When a scammer goes after your bank account, you might end up losing all your savings. Stay vigilant!

Technology has made life more convenient, including banking. Banks use email, phone calls, and text messages to help you manage your accounts.

However, with the rise of technology, some clever scammers are using these methods to try and steal your money and data. In this article, we'll explore common bank imposter scams, red flags to notice, and tips to keep yourself safe.

Bank Imposter Scams

Here are four tactics that a criminal pretending to be your bank might use to trick you into sharing your banking information.

1. Phishing (Email) 
   

   One of the most common scams is called an email phishing scam. Here's how it works: Scammers send you an email that might look just like a message from your bank. The email might have your bank's logo and a web address that seems real at first glance, but it could be a tiny bit different.

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   As banking has become more automated, many tech-savvy bank imposters are using those same methods to try to steal your money, your data, or both.

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   These emails often have catchy subject lines to grab your attention and make you click on a link or open an attachment. The message might claim they need to check your personal info before sending you a new debit or credit card, say there's a problem with your account, or share an exciting new promotion.

   Scammers might ask you to reply to the email with your account number or other private details. Or, they could give you a link to a website that looks official, asking you to log in to your online banking – but it's all a trick to steal your login info.

2. Vishing (Phone)
   

   In a vishing scam, scammers call you on the phone. They can use technology to make it seem like they're calling from your bank. They might display your town's area code or even the first few numbers of your own phone number to make it look real.

   During the call, they might say they need your info or pretend your account is in trouble. They'll ask you to move your money to a new account for "safekeeping."

3. Smishing (Short Message Service)
   In a smishing scam, criminals will contact you by text message. Many financial institutions are now using text messages to send real-time alerts to their customers – but they will never ask you to provide personal information by text.
   
   
4. Snail Mail
   Scammers might use old-fashioned snail mail to trick you too. They could send you a fake check with a letter telling you to deposit it into your account and send money to someone else. But don't be fooled! The check will bounce, and you'll have to pay back the money you sent.

While some banks protect you from fraud, others might claim you sent the money yourself, leaving you responsible for the loss. Before sending money, make sure the person you're dealing with is really who they say they are.

Watch Out for These Red Flags

If you’re contacted, be on the lookout for these red flags:

• They ask for sensitive data.
• They use threatening language. For example, the caller may say they’ll suspend your account if you don’t provide your information. A legitimate financial institution will never do this.
• They use odd phrasing or misspellings – especially in names or addresses.
• They contact you about raising your transaction limit. Financial institutions set default transaction limits and customers can raise them if they want to make larger payments.
• They say they’re a financial institution you don’t use.
• They pressure you to stay on the line instead of calling back at the institution’s customer service number.

How You Can Protect Yourself

Now that you know what to look for, how can you protect yourself from a bank imposter scam?

• If someone contacts you out of the blue, never share sensitive information such as your Social Security number, account number, PIN, password, or verification code. It’s only safe to provide details like these if you contact your financial institution yourself.
• Don’t reply, download attachments, click links, or log in to a linked website, which could be a dummy site designed to capture your online account information.
• Delete suspicious emails right away.
• Don’t be afraid to hang up the phone.
• Don’t automatically trust caller ID or official-looking emails.
• Hover your cursor over links or buttons before clicking. If the link destination doesn’t look right – don’t click.
• If you’re ever in doubt, contact your financial institution directly to verify a request or communication. Don’t use a phone number, address, or link you’ve been given – look it up yourself.

Scammers frequently update their methods, so it’s important to stay vigilant and practice caution if you receive a suspicious communication.

What to Do if You’re a Victim of This Scam

If you’ve been the victim of a bank imposter scam:

• Call your financial institution immediately.
• Change your online account logins. Use two-factor authentication to secure your accounts.
• File a complaint with the Federal Trade Commission at FTC.gov.
• Within two to six weeks, check your credit report at AnnualCreditReport.com for signs of identity theft – like unfamiliar loan applications – and contact credit reporting agencies if you spot fraudulent activity. The three major credit reporting agencies are TransUnion, Equifax, and Experian. They can help you take steps to protect your information.

When someone suspicious contacts you about your banking information, remember these tips – and keep scammers out of your account! To learn more about managing your finances and protecting your accounts, talk to your financial institution today.