Fraud Prevention: Top Banking Scams to Avoid
In today’s digital world, scammers are becoming more creative in the ways they attempt to steal personal and financial information. At Citizens State Bank, your security is our top priority, and one of the best defenses against fraud is awareness. By learning to recognize common scams, you can take steps to safeguard your accounts and peace of mind.
1. Phishing Emails and Texts
Phishing occurs when fraudsters impersonate trusted organizations - like your bank, credit card company, or even government agencies - through email or text. These messages often urge you to “verify your account” or “click a link” to fix a problem.
How to protect yourself:
- Never click on suspicious links or download unexpected attachments.
- Look for typos, odd email addresses, or urgent language.
- Contact your bank directly if something seems off or suspicious.
2. Phone Call Scams (Vishing)
Scammers may call pretending to be from your bank or another legitimate institution, claiming there’s an issue with your account or card. They may pressure you into giving your Social Security number, PIN, online banking password, or other sensitive account information.
How to protect yourself:
- Remember: your bank will never ask sensitive information over the phone.
- Hang up and call the official bank number if you’re unsure.
3. Loan and Investment Scams
Fraudsters may offer “too good to be true” personal loans, investment opportunities, or debt consolidation programs, often asking for upfront fees or personal details.
How to protect yourself:
- Be skeptical of unsolicited loan or investment offers.
- Research the company or offer through trusted sources.
- If something seems too good to be true, it usually is.
4. Check Fraud
Scammers may send a check for more than the agreed amount, asking you to deposit it and wire back the difference. Weeks later, the check bounces, leaving you responsible for the loss.
How to protect yourself:
- Be cautious with checks from unknown sources.
- Never wire money to someone you don’t personally know.
5. Account Takeover and Card Skimming
Fraudsters use stolen credentials or devices at ATMs and gas pumps to capture card details, later draining accounts or making unauthorized purchases.
How to protect yourself:
- Monitor your accounts regularly for suspicious activity.
- Use ATMs in well-lit, secure locations.
- Set up account alerts through your mobile app or online banking to track unusual transactions.
What to Do if You Suspect Fraud
If you believe you’ve been targeted by a scam, act quickly:
- Contact your bank immediately.
- Change your passwords.
- Monitor your credit reports for signs of identity theft.
At Citizens State Bank, we’re committed to keeping your financial information secure. By staying informed and cautious, you can reduce your risk and feel more confident about your everyday banking!
