Beware of these common bank frauds

You may think you are well versed enough to find bank scams, but scammers are also smarter. According to the latest data from 2023 alone, we lost $10 billion due to fraud Federal Trade Commission. And when a thief has your money, it can be difficult, if not difficult, to get it back.

The good news is that many bank scams use the same strategy and knowing what they are can help you protect your hard-earned money. This is something you need to know to drive away criminals who look to your cash.

read more: Is that text message legal from your bank? How to detect and avoid SMS phishing scams

10 Common Bank Scams

Knowing the scheme you want to employ will help you stay one step ahead of the scammers.

chems check cache scam

You will receive a request to deposit it and return a portion of the money to the sender. The check can be cleared, but by the time the bank realizes it is a fake, you have already sent real money to the scammers from your bank account. A potential “employer,” secret shopping company or other source will send money from the check they have given you, tear the check and ask you to ignore the request.

check Check for cleaning scams

Criminals can steal envelopes containing checks from mail, use chemicals to wash checks, and change the amount of recipients or dollars. To protect yourself from this scam, you don’t use a security check to leave the check field blank. Please do not email your mailbox and write a check with black gel ink. It’s difficult to wash away.

Fishing scam

in Phishing scamReceive text or emails from sources that look authentic, such as banks and utility companies. Share your details and criminals can take over your account. Do not click on the link in the unsolicited message. Please call the bank’s official customer service line to confirm your request.

🎉Automatic withdrawal fraud

You will receive a surprise message or call that you have won an award. All you need to do is provide your bank account and routing number to receive your money. Once they get this, the con artists can start a recurring automatic withdrawal, which costs much more than being disappointed to find out they don’t have a prize.

Tip: You may have heard it before, but it holds up repeatedly: if you don’t think something is too good, it is probably true.

💸Prepaid fee

This scam asks you to pay in advance and promises you will exchange and get money or services. In some cases, these scams are easy to find – think about the classic “Prince of Nigeria” scheme – but other scams are more refined.

For example, if you are struggling with debt, you may be seduced by a company offering to help you get back on track with a fee. Don’t let the con artist prey on your pain. There are many valid ways to do it Get out of credit card debtincluding contacting reputable nonprofits Debt Counseling Services.

pake bank website and app

Scammers can easily set up fake websites or apps that look like real banks, tricking you into providing personal information or transferring money. Before clicking on the link, make sure the URL is actually a bank or credit union. FDIC’s Bankfind It’s an easy way to check. When installing mobile Bank App On your phone or tablet, make sure you download directly from the Apple Store or Google Play Store.

🥸Government fraud fraud

Government agencies such as the IRS and Social Security Agency usually only contact us via physical mail. If you receive a call or text message from someone who claims to be a government official, do not respond or give information, even if the communication appears to be real in the first place. Scammers can easily push legal phone numbers.

💼Job fraud

Legitimate job offers will not request bank information or request payment for products or services to start. Before you apply for a job, check the company’s name at the better business office to make sure you’re not doing so falls to trap.

charity charity scam

Scammers want to take advantage of your kindness, especially when disasters like earthquakes or hurricanes strike. Instead of responding to unapproved donation requests, we find legitimate local organizations and do our own research so that money is actually the cause.

Tip: If you don’t know how to donate to a cause that bothers you, contact nationally recognized tactics such as the Red Cross and Feeding America.

Identify theft

Identity theft can be provided in a variety of ways, from fraudsters who spend on debit card information to using Social Security numbers. Open a bank account In your name. The best way to protect yourself from identity theft is to review it regularly. Your Credit Report If you see any suspicious things, please contact your account statement and your bank. You can also sign up for Personal information theft protection service For peace of mind.

How to avoid bank account fraud

Bank scams can be mean, but there are a few simple steps you can take to avoid them.

• I know the red flag. Beware of unsolicited communications. Requests that create false sense of urgency and create offers that appear too good are not true. If you think it’s suspicious, it’s probably true.
• Please do not provide your personal information. Please keep your personal information private, from your account number to your login credentials. This includes shredding of documents containing sensitive information before disposing of them.
• Create a strong password. Create a unique password using a combination of letters, numbers, and special characters. Do not identify information such as your home number or birthday. Also, do not use the same password for multiple sites or apps. a Password Manager It helps you track logins across the platform.
• Enables multifactor authentication. Scammers may be able to crack passwords, but replicating Thumbprints and faces is much more difficult. Multifactorial authentication requires these biometrics to access your bank account.
• Avoid public Wi-Fi networks. Do not do online or mobile banking on an unsecured Wi-Fi network. Stick to a secure home network.
• Monitor your bank statements and credit reports. Check your account’s transaction history regularly and pull out credit reports throughout the year to find suspicious activities.
• Pull the Chexsystems report. If you’re worried that someone has opened a bank account in your name, get a copy of you Chexsystems Disclosure Report and Consumer Score Report To find negative marks for your name.
• Use identity theft protection services. You need to pay Best Identity Theft Protection and Surveillance Servicesbut if you can sleep well at night, it’s worth it.

What to do if you become a victim of a bank fraud

If you believe you are a victim of a bank fraud, follow these tips to limit your damages.

• Please contact the bank. Contact your bank or credit union immediately to minimize your losses. In most cases, immediate reports can help reduce potential liability. However, do not suspend it on one account. Take full inventory of other financial products, including credit cards, and make sure these accounts are not at risk either.
• I file a complaint. Please contact the FTC Record complaints and receive a recovery plan.
• Submit a police report. If a scammer thousands of miles away has your account number, the local police can’t do much, but the police report proves that a fraud has occurred and you can do it I tried to stop it. For example, if someone uses your personal or financial information to wash your money, the report can help you show that you are not involved.
• Change your password. Consider updating your password on all your financial accounts and changing to other services such as email and social media.
• Set fraud and security alerts. In addition to paying attention to your credit report, consider setting up fraud alerts for all three credit departments – Equifax, Experian and Trans Union -As an additional safeguard. It’s also wise to set up security alerts Chexsystemsautomatically notifies you of attempts to open a new account in your name.

Keep the scammers away from your bank account

As long as you have money, there are criminals who want to find a way to steal it. Thankfully, there are many ways to stop their attempts. By taking some precautions and using healthy skepticism, you can make your hard-earned money safe and protect it from the hands of scammers.