Stay one step ahead: Spot these 4 imposter scams

Most of us rely on digital banking to keep our finances running smoothly. But as financial institutions get smarter with tech, so do scammers. They’re out there, using emails, texts, calls and even old-school mail to try to trick you out of your money or personal info. According to the Federal Trade Commission, Americans lost nearly $3 billion in a single year to imposter scams.¹ That’s a lot of hard-earned savings at risk. 

4 imposter scams you need to know

Here are common ways that a criminal posing as your financial institution may try to scam you into getting you to share your banking info.

1. Phishing (email)

• Scammers send emails that look legit — same logo, similar domain, urgent subject lines.
• They’ll ask you to click a link, open an attachment or “verify” your info. Sometimes, they’ll direct you to a fake site that looks just like your bank’s login page.

2. Vishing (phone)

• You get a call that looks local or even matches your bank’s number.
• The caller claims your account is at risk and asks for personal information or tells you to move your money “for safekeeping.”

3. Smishing (text message)

• You get a text that seems to be from your bank, maybe about a transaction or alert.
• Legit banks will never ask for sensitive info by text — if they do, it’s a red flag.

4. Snail mail

• Sometimes, scammers go old-school. You might get a fake check and a letter asking you to deposit it and wire money elsewhere. The check will bounce, and you’ll be out the cash.

Immediate red flags

If you’re contacted, be on the lookout for these red flags:

• Requests for sensitive info (SSN, PIN, passwords)
• Threats or urgent language
• Weird spelling or phrasing
• Pressure to act fast or not call back

Quick protection tips

• Never share sensitive info unless you initiated the contact with your bank.
• Don’t reply, click links or download attachments from suspicious messages.
• Delete sketchy emails and hang up on suspicious calls.
• Don’t trust caller ID or take official-looking emails at face value.
• Hover over links before clicking — if the destination looks off, skip it.
• When in doubt, contact your bank directly using a number or website you look up yourself.

Scammers frequently update their methods, so it’s important to stay vigilant and practice caution if you receive suspicious communication. 

What to do if you’ve been targeted by a bank imposter scam

If you suspect you’ve been targeted by a scam, you’re definitely not alone. It’s stressful, but you can take control and protect your finances by following these steps:

Contact your financial institution immediately

• Call your bank or credit union as soon as possible, using the official number from their website or your statement. Let them know what happened so they can monitor your accounts for suspicious activity and help you secure your funds.

Update your account security

• Change your online banking passwords and logins right away.
• Set up two-factor authentication if you haven’t already — this adds an extra layer of protection.

Report the scam

• File a complaint with the Federal Trade Commission at ReportFraud.FTC.gov. This helps authorities track scam trends and may help prevent others from being targeted.

Monitor your credit

• Within two to six weeks, check your credit report at AnnualCreditReport.com. Look for any unfamiliar loan applications, new accounts or other signs of identity theft.
• If you spot anything suspicious, contact the three major credit bureaus — TransUnion, Equifax and Experian. They can help you place a fraud alert or freeze your credit to prevent further damage.

Stay vigilant

• Keep an eye on your accounts and credit reports for the next few months.
• If you notice any new suspicious activity, report it right away.

Practical tips

• Save any emails, texts or letters you received from the scammer. This can help your bank and the authorities investigate.
• Don’t be embarrassed — scammers are getting more sophisticated, and anyone can be fooled.

Taking these steps quickly can help you protect your money, your credit and your peace of mind.

When someone suspicious contacts you about your banking information, remember these tips – and keep scammers out of your account! To learn more about managing your finances and protecting your financial well-being, visit our Financial Well-Being hub today.