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What are bank fraud schemes targeting consumers?

On Behalf of | Sep 15, 2023 | bank fraud | 0 comments

The Federal Trade Commission reported Americans lost almost $8.8 billion to financial scams in 2022. In today’s digital age, banking scams have become increasingly sophisticated and prevalent.

These scams can result in financial losses and emotional distress for unsuspecting victims. To protect yourself and your hard-earned money, it helps to be aware of the various types of banking scams that exist.


Phishing is a deceitful tactic where scammers send emails or messages that appear to be from a legitimate bank or financial institution. These messages often contain urgent requests for personal information, such as account numbers and passwords. Falling for this scam can lead to unauthorized access to your accounts.


Vishing is the telephone equivalent of phishing. Scammers impersonate bank representatives and call individuals, pretending to address account issues. They use persuasive tactics to extract personal information or convince victims to transfer funds to a fraudulent account.

Identity theft

Identity theft involves the theft of personal information, such as social security numbers and driver’s license details, to open fraudulent bank accounts or make unauthorized transactions.

Card skimming

Criminals use card skimming devices to steal credit or debit card information from unsuspecting individuals at ATMs or gas pumps. They then clone the cards or make unauthorized purchases.

Check fraud

In check fraud schemes, scammers manipulate checks or create counterfeit ones. They may alter the payee or the amount, leading to unauthorized withdrawals from bank accounts.

Online banking fraud

Cybercriminals exploit weaknesses in online banking systems to gain unauthorized access to accounts. They can manipulate transactions or transfer funds to fraudulent accounts.

Loan Scams

Fraudulent loan offers may promise quick approval with no credit checks. However, these offers often require upfront fees or personal information, which can lead to identity theft or financial losses.

To protect yourself from banking scams, you must remain vigilant and skeptical. Always verify the authenticity of communications from your bank, avoid sharing sensitive information via email or phone and regularly monitor your bank accounts for any unusual or unauthorized activity.

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