Those losses include fraud affecting bank accounts. Though banking technology and security have come a long way, bank scams continue to cheat people out of their money.
1. Automatic debit scamsAn automatic debit scam occurs when a scammer gets your checking account information and takes money out of your account. 2. Fake contest or job scams Another kind of scam is a fake contest where a scammer contacts you and says that you’ve won something and you need to send a payment for shipping or processing of the nonexistent prize. A similar scheme may appear as a job requiring you to buy gift cards with your money. Then, you’ll be asked to provide your"boss" at the fraudulent company with the PIN to redeem the gift cards — and never get reimbursed.
How to avoid overpayment or fake check scams: Don't accept a check you’re not expecting or that’s for an amount greater than you asked for — and don't agree to refund money that’s in excess of that amount. Never click on links in an email or text message claiming to be from your financial institution. It’s easy for scammers and fraudsters to set up email addresses, phone numbers, websites and communications that appear to be legitimate and may even show up in a web search. Instead, log in to your account or call the phone number listed on your bank card and confirm whether the request is legitimate.