Scams Bank Customers Should Be Aware of: Part 1

Scams Bank Customers Should Be Aware of: Part 1

Each and every single year, individuals within the United States are defrauded of billions of their hard-earned money. While many are under the impression that identity theft and scams will never detrimentally impact their lives, it is becoming increasingly common to be a victim of such complications. If you are reading this, you are taking the first step to safeguarding yourself – learning what types of scams that bank customers need to be aware of and what steps should be taken to avoid such scams. Here at Somerville National Bank, we pride ourselves of staying on top of the latest threats and educating our customers on these issues. Continue reading to learn about the latest scams that are currently affecting individuals that own a bank account.

Scam #1: Debt

Out of all of the current banking scams that are in existence, the debt collection scam is the most common. Those that engage in this illegal attempt to defraud you act as if they are debt collectors, law enforcement officers, and other individuals in high professional standing. They will inform you that you owe a debt and that they are attempting to collect the debt; however, you will quickly find this to be perplexing as the debt does not actually exist. The scammers may go as far as threatening you with arrest, legal complications, or even violence.

Scam #2: Ransomware

In recent months, we have heard a lot about ransomware in the news. In fact, this is considered to be one of the most common forms of digital fraud activity among bank owners. Essentially, ransomware is a malicious software type that hijacks and holds an electronic device as a hostage. While being held, the user of the device is unable to access any programs and/or files until they pay a set amount of money, or a type of “ransom”.

Scam #3: Lottery Scams

Who doesn’t want to be the winner of a large financial prize? We all dream of the day that we may be the next big winner. This is the basis of the lottery scams that are currently impacting banking customers. Basically, the victim of such a scam is informed that they have won a monetary prize; however, before receiving the money, a small amount of money to cover taxes and all associated fees must be sent to the issuing company. The “company” that receives the money for the taxes and fees is actually someone attempting to defraud another. The grand prize is never sent and the victim is out of the money that they wired to the so-called “company”.

This week, we have introduced you to three common scams that detrimentally impact individuals with a bank account -the debt management scam, the ransomware scam, and the lottery scam. As we continue this series, you will learn about other scams and the steps that you may take to prevent becoming a victim of such scams.

If you have any questions about the content in this guide or would like to learn more about safe banking strategies, you may contact one of our representatives at Somerville National Bank by visiting one of our

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