Every day, thousands of people fall victim to fraudulent emails, texts and calls from scammers pretending to be their bank. In this time of expanded use of online banking, mobile pay and debit/credit cards, the problem is only growing worse. In fact, the Federal Trade Commission’s report on fraud estimates that American consumers lost a staggering $3.3 billion to these phishing schemes and other fraud in 2020—that’s nearly double what was lost in 2019. I still see scams like writing fraudulent checks and trash can surfing, but they are not the majority. People are no longer just walking in and out of a branch to do their banking. Now a majority of transactions for personal and business happen online.
In many cases, fraud is preventable. Knowing what to look for is a great step to prevention. At Ambler Savings Bank, we’re committed to teaching ways to help you protect your account from phishing and cyber-attacks. We want every bank customer to become a pro at spotting a phishing scam. One of the most rapidly growing scams is bank impostors.
For starters, remember these four words: Banks Never Ask That.
Banks won’t call, text or email you to ask for personal identifiers like your account number, social security number or to perform actions like clicking on a link or opening an attachment. These are all red flags someone is trying to compromise your accounts.
Here are the top three phishing scams, full of red flags:
If you’re ever in doubt that the caller is legitimate, just hang up and call the bank directly at a number you trust. You’ve probably seen some of these scams before. But that doesn’t stop a scammer from trying. For more tips on how to keep phishing criminals at bay, including videos, an interactive quiz and more, visit www.BanksNeverAskThat.com. Also, be sure to share the webpage with your friends and family.
Our tips for avoiding bank fraud don’t stop there. Here are some other red flags to look out for.
Digital Tools That Can Help
Fortunately, there are now apps and services designed to guard against phishing and fraud. Below are two we offer at Ambler Savings Bank to help protect against fraud.
Since cyber fraud isn’t going away anytime soon, educate yourself, check your accounts regularly and employ tools to protect you and your accounts. But most of all, remember: Banks Never Ask That.
For more information or questions contact us at email@example.com. Member FDIC.