How to Avoid Banking Scams and Protect Your Finances

Scams targeting bank accounts are on the rise, with fraudsters using increasingly convincing tactics to trick people into revealing sensitive information. Whether you're a member of Fox Communities Credit Union, any other local credit union or bank, it's important to stay informed and vigilant.

What Are Bank Scams and How Do They Work?

Bank scams are common attacks that target your financial accounts. Fraudsters often use deceptive text messages and phone calls, otherwise known as smishing and phishing, when attempting these scams. They impersonate a credit union or bank and create a sense of urgency to lure you to act, ultimately compromising your account information.

Example of a phishing scam targeting online banking users

Top Banking Scam Tactics You Should Know

Fraudsters may contact you from what seems to be your financial institution, creating a sense of urgency about fraudulent or unauthorized charges. These messages often appear to come from legitimate phone numbers or email addresses, making them especially dangerous.

• Fake alerts about suspicious payments trick you to click a link to authorize or deny a transaction. The link takes you to what looks like your financial’s online banking login page. If you input and submit your username and password, the fraudsters then steal it and can access your funds.
• Messages about unauthorized changes to your online banking profile ask you to verify your information through a link to a fake website impersonating your financial. As with the previous tactic, this allows scammers to use your login credentials to access your accounts.

Though it’s common for these scams to be sent to you as a text message, fraudsters can also trick victims using similar tactics over the phone.