Four common bank account scams and how to avoid them
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Key takeaways
Common banking scams often involve impersonation, unexpected account alerts, or urgent requests designed to pressure victims into acting quickly.
Requests for personal information, login credentials, one-time passcodes, or payments outside normal banking channels are strong indicators of a scam.
Verifying messages directly with your bank, monitoring account activity regularly, and understanding common scam tactics can help safeguard your finances and personal information.
Four common bank scams to watch out for
Most banking scams result in you giving away your personal information or money. All four of these scams involve communications aimed at tricking you into doing that in some way, shape, or form.
Phishing & smishing scams
Messages that claim to be from your bank (but that are actually from fraudsters and scammers) are one of the most common types of banking scams today. As mentioned earlier, scammers may attempt to contact you via text message, email, phone, or other methods like social media.
Often, the “hook” they try to bait you with is a deal or discount in exchange for an upfront fee. Sometimes, the scammer will claim there has been “suspicious activity” on your account and ask you to confirm your banking information or personal information, leading to both monetary and identity theft.
Check overpayment
Certified bank check scams and overpayment scams have been around a while because unfortunately, they are effective.
In this type of scam, which takes advantage of people selling items (usually in online marketplaces), you sell something, and someone buys it, but the check or money order is made out for more than the price of the item(s). The buyer asks you to cash their check and wire or mail them the difference.
You later find out that the initial check, which often appears to be a certified check, was actually fake.
Cashing a check for someone else
In this type of scam, which preys on people’s goodwill, a stranger will approach you, asking you to cash a check for them (which is a fake check), and providing some excuse as to why they can’t do it themselves.
Once you figure out that the check sent was actually a bad check, it’s too late.
Job scams
In this relatively newer type of bank scam, the scammer will pretend that they are offering you a legitimate work-from-home job, and in exchange for a commission, they’ll have you transfer funds into or out of your bank account. Then, they’ll strike, emptying your bank account.
No legitimate job will ever ask you to pay any type of fee or upfront cost. Period.
How to spot a fake check
While determining whether a check is real or fake can be admittedly tricky, here are some tips the FDIC offers² if you find yourself wondering about a check provided to you:
- Verify the bank: Use the FDIC BankFind tool to confirm the bank is legitimate, as fake names are a red flag.
- Confirm with the bank: Call the bank directly using their official website’s phone number to verify the check.
- Consider the source: Be cautious of checks from unknown senders, especially if their communications have errors.
- Check the postmark: If the postmark location doesn’t match the bank’s location, it could indicate a fake check.
- Verify the amount: Scammers often send overpayments to trick you into returning the excess.
- Look for security features: Authentic checks have watermarks and security elements that scammers often poorly imitate.
6 additional tips for protecting yourself when online banking
As we cover in our informative article “Is online banking safe?”, while there’s always some risk associated with conducting your banking transactions online. In addition to remaining cyber-aware and understanding how to protect yourself from scams, these steps may help protect you further:
- Use only secured Wi-Fi (a password-protected network, the best one being your own at home) to conduct banking transactions. Don’t have access to one? Consider banking in person instead or waiting until you do.
- Pick a strong password with a mix of capital and lowercase letters, numbers, and characters. Do not use a repeat password. The Cybersecurity and Infrastructure Security Agency recommends your password be at least 16 characters.³ If this is too long to memorize, consider using a secure, encrypted password manager.
- Choose a bank or credit union that is committed to keeping your information secure. Not all banks invest in the same types of security features and tools.
- Use an official app to do your online banking.
- Enable multi-factor authentication. This usually involves getting a text message, email, or phone call from your bank sent to a preferred contact method after you log in using your password and username and before being granted account access.
- Sign up for text or email alerts that notify you of any unusual account activity, or even any activity, period.
Learn more about safe banking practices with Raisin
Have more questions about online safety and banking? Head to our Online Safety Guides to learn more.
Frequently asked questions (FAQ)
What information does a scammer need to access my bank account?
In most scenarios, scammers require several pieces of information to access your bank account, including your login credentials, account number, Social Security number, and answers to security questions. An account number alone may not be enough to withdraw money directly, but it is a crucial piece of information.
Can a scammer get into your bank account with your phone number?
A phone number alone is usually not enough to access your bank account. But scammers can use your phone number to launch a social engineering attack aimed at getting more information out of you.
Do banks refund scammed money?
While getting a refund after losing money to scammers is possible, it’s not easy. Several factors influence the outcome:
- Bank policy: Each bank has its own policies regarding fraud reimbursement. Some banks may be more lenient than others.
- Type of scam: The type of scam plays a crucial role. If it involved unauthorized transactions, such as a stolen card or account takeover, you're more likely to get a refund. However, if you authorized the transaction, even if under false pretenses (like in advance-fee scams), it becomes trickier.
- Payment method: Using a credit card often offers more protection than a debit card or bank transfer, as credit card companies have robust dispute resolution processes.
- Timely reporting: Reporting the scam quickly is essential. The longer you wait, the harder it becomes to recover funds.
Can you reverse a bank transfer if scammed?
Reversing a bank transfer after being scammed is challenging, but not always impossible. Usually, domestic transfers are easier to reverse than international ones (which is why many scammers operate internationally). If the scammer’s account happens to be at your bank, that may make reversing the transfer easier. Lastly, acting quickly also increases your chances.
The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
Sources:
- https://www.ftc.gov/news-events/news/press-releases/2024/02/nationwide-fraud-losses-top-10-billion-2023-ftc-steps-efforts-protect-public#:~:text=Another%20first%20is%20the%20method,2023%2C%20followed%20by%20text%20messages
- https://www.fdic.gov/consumers/consumer/news/august2019.html
- https://www.cisa.gov/secure-our-world/use-strong-passwords
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