Beware of Scams Promising Grants or Free Money
The credit union was recently made aware of a scam based on the promise of a loan or grant through the U.S. Small Business Administration. The goal is to obtain your personal and account information from the application. A similar scam focuses on applications for unemployment benefits.
The victims of both scams are then told to pay a portion of the approved loan, grant, or unemployment payment total to the person who helped them as a fee for their service. The victim is often asked to send the money via cryptocurrency or by mailing cash.
Legitimate loans or grants are only available to small businesses and agricultural businesses. Unemployment is only available to those who have experienced job loss and have filed with their state unemployment office. In both scenarios, you do not have to pay anyone to get these funds.
If you feel you have fallen for one of these scams, contact your financial institution.