act. Fast and easy money sounds great, but illegal activity is more trouble than it’s worth!