Common scams that target your bank account

It is just another day, and you are doing your business when you receive an alarming message claiming that your bank’s security has been breached. You quickly click the link to investigate and find yourself on a website that resembles your bank’s. Without a second thought, you enter your account information. But you realize later that it was all a planned scam to empty your bank account. This scenario is all too common in today’s digital age.

Scammers use different scam techniques to access people’s personal and financial information. They use cunning tactics to trick victims into revealing their bank account details. These scams have serious consequences and leave victims feeling violated and helpless. Read more about scams that target your bank account and how you can protect yourself.

Common Bank Account Scams | Landmark National Bank

In this scam, you get an email or text that seems to be from an authentic source. It will ask you to click on a link and log in to your account to confirm some details. The link will take you to a fake website that looks like your bank’s official website. If you log in, the scammers can access your login credentials and misuse your account.

So, never click a link in your email, SMS, or social media account that asks for your details. Remember that no reputable bank asks for your password or sensitive information via email, phone call, or text.

  • Government imposter scams

Imposter scams involve scammers impersonating a bank employee or government official. They ask you to share personal or savings account details over the phone. Once they have your information, they can use it to steal your money or your identity.

Remember that banks and government agencies do not ask for confidential information via phone calls. If you get a call like this, hang up the phone, call your bank or government office, and inform them.

  • Savings account scam

Be cautious if someone calls you and tells you no documents are required to open a bank account, and you still get high-interest rates. Scammers often pose as representatives of legitimate institutions and ask you to open a bank account. They can even highlight all the amazing features of savings accounts to gain your trust. But once you open an account and deposit money, they disappear.

So, choosing reputable banks for online saving account opening would be best. When in doubt, contact the bank directly and verify all the details.

  • Lottery scams

Scammers often use lottery and sweepstake scams to con people into giving away their bank account details. They send text messages, emails, or phone calls to tell you you have won a big prize, but you must pay a fee or provide your account details to claim the prize. Once scammers get bank details, they use them for fraud and drain your account.

Legitimate lotteries do not ask for bank details as they are usually paid through cheques or cash.

The bottom line

Scammers always find new schemes to target your bank account and misuse it for their benefit. It is your responsibility to stay informed and protect yourself. Do not share personal or bank details over SMS, call, email, or social media; check your bank statements.

Also, secure your bank account with strong passwords and two-factor authentication. Stay updated on the latest scam techniques, and if you suspect anything wrong with your account, contact your bank immediately. Stay smart, protected, and one step ahead of such scammers.