From old fashioned tricks such as check fraud to techniques employed by sophisticated computer hackers, financial scams are on the rise. Being forewarned is to be forearmed with information that can help you steer clear of some of the more popular scams designed to steal your money, or your identity.
Here are some of the more prevalent scams you’re likely to encounter, followed by a series of tips on how to protect yourself from falling prey.
Tech Support Scams: Fraudsters pose as representatives from reputable tech companies, claiming a victim’s personal computer or phone has been compromised. Victims are then persuaded to transfer funds to supposedly “secure” accounts. Most often senior citizens fall prey to tech support scams.
Phishing Scams: Emails or texts are used to trick victims into providing personal information, perhaps to remedy a supposed account problem with a subscription, credit card, or other account. These messages often appear to come from trusted companies and organizations.
Political Season Scams: The 2024 election year cycle is in full swing with text message solicitations for candidate contributions. Beware of legitimate looking messages which ask for a credit card number, and in some cases your bank account and routing number. If you intend to make a contribution to a candidate, or any organization, visit their website through a secure server.
Government Imposter Scams: Scammers pose as government officials, often from the IRS, claiming the victim owes money or has an unclaimed refund. Confirm any such claims by reaching out directly to the IRS.
Weather Emergency Scams: Weather scams can strike either before or after a storm. In some cases fake insurers offer an extended coverage policy for potential damage, or if your region does sustain damage, imposter contractors solicit money up front for promised repairs that never take place.
Service Shut-Off Scams: Imposters play the role of a cable service, wireless carrier, electric company or gas utility representative and threaten service will be shut off unless funds are forthcoming.
Check-Cashing Scams: A scammer asks someone to cash a check for them, which later bounces, leaving the victim liable.
Overpayment Scams: Small businesses often fall prey to this trick. Counterfeit checks for more than the owed amount are received followed by a request for the difference to be wired back.
Unsolicited Check Fraud: Victims receive unexpected checks that, when cashed, bind them to unwanted services or memberships.
Automatic Withdrawal Scams: Scammers use fake offers to obtain bank information and set up unauthorized withdrawals. Another popular technique is employed by con artists who will offer assistance at a public ATM, only to exchange your bank card with a phony card using sleight of hand.
How to Protect Yourself:
- Verify the legitimacy of texts, emails or phone calls by placing a call directly to the bank, organization or agency.
- Be cautious of sharing personal information at all times.
- Never cash checks for strangers.
- Verify the authenticity of received checks.
- Promptly report suspected scams to authorities and financial institutions.
While financial fraud and scams can be a costly inconvenience, identity theft can take months to remedy, potentially placing every aspect of your personal records in jeopardy. Your social security number should be protected at all times. Criminals gain access to your social security number by various methods such as dumpster diving, skimming, phishing, changing addresses, and stealing mail. Protect yourself by:
- Shredding sensitive documents.
- Never share personal information over unsolicited calls.
- Black out your social security number on any copied documents where it is not essential information.
- Reviewing financial statements promptly.
- Checking credit reports annually for inaccuracies.
- Using secure websites for online transactions. Secure websites begin with what is called a URL prefix ending in “s” – For example: https://www.Website. Make sure the “s” is present.
- Request that the USPS place a hold on your delivered mail if away on vacation.
Overall, being aware of common scams and practicing caution can help protect personal and financial information from being compromised.
The security of personal and account information is extremely important to Cape & Coast Bank. As a true community bank, it is our responsibility to keep you, the customer, informed of current fraud trends and to educate you on how to best protect yourself. By taking a proactive approach, we can help ensure that your private information is protected.
For more information, please visit Cape & Coast Bank website.
