We live in a world where we increasingly rely more and more on the internet and our mobile devices to manage our financial transactions, which raises the risk of cybercrime. From paying bills to sending funds to family and friends, there are numerous functions that make it easier for scammers to raid your bank account. Below includes information and precautionary actions that can increase the safety and security of your accounts. 

Check Fraud  

Check fraud involves illegal attempts to obtain your money through a check. There is still a threat, however, with the decrease in the use of paper checks due to online and mobile banking, the risk is not near as significant.  

Examples of check fraud include:   

  • Creating fake checks 

  • Check washing - Replacing the original information, like names and dollar amounts, on a check with new information 

  • Forgery - Signing and using a check without permission 

Avoid check fraud by:  

  • Investigating suspicious checks   

  • Reaching out to the bank to confirm the check is legitimate 

  • Avoiding overpayment scams 

  • Never paying for a prize 

  • Not writing a check to someone whom you do not know or trust 

  • Reporting any sign of check fraud to your bank immediately 

Peer-to-Peer Payment Fraud   

Peer-to-peer payment (P2P) scams most commonly happen between people using services such as Zelle, Venmo, PayPal and Cash App. This does not mean that you should stop using these apps, but rather serves as a reminder to be extremely careful as to how you utilize them. When sending money through these services, the money typically goes from the sender’s checking account to the receiver.  

Avoid peer-to-peer scams by:  

  • Only sending money to people who you know and have confirmed an account for  

  • Not sending large amounts of money using these services all at once 

  • Using a credit card, rather than a bank account, if you are able 

  • Refraining from leaving money in your service account for a long period of time—try to transfer it as soon as possible   

  • Notifying your bank immediately if you think you may be experiencing a scam  

  • Keeping your passwords updated and unique to limit the risk of your account being hacked 

ATM Skimming  

ATM skimming is when scammers steal credit or debit card information by putting hidden devices on ATMs. Additionally, this could happen at payment terminals like those at gas stations. This hidden device is an overlay placed over the card insertion slot that allows a thief to obtain the data on the card’s magnetic strip. Once the card information is received, scammers could create fake cards and withdraw your money.   

Avoid ATM skimming by:  

  • Choosing cardless ATM transactions  

  • Withdrawing cash from your bank directly or utilize their ATM  

  • Paying attention to an ATM’s card reader 

  • Reporting any fraudulent transactions to your bank immediately 

Phishing Scams   

Phishing scams are cyberattacks that involve tricking a user into sharing their login credentials or other personal information that may be sensitive to their accounts. Phishing scammers insert malware into a text or an email, allowing them to steal your information if you click a link or download an attachment. These emails are designed to look like they are coming from a familiar person you’d trust, such as your bank, service providers, or even someone you know personally.   

Avoid phishing scams by:  

  • Being aware of phishing messages, calls, and emails that look like they’re from your bank  

  • Never clicking on suspicious links in emails or text messages   

  • Calling the bank phone number on the back of your debit card if you question whether something is legitimate   

  • Recognizing that if it looks like a scam, there is a good chance it may be 

  • Reporting phishing scams 

  • Changing your passwords if you receive a phishing attempt 

Wire Transfer Fraud  

Scammers may use wire transfer fraud because this type of fraud makes it incredibly hard to recover funds. Some wire transfer scams include family emergency scams, dating app scams, and classified ad schemes.   

Never wire money to anyone you haven’t met in person or who pressures you to send money immediately, especially if they claim to work for a government agency such as the IRS or Social Security Administration.  

Avoid wire transfer fraud by:  

  • Reporting signs of wire transfer fraud to your bank immediately 

Bank account fraud can happen anywhere, and to anyone. For your financial security, it’s important to be aware of common scams and reporting them immediately to your bank to avoid further issues with your accounts. If you have questions regarding cybersecurity or fraud, please contact Sun Canyon Bank.