Bank scams are scary because one wrong move and you can seriously mess up your finances. There are scammers out there constantly finding new ways to exploit unsuspecting people. Unfortunately, as technology advances, the scams are becoming more sophisticated and harder to identify. So, there are nine new bank scams that could possibly catch you off guard if you’re not vigilant.
1. Phishing Through Fake Bank Websites
Phishing scams have been around for years, but they’ve become increasingly more convincing. Scammers can create exact replicas of your bank website. This tricks you into entering your account information. Then, once they have it, they’ll lock you out of your account and start stealing your money. Oftentimes, these website links come through an email or text message. While it may appear to be from your bank, you should always type your bank’s URL directly into your browser rather than clicking on a link.
2. Smishing (SMS Phishing)
Text messaging has opened up a whole new world for scammers. Smishing is similar to phishing, but all the communication will come through text messages. You’ll receive a text that there is an urgent problem with your bank account and they will send a link or phone number to resolve the problem. Again, they will ask for sensitive information and gain access to your account. To protect yourself, you should always contact your bank directly using the official website or official phone number.
3. Fake Mobile Banking Apps
Just like scammers can create fake websites, they can create fake apps too. The counterfeit app will capture your login details and then they’ll have access to your bank account. Usually, these apps won’t be available in the official app store on your phone. But, to be safe, you should only download apps from your bank’s website and make sure you check reviews before installing anything.
4. SIM Swapping Scams
SIM swapping is a little less common these days because many people rely on the cloud, rather than SIM cards, to store their data. However, in this scam, the fraudster will contact your mobile carrier and convince them to switch your phone number to a new SIM card. After they have access to your phone number, they can use it to gain access to your banking app and other things using two-factor authentication. If this happens to you, you’ll lose service on your phone suddenly. Get in touch with your phone provider as soon as possible and see what you can do to increase the security of your account.
5. Account Takeover Scams
This scam is pretty self-explanatory. A scammer will get your login credentials for your bank either by phishing or buying it from the dark web. Once they’re in, they will start making purchases and potentially even open new lines of credit. Unfortunately, this usually goes unnoticed until significant damage is done. To stay on top of this, make sure you are regularly monitoring your bank statements and look into setting up alerts for unusual activity.
6. Fake Bank Customer Service Calls
Believe it or not, many scammers are still using phone calls to pull the wool over people’s eyes. They will call and pose as a bank representative. During the conversation, they will claim there is a problem with your account. Then, they will ask you for sensitive information like your Social Security number and account PIN. Remember, banks won’t ever ask you for these details over the phone. If you have doubts, hang up and call the bank directly to confirm the legitimacy of the call.
7. QR Code Scams
QR codes are popular these days. In fact, many restaurants use them to access menus. However, it has become a popular way to scam people too. Oftentimes, a legit QR code will be replaced with a fake one that will redirect you to a fake bank website or another fraudulent type of app. After you’ve scanned the code, it can upload malware to your device or lead to a phishing site. Always be wary of scanning QR codes that are related to financial transactions.
8. Payment App Scams
There has been a rise in the popularity of payment apps like Venmo, Cash App, and Zelle. As a result, they have become a favorite for scammers. People will pose as friends or family asking for money through these platforms. After the transaction has been completed, you’re likely to never get the money back. Another common scam on these apps is when a fraudster sends you money “accidentally” and then asks for it back. You should always confirm the identity of anyone asking for money on these apps and be wary of any strange transactions.
9. Overpayment Scams
Overpayment scams have become more common as well. Scammers will get in touch with you about buying an item or paying for a service. They will offer to pay you more than what you initially agreed on but then turn around and ask you to refund the difference. All the while, the initial payment was fraudulent. Eventually, your bank will flag the transaction, but by then you’ll have already sent the refund, losing your own money. Don’t trust anyone offering to overpay and remember, never send money to someone you don’t personally know.
The Digital Age Has Increased Opportunities For Scammers
There is no doubt that the rise of technology and digital banking has increased the number of scams out there. Although these scams can be sophisticated, being knowledgeable about them can help you protect yourself. Be cautious and do what you can to verify everything before making any kind of transaction. Doing this will help ensure you don’t fall victim to any of these awful scams.