Bank scams are designed primarily to steal money and your personal information. Scams can take on many forms.
Never trust an email, text or phone call asking for your account number or PIN. If you are unsure, call the bank directly by using the phone number listed on your credit or bank statements. And if you already are a victim of these scams contact refundee.com/monzo to get your money back. Here some red flags.
1. Emails and texts from someone claiming to represent your bank
Fraudsters can steal money from your bank accounts if they get your banking information. They may try to trick your into sharing your account numbers, PIN codes and other sensitive information via phone, email, text, or social media messages which appear to be from your bank. They can also send you a fake site that looks real or install malware on your device to trick you into entering your information or clicking on malicious links.
Bank scams often involve a sense of urgency, so it’s important to stay calm and think before you act. A trusted bank would never contact you via phone, email or text to ask for your passwords, PIN codes, credit card numbers or other personal details. If someone claims to be from your bank and contacts you, call the number listed on your bill or on the FDIC’s website.
Another common scam involves fraudulent wire transfers. Fraudsters hack emails and change instructions to divert funds from the account they were meant to go to to a different one, usually their personal account.
Lastly, a common job-related bank scam involves fraudsters who pose as employers to request money or personal information from job-seekers. These scammers will post job offers online that look legitimate, but require applicants to wire money or access their bank account as a way to verify identity. These transactions are automated and hard to detect. Always check the legitimacy of an offer before sending money or providing personal details.
2. Fake bank websites
Scammers have created fake bank websites in order to steal login information. These sites are usually very convincing, and can be located by searching for their web address in the browser bar.
For example, a search on Google reveals that there are many websites claiming to be the website of the Alpha Bank, with the same name and even a similar logo. On the website, you can see a form asking for personal details including your passwords. If you click the form, you’ll be redirected to a fraudulent page that is an exact copy of your bank’s login page. The fraudsters use the stolen data to steal your money or account balance.
The fake site will use the same language used by the real website to trick you into entering the username and password. Scammers can use your credentials in order to sign into your account and withdraw money or transfer it to another account.
Although this scam is relatively uncommon, scammers are constantly creating new and better variants of such attacks. As a result, we have to continuously update our defences and educate customers on the threat. Chase has added additional safeguards, such as requiring that a one-time passcode be sent to a customer’s mobile before adding wire transfer payees into an account.
Avoiding these scams is as simple as not responding to emails that ask for your credentials or that contain links that take you to a login page at a bank. If you’re unsure if a website exists, check its URL on Google Maps and the address of a social media profile.
3. Fake job offers
Job seekers are targeted by scammers in various ways due to the highly competitive nature of the job market. Fake job offers are the most common scam. Criminals pose as recruiters or employers and ask for money or personal details from potential employees. In many cases, the jobs are nonexistent or require a fee to be paid to apply or train for them. These scams cost job seekers thousands of dollars in illegitimate charges and stolen identities.
The scam begins with an email, text message or other communication that appears to come from a reputable institution such as St. John’s College or another university. The offer usually comes with a check or money-order that is counterfeit. Banks are required to release funds from deposited checks within a certain time period, but it can take up to weeks before victims realize that the check they received is a counterfeit.
Scammers may also ask for your direct deposit information so they can steal money directly from your paychecks. Scammers may also ask for direct deposit information to steal money directly from your paychecks.
To avoid being scammed, conduct a quick internet search on the employer before you send any money or personal details. If the company has a shady reputation or no online presence, then it is probably a scam. Additionally, a professional company will never ask you to pay upfront fees for a job or training program. Be wary of emails and texts that contain grammatical mistakes or misspelled words. These are red flags.
4. Fake checks
The counterfeiters use advanced scanning, printing, and design technologies to create fake checks that look alarmingly similar to the real thing. To avoid being scammed, it’s important to know what to look for.
In a fake check cashing scam, someone who you don’t recognize approaches you outside of a financial institution or bank and asks that you help them cash a cheque. They will often use a convincing story to get you to help them cash a check. For example, they may claim that the money is needed to pay taxes or fees associated with winning a lottery, sweepstakes or job, or to cover home improvement or job expenses. They also may have a reason why they can’t keep the whole amount and ask you to send back some of it or give some to another person.
Scammers search for potential victims through newspaper and internet ads of people who are selling items, job postings in reputable websites or purchasing “suckerlists” from the black-market that contain sensitive data about people who have already been scammed. They will often target younger people who are new to the workforce and seniors, but anyone can be a victim.
Remember that any money you deposit into your bank account is the responsibility of the bank. If the bank finds out that a check you deposited is counterfeit, it will take the money and charge you for it. The bank may even be able take money out of your account if you use other banking methods, such as reloadable cards or wire transfers.
5. Phone calls or postcards claiming to be from your bank
If you hear from someone claiming to be from your bank, be sure you check with your bank to see if the call is legitimate. Scammers can also send you emails or texts that appear to be from your bank in order to get you reveal sensitive information or click on a hyperlink.
If it’s an emergency, the scammer will try to keep you on the phone or make you panic so you can’t think clearly and act quickly. They will claim that there has been fraudulent activity in your account and request personal information such as your bank account numbers, PIN codes or Social Security numbers. These scams, also known as account takeovers or APPs, are becoming more common among countries that don’t have chip and PIN technology in their cards.
A bank scam can also be committed by someone who pretends to represent a government agency, such as the IRS (Internal Revenue Service) or Federal Trade Commission. They will call you to tell you that they owe you money for taxes or fees related to a prize won. They will either try to collect your money or ask you to transfer it via wire transfer.
If you get an email or a phone call from a federal government agency requesting payment for unauthorized transactions, hang up immediately and call the customer service number of the agency to confirm. You can also file a complaint with the FTC, which has a free tool to help consumers report unauthorized transactions.
