How to Spot and Stop Bank Scams
Scammers are becoming more sophisticated and deceptive. They impersonate your bank to trick you into handing over your money. The Federal Trade Commission (FTC) reports that people lost over $2.9 billion to these scams. These criminals use fake caller IDs and even synthetic voices to mimic real bank employees.
How the Scam Works
Scammers follow a simple but effective plan:
- They call you, claiming your account is in trouble.
- They pressure you to move your money to a "safe" account.
- They create panic so you act without thinking.
Victims have lost $30,000 and even $162,000 this way. These scams are widespread and successful.
Why These Scams Work
People trust their banks, and scammers exploit that trust. They use advanced technology to make their calls appear legitimate. While older adults are often targeted, anyone can fall victim. The FTC notes that losses over $100,000 have surged.
How to Protect Yourself
- Don’t trust caller ID—it can be faked.
- Hang up and call your bank using the number on your card.
- Your bank will never ask you to move money—if someone does, it’s a scam.
- Use strong antivirus software.
- Never share verification codes or PINs.
Scammers rely on panic. If something feels urgent, take a breath. Report suspicious activity to your bank and the FTC. If you think you’ve been scammed, act fast:
- Freeze your accounts.
- Change your passwords.
- Use a password manager for security.