Protecting Your Operation from Fraud

In a world where scams are becoming increasingly sophisticated, it is more important than ever to be vigilant. This page provides resources and a guide to help you recognize, prevent, and report fraudulent activity to protect your farm or ranch and your personal information.

Resources:

CoBank Fraud Resource Hub

Fraud Protection and Awareness article

Common Scams Targeting Producers

Agricultural producers can be targets for specific types of scams. Be aware of these common schemes and the warning signs that accompany them.

• Online Equipment & Livestock Scams: Be wary of deals that seem "too good to be true" for tractors, livestock, or other valuable farm assets.
  • Red Flags: The seller pressures you to make a quick decision, requests payment via wire transfer or gift cards, and won't allow you to inspect the item in person.
• Business Email Compromise (BEC) & Invoice Fraud: Scammers may impersonate your trusted suppliers, asking you to change payment information for invoices.
  • Red Flags: You receive a request to change a vendor's bank account information via an email that has a slightly different address from the legitimate one (e.g., adding an extra letter or number). Always verify such requests with your contact at the company using a known, trusted phone number.
• Loan and Grant Scams: Fraudsters may pose as lenders or government agencies offering fake loans or grants. To see examples, visit our Unsolicited Mail page.
  • Red Flags: Demands for upfront "processing fees" to secure a loan or a grant that you didn't apply for. Real lenders will never ask you to pay a fee to receive a loan.

Your Role in Fraud Prevention: Best Practices

Empower yourself by adopting these simple but effective security habits.

• Be a Skeptic: Always verify unsolicited offers, especially if they create a sense of urgency. When in doubt, call your trusted FCS Financial loan officer or a known contact at the company directly.
• Secure Your Information:
  • Use strong, unique passwords for all your accounts.
  • Keep your computer and phone software up to date.
  • Be cautious of public Wi-Fi networks when accessing financial information.
• Recognize Phishing: Phishing is a scam where fraudsters use emails, text messages, or phone calls to trick you into giving them personal information.
  • Look For: Poor grammar, a generic greeting ("Dear Customer"), and requests for sensitive data like passwords, account numbers, or Social Security numbers.

What to Do If You Suspect Fraud

Immediate action is the best way to minimize damage. Follow these steps if you believe you have been a victim of fraud.

1. Contact FCS Financial or the Account's Financial Resource Immediately: If you suspect fraudulent activity on your account, call right away.
2. Do Not Engage: Do not respond to suspicious emails, click on any links, or provide any information to the suspected fraudster.
3. Report the Incident to the Authorities: Reporting fraud helps law enforcement catch criminals and protects others from falling victim.
   • Federal Trade Commission (FTC): Report all types of fraud and scams. ReportFraud.ftc.gov
   • FBI Internet Crime Complaint Center (IC3): Report internet-related crimes, including online scams and phishing. IC3.gov
   • USDA Office of the Inspector General: Report fraud, waste, and abuse related to USDA programs. usdaoig.oversight.gov
4. Protect Your Identity:
   • IdentityTheft.gov: The FTC's one-stop resource for victims of identity theft, which can help you create a personalized recovery plan. IdentityTheft.gov
   • Credit Bureaus: Contact the three major credit bureaus to place a free fraud alert on your credit report. This makes it harder for identity thieves to open new accounts in your name.
     • Equifax: (800) 525-6285
     • Experian: (888) 397-3742
     • TransUnion: (800) 680-7289

Have a question about a suspicious email, letter or phone call that says it's from FCS Financial? Contact your local FCS Financial loan officer.