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Scammers will go to any length to get access to your bank account and financial information. Here’s how to stop them and keep your accounts secure.
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The goal of any bank scam is to get access to your bank account. Unfortunately (for scammers), they can’t get access to your account without your help.
Bank scams require that you share personal financial information with a scammer, install malware on your devices, or use unverified checks and other banking material.
Here are some of the common ways a bank scammer will target you:
Pro tip: Check to see if your account information is available on the Dark Web using Aura’s Dark Web scanner. With just your email address, we can see if your financial information, credit cards, or other account info is available to hackers and scammers.
The good news is that in most cases, you’re in control of what bank scammers can steal. The more you understand how they try to pull off bank scams, the more secure your account information and money will be.
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Bank scammers have come up with some truly nefarious ways to get access to your accounts and steal your money. The ten most common scams for stealing your account information and money are:
Overpayment scams target online vendors and sellers. A scammer will pose as a buyer and send you a check, money order, or proof of payment (from an online payment processor) for more than the purchase price.
Then, they’ll ask you to refund the difference either through an online payment or wire transfer. But the original payment type was fraudulent, meaning you lose both the refunded money and often the cost of the “sold” product.
Job-seekers are often targeted by bank scams as they’re used to giving out personal information.
An employment scammer will post a job opportunity and then ask for your ID to verify your identity as part of the hiring process. Once they have your personal information (such as your ID, Social security number, etc.), they can steal your identity and access your bank account.
If you’re on the job hunt, it’s a good idea to set up fraud and credit monitoring to make sure no one is using your credentials for the wrong reasons. Aura will alert you in near-real time of suspicious activity or if your personal information is being used to open new credit accounts.
Job scams can also include fake recruiters who ask for payment to “secure” your job as well as fake employers sending you a check to clear on their behalf or goods they want you to repackage and send back.
Also known as automatic withdrawal scams, these involve unauthorized withdrawals from your bank account — typically checking accounts.
Scammers get access to your bank account numbers through fraudulent telemarketer calls or by stealing them from unsecured websites when you sign up for a free trial. Once a scammer has access to your account information, they can debit your account every month with your knowledge or approval.
⛳️ Related: Help! My Debit Card Was Charged For Something I Didn't Buy →
Bank scams often prey on your kind nature. During a fake check-cashing scam, a fraudster will wait outside the bank or another financial institution and ask you to help them cash a check. They’ll tell you they forgot their ID or don’t have an account but need the money right away.
But it’s only after you deposit the check and hand over the money that you find out it was a bad check. When it doesn’t clear, the funds are taken from your account.
Fake check cashing scams are running rampant online as well, especially on platforms like Venmo.
With unsolicited check fraud, you get a check you did not ask for in the mail — often for a rebate or refund on overpayments. But rather than free money, these checks include fine print that legally binds you to a loan, membership, or other costly long-term commitment.
⛳️ Related: How To Spot a Bank Impersonation Scam (Texts, Emails, and Phone Calls) →
Americans recorded 1.8 million complaints about robocalls in FY 2022 [*]. And a large number of them are scammers pretending to be from a government or law enforcement agency like Medicare, the FBI, or the IRS.
During these calls (or emails or texts), the imposter will threaten you with jail time for outstanding debts that require you to pay with a gift card. Or, they might claim you’ve won a prize that requires payment of taxes or fees before they can process it.
Either way, the scammers either get money or your personal information they can use for other types of financial fraud. For examples of other government imposter scams, browse usa.gov.
Remember, the government and your bank will never ask for personal information in an email or text. If you’re unsure, hang up and call back on the official agency phone number.
⛳️ Related: What Can a Scammer Do With Your Medicare Number? →
Phishing scams are a type of social engineering attack in which you receive an email or text that looks like it’s from a popular service provider like Apple or your bank. The message might tell you that someone signed into your account and that you need to reset your password.
Unfortunately, when you click the link provided, you’ll end up sharing your personal information with scammers or downloading malware onto your device (which can allow them to hack your email).
Phishing scams also happen via text and even through phone calls, but phishing emails are most common. In fact, advance fee fraud scams launched via
email increased by 1,000% in Q3 of 2022 [*].
Be extra diligent when responding to official-looking emails. Again, if you’re unsure, contact the company directly and ask if the request is legitimate.
⛳️ Related: How To Keep Your Online Bank Accounts Safe and Secure →
Some scammers pretend to run a reputable charity (such as a veterans charity) and may call or email you for a donation. Many of them may go as far as to request personal information or banking details, such as your debit card number, granting them full access to your account.
If you’re in a fix and can’t get a loan from your bank, you may be tempted to try an online lender. But many of these services are really just trying to scam you online.
Bank scammers will set up fake websites designed to commit loan fraud or email you with a “special offer”. When you apply, they’ll ask for sensitive information like bank details or Social Security numbers.
Once they have access to this information, they can open real loans in your name or provide you with a false loan and request payment right away. Only after you pay do you realize the loan was fraudulent.
⛳️ Related: Is It Safe To Link Bank Accounts? 7 Risks To Know →
Emails claiming you’ve won the lottery, some sweepstakes, a sum of money, or other prizes can be exciting. But be on high alert if they demand you share sensitive information or send money to the organizers. In many cases, if it sounds too good to be true, it probably is.
Financial monitoring and alerts are the first line of defense when it comes to bank scams. The sooner you can spot someone trying to access your accounts, the faster you’ll be able to shut them out. But there are other proactive ways you can protect yourself from financial fraud.
Here are some of the best bank fraud prevention tips you can follow:
⛳️ Related: Do Banks Refund Scammed Money? →
Unfortunately, no one is truly safe from becoming the target of a bank scam. But in most cases, bank scams target groups who are less experienced or tech savvy – such as young people who have just opened a bank account and the elderly.
For example, according to the FTC [*]:
People in their 20s are more than twice as likely as older adults to fall victim to fake check scams.
Regardless, anyone who isn’t careful or aware of common tactics can fall for one.
⛳️ Related: The 7 Latest Ally Bank Scams (How To Avoid Them) →
Yes, this is possible. Identity theft was the number one reported type of fraud in 2020 [*], according to the FTC. When scammers gain access to your personal information by phishing, for example, they can do one or more of the following:
Scammers might also access your emails and social media accounts. Then, they’ll contact your friends and loved ones and try to carry out bank scams on them as well, capitalizing on their trust in you.
If you're the victim of a bank scam, it’s crucial that you act as soon as possible.
Banks and other insurance policies typically only cover financial fraud if you report it within a short timeframe. Wait too long and you might be on the hook for money you legitimately lost.
Take the following actions, as soon as you discover you’ve fallen victim to a bank scam:
Need more help? Follow the fraud victim's checklist for step-by-step instructions on how to recover from fraud.
Whenever someone asks for your financial information, question whether they’re legitimate and why they would need it. In most cases, that’s enough to deter a would-be scammer from further targeting you.
Here’s what you can do to protect yourself from bank scams:
Editorial note: Our articles provide educational information for you to increase awareness about digital safety. Aura’s services may not provide the exact features we write about, nor may cover or protect against every type of crime, fraud, or threat discussed in our articles. Please review our Terms during enrollment or setup for more information. Remember that no one can prevent all identity theft or cybercrime.