Think Before You Share: Outsmarting Top Bank Scam Tactics

Imagine your phone rings and the Caller ID says it’s your bank. The voice sounds professional, maybe even urgent. They mention suspicious activity on your account and ask you to verify some details. What’s your next move?

Before you respond, take a breath. Scammers are becoming increasingly sophisticated, impersonating bank employees, fraud investigators, and even law enforcement. Their goal? To create panic and pressure you into revealing sensitive information like your account number, PIN, or online banking credentials. But with the right awareness and a few smart habits, you can protect yourself and your finances.

First, let’s lay out a few potential scams that are on the rise to help you spot them easier:

• The statement: “Someone is using your account.”
• The play: Fraudsters claim your account is compromised and they need to verify your identity.
  

• The statement: “We need to secure your funds.”
• The play: Scammers ask you to transfer money to a “safe” account, which is actually theirs.
  

• The statement: “We’ll help reset your account.”
• The play: Fraudsters guide you through steps that give them remote access to your device or banking app.
  

• The statement: “There’s a warrant out for your arrest.”
• The play: Some scams even escalate to threats as the scammers pretend to be law enforcement.

Once a scammer has convinced you that the breach or legal issue is real, they offer help, but it’s a trap. Here are four ways to stay safe:

• Verify the caller. Hang up and call your bank directly to verify the authenticity. (Caller ID can be inaccurate and even purchased by fraudsters to be someone you know!)
• Don’t share sensitive information. Your bank will never ask for your PIN, password, or to transfer money to a “safe” account – especially over the phone.
• Enable Multi-Factor Authentication. Adding an extra layer of security, like a scan of your face or a password before logging in, helps protect your accounts from unauthorized access.
• Report Suspicious Activity. If you suspect a scam, report it to your bank and to the Federal Trade Commission (FTC).

Scammers thrive on panic. Your best defense is staying calm, informed, and skeptical. If something feels off, it probably is. Trust your instincts; your financial safety depends on it.

For more information, please read this article from the FTC. And for even more tips on avoiding becoming the victim of fraud, visit the FIBT Education Center.