Bank scams are a prevalent means for criminals to get personal and financial information from people. Consumers lodged over 2 million complaints about financial scams in 2021. Here are some of the most common and devious methods used to steal money from people that involve banks.

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Financial Scams to Avoid in 2021 and
Onward
by rmontalvan | Feb 10, 2022 | Blog, Finance, saagar gupta
Bank scams are a prevalent means for criminals to get personal and financial information
from people. Consumers lodged over 2 million complaints about financial scams in 2021.
Here are some of the most common and devious methods used to steal money from
people that involve banks.
Phishing
This scam utilizes emails and text messages containing links to a bogus site that prompts
users for login credentials to their financial accounts. These are some of the most well-
known types of online scams because they reach millions of people at a time. In 2019, the
FBI reported that over $57 million was lost to criminals due to this type of scam. These
messages often get your attention by warning of suspicious activity on your account, and
they will urge you to log in to verify your identity and secure your account.
Government Scam
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Another common tactic, especially during the tax filing season, is messages that claim to
be from a government agency. The message will link a site masquerading as an official
government gateway and prompt users to provide personal information. Another common
tactic is communication about a debt to the government, and they demand that the user
pay now with a credit card to avoid prosecution and jail time.
Fake Employer
In this scam, criminals prey on job seekers, claiming to offer work if users provide bank
information that enables them to make deposits into an account. Of course, they remove
your funds rather than submit payments. Most of these scams are done via email, but they
also occur over voice phone lines and physical mail.
Check Cashing
This scam is often perpetrated in person when someone is entering the bank. The criminal
accosts you and asks you to cash a check for them, claiming they don’t have a bank
account and need your help. This scheme targets people’s sense of empathy toward those
in need. You pay the person the cash, but then the check ends up being fraudulent, and
the funds are held against your bank balance.
There are many scams, but people can avoid falling victim by exercising some simple
precautions. In general, if you haven’t initiated a transaction of your own accord, don’t
proceed to process any bank information. Never click links in an email unless you verify
that the linked site is genuine. In most cases, a scam will make you feel uneasy, and your
instincts should warn you to steer away from it.
This blog/website is only made available for educational purposes. It is designed to give visitors
general information and a general understanding of select financial topics. It is not intended to
provide specific financial or investment advice. Conduct your own due diligence or consult a
licensed financial advisor/broker before making any and all financial/investment decisions.
© 2022 Saagar Gupta | Professional Overview
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