How To Protect Yourself From These 4 Banking Scams That May Target You

How To Protect Yourself From These 4 Banking Scams That May Target You

Gabrielle Olya   Sun, January 29, 2023

There are many benefits to keeping your funds in a bank account, but one of the main reasons many people keep their money at a bank rather than under the mattress is the added security this provides. However, some scammers have come up with clever ways to access your bank account information or to get you to send them money from your secure accounts.

Here’s a look at some of the most common banking scams — plus, how you can avoid becoming a victim.

Phishing Scams

Phishing is a type of scam that targets consumers by sending them an email or text that appears to be from a well-known source, such as their bank. These messages will often ask you to click on a link or enter personal financial information, which the scammer can then use to access your accounts.

For emails, you can often tell these are fraudulent by looking at the sender address. If it is from a Gmail, Hotmail, AOL or Yahoo account or includes a bunch of numbers or letters, you can be certain it is not from your bank.

However, if you receive a text or email that appears to be from your bank but you’re unsure of its legitimacy, it’s best to double-check by contacting your bank directly.

“Locate a number for the business that you know is legitimate, such as the number on the back of your credit card, to determine if they’re the ones reaching out to you,” said Chip Kohlweiler, senior vice president of security at Navy Federal Credit Union.

Avoid clicking on any links you receive in an email or text message that seems suspicious, and do not provide any sensitive information to the sender.

Some financial institutions, including Navy Federal, do use text messages to verify suspicious purchases. However, those texts will never request personal information,” Kohlweiler said. “Check with your financial institution to see if it offers SMS text banking or mobile alerts — that way you can identify the difference between a real message and a scam.”

‘Vishing’ Scams

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https://news.yahoo.com/protect-yourself-4-banking-scams-130018963.html

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