Stay Vigilant. Stay Informed. Stay Protected.
Scammers are constantly finding new ways to target individuals and gain access to personal and financial information. Understanding how these scams work is one of the best ways to protect yourself. This section outlines some of the most common fraud tactics – what they are, how they happen, and what to watch for – so you can recognize the warning signs and take action before it’s too late.
Phishing
Phishing involves fraudulent emails, texts, or calls that appear to come from a trusted source, like your bank, to trick you into revealing personal or financial information. These messages often create a sense of urgency.
Example: You get an email saying your account has been locked and asking you to click a link to verify your identity. The link leads to a fake site that captures your login details.
Smishing
Smishing is phishing via SMS. Scammers send text messages that look like they’re from your bank or a service provider, often with a link or phone number to respond to.
Example: A text claims there’s suspicious activity on your account and urges you to click a link to secure it. The link installs malware or leads to a fake login page.
Vishing
Vishing is voice phishing – fraudsters call pretending to be from your bank or a government agency to extract sensitive information.
Example: You receive a call from someone claiming to be from your bank’s fraud department, asking you to confirm your account number and PIN to “verify suspicious activity.”
Account Takeover (ATO)
In an ATO scam, criminals gain access to your bank account using stolen credentials and then make unauthorized transactions or change account settings.
Example: A fraudster uses your login info from a data breach to access your account, change your password, and transfer funds to another account.
Fake Bank Websites or Apps
Scammers create realistic-looking websites or mobile apps that mimic legitimate banks to steal login credentials.
Example: You search for your bank online and click on a sponsored link that leads to a fake site. You enter your login info, which is then captured by the scammer.
Check Fraud
Check fraud involves altering, forging, or stealing checks to withdraw money illegally.
Example: A scammer steals a check from your mailbox, changes the payee and amount, and deposits it into a fraudulent account.
Wire Transfer Scams
These scams trick victims into sending money via wire transfer to fraudulent accounts, often under false pretenses.
Example: You receive an email from someone posing as a vendor or relative asking for an urgent wire transfer. The account details are fake, and the money is lost.
Investment Scams
Fraudsters promote fake investment opportunities with promises of high returns and low risk, often using convincing materials or fake endorsements.
Example: You’re invited to invest in a “guaranteed” crypto fund. After transferring money, the contact disappears and the fund turns out to be fake.
Romance Scams
Scammers build fake online relationships to emotionally manipulate victims into sending money.
Example: You meet someone online who claims to be overseas and needs help with travel expenses. After sending money, they vanish.
Money Mule Scams
Victims are tricked into transferring stolen funds on behalf of criminals, often believing they’re doing legitimate work.
Example: You’re offered a remote job that involves receiving and forwarding payments. Later, you learn the money was stolen and you’re under investigation.