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Storing funds in a bank account has many benefits, but one of the main reasons many people keep their money in a bank rather than under a mattress is the added security this provides. However, some scammers use clever methods to access your bank account information or trick you into transferring money from a secure account.
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Here are some of the most common bank scams and how to avoid becoming a victim.
Phishing scam
Phishing is a type of fraud that targets consumers by sending them emails or texts that appear to come from well-known sources such as banks. These messages often ask you to click a link or enter your personal financial information. Scammers can use this information to gain access to your account.
For emails, looking at the sender’s address is a good indication that these are scams. If the email is from your Gmail, Hotmail, AOL, or Yahoo account, or contains a lot of numbers and letters, you can be sure it’s not from your bank.
However, if you receive a text or email that you believe is from your bank and you are unsure of its legitimacy, we recommend contacting your bank directly to double-check.
Chip Kohlweiler, senior vice president of security at Navy, said: Federal Credit Union.
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Avoid clicking on suspicious links received in emails or text messages and do not provide confidential information to senders.
“Some financial institutions, including the Navy Federation, use text messages to verify suspicious purchases. However, these texts never request personal information,” Kohlweiler said. increase. “Check with your financial institution if they offer SMS text banking or mobile he alerts so you can identify the difference between genuine messages and scams.”
“Vishing” Fraud
Some scammers will contact you not only by email or text, but also by phone.
“With vishing, scammers call from an unknown number masquerading as a business or financial institution, answer the call, and try to trick you into believing the call is genuine,” says Kohlweiler. “From there, scammers pressure victims to provide personal, account and financial information such as card numbers, passcodes, codewords and account summaries.”
To avoid falling victim to vishing scams, never answer calls from unknown numbers.
“Keep in mind that even if you don’t answer, they can leave a voice message if they really need you,” Kohlweiler said. , make sure you’re not sharing sensitive information over the phone that the company theoretically should have. Please call the number on the back of the letter to speak with a representative.”
ATM skimming
In ATM skimming scams, scammers connect their devices to ATMs and obtain card information and PINs when using the machines.
“To avoid becoming a victim of ATM skimming scams, it is important to be careful when using ATMs, especially if you notice unusual or suspicious devices installed in the ATM.” Awning.com strategist based in New York. “You should cover the keypad with your hand when entering your PIN to prevent it from being stolen by a hidden camera or other device.”
overpayment fraud
This is a scam you may encounter if you are a small business owner or sell your products on an online marketplace. In these scams, a “customer” “wrongly” sends you a check that exceeds the agreed upon price and asks you to pay the difference by check or Venmo.
“In this scam, the buyer’s check is fake, and by the time they realize it, they’ve already sent the overpayment to the scammer,” says John Wilson, a senior fellow in threat research at email security provider Fortra. says Mr.
Be careful if you receive an overpayment. This is often a sign of fraud.
“Normal people don’t send more goods than the agreed upon price,” Wilson said.
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This article originally appeared on GOBankingRates.com: How to Protect Yourself Against These 4 Banking Scams That May Target You
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