10 Scams that Target Bank Customers

The speed and connectivity of the internet and our devices allow us incredible opportunities, from remaining connected with family across the world to ordering and receiving a product within a matter of minutes. However, there are two sides to every coin, and the reach of today’s technology means that consumers have to be more cautious than ever before when utilizing and protecting their hard-earned money.

According to the Federal Trade Commission’s Consumer Sentinel Network, in 2016, imposter scam complaints was the second most common category of consumer complaints received while identity theft registered at third. If you don’t know what to be aware of, you run the risk of having everything you worked so hard for being stolen.

The Federal Deposit Insurance Corporation (FDIC) has released 10 scams targeting bank customers as part of their Summer 2017 FDIC Consumer News. Please read below to discover how you can better protect yourself and your livelihood.

1. Government “imposter” frauds: These schemes often start with a phone call, a letter, an email, a text message or a fax supposedly from a government agency, requiring an upfront payment or personal financial information, such as Social Security or bank account numbers.
2. Debt collection scams: Be on the lookout for fraudsters posing as debt collectors or law enforcement officials attempting to collect a debt that you don’t really owe. Red flags include a caller who won’t provide written proof of the debt you supposedly owe or who threatens you with arrest or violence for not paying.
3. Fraudulent job offers: Criminals pose online or in classified advertisements as employers or recruiters offering enticing opportunities, such as working from home. But if you’re required to pay money in advance to “help secure the job” or you must provide a great deal of personal financial information for a “background check,” those are red flags of a potential fraud.
4. “Phishing” emails: Scam artists send emails pretending to be from banks, popular merchants or other known entities, and they ask for personal information such as bank account numbers, Social Security numbers, dates of birth and other valuable details. The emails usually look legitimate because they include graphics copied from authentic websites and messages that appear valid.
5. Mortgage foreclosure rescue scams: Today, many homeowners who are struggling financially and risk losing their homes may be vulnerable to false promises to refinance a mortgage under better terms or rates. But borrowers should always be on the lookout for scammers who falsely claim to be lenders, loan servicers, financial counselors, mortgage consultants, loan brokers or representatives of government agencies who can help avoid a mortgage foreclosure and offer a great deal at the same time. These criminals will present homeowners with what sounds like the life-saving offer they need. Instead, the homeowner is required to pay significant upfront fees or, even worse, tricked into signing documents that, in the fine print, transfer the ownership of the property to the criminal involved. Common warning signs of fraudulent mortgage assistance offers include a “guarantee” that foreclosure will be avoided and pressure to act fast.

To read the full list of 10 Scams Targeting Bank Customers, please click here.