How to Protect Yourself Against Bank Scams?

Authored By: USMFCU on 1/8/2024

Protecting yourself against bank scams is crucial to safeguard your financial information and assets.

Follow the tips below to reduce the risk of falling victim to bank scams:

How to protect yourself against bank scams

Secure your personal information!

  • Never share your personal or financial information with anyone over the phone, email, or text unless you are certain of the person’s identity and legitimacy of the request.
  • Never share account numbers, Social Security Numbers, credit card numbers or passwords with anyone – unless you know it’s a legitimate request
  • Use strong, unique passwords. Use a combination of letters, numbers, and symbols, and avoid using easily guessable information like your birthdate or name.
  • Enable two-factor authentication (2FA). This adds an extra layer of security by requiring you to provide a second form of verification, such as a code sent to your mobile device.



Be wary of unsolicited offers:

  • If an offer looks suspicious or too good to be true, it probably is.
  • Never pay money to get hired. Use only reputable job-hunting websites and verify the position directly before sending personal information
  • Never pay to redeem prizes


Protect your checks and debit/credit cards

  • Keep your checks, debit cards, and credit cards in a safe place
  • Use only encrypted websites when entering your debit or credit card details. Look at https:// before the URL and a locked padlock in the left corner of the address bar
  • Never return any unexpected funds without calling your financial institution first
  • Don’t cash checks for other people unless you know the person well
  • Don’t cash any checks paying in excess. Instead return them to the sender.
  • Double check unsolicited checks with your financial institution before cashing

Monitor your accounts

  • Regularly review your bank and credit card statements for any unauthorized or suspicious transactions
  • Set up account alerts for large transactions or balance changes
  • Report any discrepancies or suspicious activity to your financial institution immediately

Secure your devices:

  • Use Up-to-date antivirus and Anti-Malware Software
  • Update your software regularly
  • Ensure your Wi-Wi network is password protected and use strong passwords for your router
  • Never give anyone remote access to your computer unless you can 100% verify who they are

Verify the source:

  • If someone contacts you claiming to be from your bank, don’t rely solely on caller ID. Instead, hang up and call your financial institution using a number you find on their official website or your account statement to verify the call
  • Double check email addresses and verify the sender’s identity before clicking on links.

Report suspected scams:

  • If you encounter a potential scam, report it to your financial institution and relevant authorities, such as the Federal Trade Commission (FTC) in the United States.

Remember that no security measure is foolproof, but by taking these tips, you can significantly reduce your risk of falling victim to bank scams and financial fraud.

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