Bank impersonation scams are on the rise, and fraudsters are becoming increasingly sophisticated in how they target unsuspecting consumers and businesses. Posing as legitimate financial institutions, these scammers use emails, texts, phone calls, and fake websites to manipulate individuals into handing over sensitive personal and financial information.
As digital banking grows and more consumers and businesses manage their finances online, the opportunities for deception have multiplied, making it more important than ever to recognize the warning signs. Understanding how these scams operate and how to spot them is your best defense.
How It Works
Typically, an unsuspecting person will receive a message from a fraudster pretending to be a financial institution. They’ll typically mention a fraudulent transaction, a fee that is owed, or some other ‘problem’ designed to get the person’s attention. If the customer responds, the fraudster will often times call them to ‘help resolve the issue’ and attempt to get personal information while doing so. They then use that information to steal money from the person’s account.
How to Protect Yourself
Always be wary of any unsolicited messages you receive, especially if they convey a sense of urgency. If something doesn’t seem right, slow down and call your bank directly using a known number.
Also, if you’re ever unsure if you’re visiting a bank’s legitimate website, you can use the FDIC’s BankFind Suite tool. It allows you to search for the bank in question and provides you with details about it, including their verified website address.
Likewise, always feel free to contact us with any questions about scams, fraud, or anything relating to keeping your money safe!