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7 banking scams and how to avoid them

7 banking scams and how to avoid them

People work hard for years on end to put together whatever savings they have. Losing this small safety net to scammers can put a dent in the person’s current quality of life and change their goals and plans. Therefore, staying updated about how fraudsters manipulate and scam people is vital. This information will help individuals stay safe from scammers and make informed choices regarding their banking habits. Here are a few banking scams to know about:

1. Phishing attacks
Phishing experts impersonate people to extract money. They use emails and texts to pretend to be someone from an organization their target is aware of. This includes the bank, merchants, or some other service provider trying to verify the existing account. This is just an attempt to get the individual to share their bank details, social security number, or other personal details.
Adhere to caution when dealing with links and one-time passwords. Avoid opening any unsolicited links or other communication. Try to verify the email address or phone number before proceeding with any dealings or information-sharing process. If none of that works, try to contact the bank from which the text has been received.

2. Check fraud
Scammers can call or email individuals to tell them they have accidentally sent them a huge amount of money. These scammers then ask these individuals to request that their money be returned. One needs to be vigilant about who they are sharing sensitive data with. Letting go of this information can prove to be harmful to one’s financial state. Returning the money that hasn’t been received can cause the person to suffer financial loss. Aside from this, it can also mean sharing personal bank account details with a stranger, who may or may not be able to wipe out this account.

For starters, individuals should not be sending back any money without checking with their banks first. In addition, people are advised not to accept any money that is beyond the selling price of a service or product. Also, one must use secure payment services when using online portals for business.

3. Mortgage fraud scam
Mortgage scammers will have those individuals on their radar who are closing in on the purchase of their new place. One might start receiving emails from scammers posing as loan officers, real estate agents, and settlement agents. These scam artists will do their best to rob the individual of their deposit money. Instead of dealing with these emails, individuals should try speaking to the loan manager, settlement officer, or real estate agent individually or in person. Make sure that the closing process, loan approval, and money transfer are discussed in detail instead of leaving them to be shared in an email. This considerably decreases the chances of getting tangled up in scammers’ webs and losing money.

4. Debt collection scam
Scammers sometimes put a lot of time and effort into making individuals believe that they have debts that need to be paid. This could be about fake debts that don’t exist or ones that the individual has already paid off.

In such instances, individuals should refrain from sharing personal information with people on the other side of the device. Confirm the legitimacy of the collection officer and the agency they claim to be from. Note their details, including name, address, contact number, and the officer’s license number. If one is being coerced into paying or the alleged officer is using threatening language, consider it to be a major red flag.

5. Impostor fraud scam
Impostors might pose as authorities to scam people out of their money. Someone claiming to be trustworthy, authoritative, and well-known might not always register to be a scammer. It is harder because these people might claim to be from the IRS, some trust charity, or the county sheriff’s department. When approached by such people, instead of acting on impulse and readily doing as asked, take a moment to think. Seek out the government or the organization these people claim they are from. Ask them for the real, unabridged story. Once every detail has been shared, decide whether or not one wants to interact with these people directly. This should also be a cause for concern since government officials never ask people to wire money. Nor is it often heard that some individuals receive a call from a government employee wanting to discuss some official business.

6. Grandchildren scam
The grandchild scam is a common way of scamming the elders for their money. In this scheme, strangers pretending to be the individual’s grandchildren call them up, asking to be wired money because of some emergency. Alternatively, scammers could also pretend to be some other relative. At times, they may also ask the seniors for their card details to help them escape the sticky situation they have landed in.
Instead of jumping into crisis-solving mode, try to contact the person they claim to be and verify the discussion. Keep in mind that, more likely than not, this would be a late-night call intended to confuse the caller and make them panic.

7. Sweetheart scheme
In sweetheart schemes, scammers pretend to get close to someone, making sure they trust and share their affection. And then attack their bank account. The scheme might take more than a few months or even a few years to take the desired shape and action. Some reasons these scammers seek to request money are school tuition, temporary financial assistance, and medical costs.
Individuals need to ensure they are not wiring any money to unknown people. Despite knowing the acquaintance, avoid sharing sensitive information about banking and account details with anyone outside the sacred trust circle.

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