Smart Cents

1. Unusual Account Activity

One of the most obvious signs of fraud is unfamiliar or suspicious activity in your bank account. This can include unexpected withdrawals, transfers, or purchases that you don’t recognize. According to the Consumer Financial Protection Bureau (CFPB), regularly reviewing your bank statements and setting up account alerts can help you catch fraudulent transactions quickly. If you notice anything out of the ordinary, contact your bank immediately to investigate and secure your account. If you are unsure of how to set alerts visit your local branch or work with one of our Digital Bankers from the comfort of your home.

2. Requests for Personal Information

Legitimate organizations will never ask for sensitive information, such as your Social Security number, account numbers, or passwords, through unsolicited emails, phone calls, or texts. The Federal Trade Commission (FTC) warns that scammers often pose as trusted institutions—like banks, government agencies, or well-known companies—to trick you into revealing personal details. If you receive a message or call asking for this information, it’s best to hang up or delete the message and contact the organization directly using a verified phone number or website.

3. Pressure to Act Quickly

Fraudsters often create a sense of urgency, insisting that you must act immediately to avoid a penalty, claim a prize, or resolve a fabricated problem. This pressure is a classic tactic designed to prevent you from thinking things through or seeking advice. Take your time, and don’t let anyone rush you into making a decision or sharing personal information.

4. Unusual Payment Requests

Be cautious if someone asks you to pay using gift cards, wire transfers, cryptocurrency, or payment apps—these methods are difficult to trace and recover. The FTC notes that scammers prefer these payment types because they’re fast and often irreversible.

5. Changes in Communication

If you receive emails or phone calls from someone claiming to be a friend, family member, or colleague but their tone, grammar, or contact information seems off, it could be a sign of a compromised account or impersonation scam. Always verify the identity of the person before responding or sending money.

Stay Informed and Protect Yourself

Being aware of these common signs of fraudulent behavior can help you avoid falling victim to scams. The Consumer Financial Protection Bureau (CFPB) and FTC are excellent resources for learning more about fraud prevention and reporting suspicious activity. If you ever have concerns about your accounts or notice suspicious behavior, don’t hesitate to reach out to your bank for guidance and support. Staying alert is the first step in keeping your finances safe.