Consumers were defrauded of $10 billion in 2023, as reported by the Federal Trade Commission. Protect yourself from scammers by being aware of common banking scams. Check-cashing scams involve receiving a fake check and sending real money to the scammer. Check-washing scams involve criminals altering checks stolen from the mail. Phishing scams trick you into providing personal information. Automatic withdrawal scams promise a prize in exchange for your bank details. Advance fee fraud asks for money upfront for promised services. Fake bank websites and apps can steal your information. Government imposter scams involve fake calls or texts from government agencies. Job scams and charity scams aim to exploit your generosity. Identity theft can result in financial losses. To avoid bank scams, know the red flags, protect your personal information, use strong passwords, enable multi-factor authentication, avoid public Wi-Fi, monitor your statements and credit report, check ChexSystems reports, and consider identity theft protection. If you fall victim to a banking scam, contact your bank, file a complaint with the FTC, file a police report, change your passwords, and set up fraud and security alerts.
