Banking Scams Understanding the Threat
Banking scams are attempts to gain access to your bank account or personal financial information. These scams are constantly evolving, making it essential to stay informed and vigilant to protect your hard-earned money.
This guide will help you recognize popular banking scams, understand how to report them, and take proactive steps to secure your finances.
Popular Banking Scam Examples
Be aware of these common banking scams:
Overpayment Scams: You receive a counterfeit check, deposit it, and are asked to wire part of the money back. You're responsible for the fake check amount and any wired funds.
Unsolicited Check Fraud: Receiving a check you didn't request can lead to unauthorized purchases or loan applications if cashed.
Automatic Withdrawals: Scam companies may set up automatic debits to qualify for a free trial or collect a prize.
Phishing: Emails or texts that impersonate your bank and request you to verify your account or debit card details.
Reporting Banking Scams: Who to Contact
Reporting banking scams is crucial to help prevent others from falling victim. Here's who to contact based on the type of scam:
Fake Checks by Mail: Report to the U.S. Postal Inspection Service.
Counterfeit Checks: Report to the Federal Trade Commission (FTC) online or by calling 1-877-382-4357.
Unauthorized Automatic Withdrawals: Contact your bank immediately to report and stop them.
Phishing Emails: Forward phishing emails to the Anti-Phishing Working Group at reportphishing@apwg.org.
Phishing Texts: Forward the message to SPAM (7726).
General Phishing Attacks: Report to the FTC at ftc.gov/complaint.
“Knowledge is your best defense against banking scams. Stay informed and be proactive in protecting your financial well-being.
Financial Security Advocate
Interactive Resources
Further protect yourself from financial crimes
Quiz: Test Your Scam IQ
Test your knowledge of common scams. Identify potential threats.
Scam Reporting Directory
Quick links and contact information to report fraud.
Protect Yourself: Preventative Measures
Taking proactive steps to protect your finances is essential. Some measures include:
Never share your personal or financial information via email, text, or over the phone unless you initiated the contact and are certain of the recipient's identity.
Carefully scrutinize all unsolicited checks and offers, and never wire money to someone you don't know.
Monitor your bank statements and credit reports regularly for any unauthorized activity.
Use strong, unique passwords and enable two-factor authentication on all your financial accounts.
Be wary of 'too good to be true' offers or promises.