By Chad Koenen

Publisher

Consumer fraud doesn’t discriminate, nor is it isolated to people in big cities or businesses across the country. While it may seem like consumer fraud doesn’t happen in rural Minnesota the unfortunate reality is that fraud attempts happen quite frequently throughout the region, and being on top of the ever-changing world of frauds can be the difference between warding off a scam attempt and being yet another victim.

“You think in a small town it doesn’t happen here, but it does,” said Amy Wallgren,of Farmers and Merchants State Bank. “We have seen them all, big and small.”

Wallgren said the bank is notified quite frequently of scam attempts in the greater NY Mills and Otter Tail County area. She said it isn’t uncommon for people to fall for a scam attempt given how quickly scams change and how fast they try to get people to make an impulsive decision under pressure. 

One of the best pieces of advice Wallgren can give people is to trust a person’s gut and if something feels off to hang up the phone. She said some people may feel bad about immediately hanging up the phone if the call feels off, but she said that could be the difference between falling victim to a scam and warding off the attempt.

“Trust your gut. It’s never too late to hang up. Don’t feel like you are being rude if you hang up,” she said. “You can hang up and call back directly if the scam says (they are) from the bank.”

If a person does fall victim for a scam, Wallgren said it is important for people to immediately contact their banking institution to find out the next steps, as well as the authorities. She said people shouldn’t be ashamed or feel bad that they fell for a scam as scammers can be quite persuasive on the phone. Since freezes can be put on bank accounts and credit cards, acting immediately after a scam attempt can help avert financial hardship and prevent the situation from worsening. 

“The biggest prevention measure is the people who get the call,” she said. “Telling us is a great first step because we can be a great resource.”

On Wednesday, Oct. 14 from 10-11:30 a.m., Farmers and Merchants State Bank of New York Mills will host a fraud prevention forum at the NY Mills City Hall Ballroom. The forum will feature expert insights from a Minnesota Department of Commerce Fraud Bureau Special Agent who will share information on common scams targeting consumers, red flags to watch for and how to report fraudulent activity. 

The forum is free to attend and geared for individuals, families and business owners. No pre-registration is necessary to attend and coffee and donuts will be available. 

The day will also be an opportunity to share insight on protecting people and their businesses from phishing schemes, fraudulent vendors, identity theft and related threats. Farmers and Merchants State Bank hosted a similar fraud forum a few years ago that was well attended, something Wallgren hopes will be the case again this time around. 

According to the American Bankers Association, three in four adults in the United States have been the target of a scam. In fact, a total of $68 billion was estimated to have been lost last year to scams, which come in all shapes, amounts and forms. 

According to the American Bankers Association that highlighted six questions people should ask themselves if they get a random call or text before they act:

• Did they contact me out of nowhere?

• Are they creating urgency or panic?

• Are they asking for my personal info? PIN? Account number? Password?

• Does it look official but feel off?

• Are they asking for a one-time passcode?

• Are they asking me to keep it a secret?

For more information about the ever-changing nature of scam events, what to watch for and for an opportunity to ask questions from experts both locally and a Minnesota Department of Commerce Fraud Bureau Special Agent, attend the fraud forum set for October 14 from 10-11:30 a.m. at the NY Mills City Hall Ballroom.