Everyone knows about the Nigerian prince email scam. It started with fraudulent letters 20 years ago, and has morphed into emails and text messages. Yet in 2019, it still cost people more than $700,000 worldwide.
But maybe you’ve received a text message that wasn’t so shady. It referred to your retirement plan or student loan. The sender included the classic block “M” graphic, so it appeared to be a legitimate partner of the university. How do you know for sure?
Phishing 101
Living in a digital world means scammers have become more sophisticated. Their target, however, is the same: your money.
Digital criminals mine your personal information, such as account passwords, credit card numbers and Social Security information, through phishing and other schemes. They pose as legitimate companies, use common terms and even include recognized graphics to sell the scam.
Phishing comes in the forms of email and text messages, and through any device. Because the U.S. Government just passed the American Rescue Plan, scammers will be after stimulus funds you may soon receive. And with millions in tax refunds also being issued daily, it’s vital that you recognize a phishing scam.
Don’t Take the Bait
U-M’s Safe Computing Center is a great resource to help you avoid being lured into a phishing scam. It has several pages devoted to:
- How to recognize a phishing attempt
- Visual examples of how logos/graphics are used
- Steps to protect your information
- What to do if you click on a phishing link or respond to an email/text message
- How to report a phishing attempt
Know Who to Trust
Access to retirement investments is a hot commodity among digital thieves. Remember that TIAA and Fidelity Investments are the only university-approved partners for the U-M Basic Retirement Plan.
Both provide free, one-on-one consultations with retirement specialists regarding your investments. Unexpected solicitations from firms or people other than TIAA and Fidelity offering to provide advice could be phishing attempts. A good rule of thumb is this: If you didn’t initiate contact, be wary.
To get the U-M community further acquainted with its philosophy, Fidelity has created a new video. Watch to get an overview of Fidelity’s history with U-M, product lines and more.
If you have questions about phishing or need to know if a particular message is suspect, contact the Shared Services Center at 1 (866) 647-7657 (toll free), Monday – Friday from 8 a.m. to 5 p.m., or go to [email protected].
