Protect Yourself from Financial Scams Knowing that Banks Will Never Ask That

As technology and fraud advances, it’s important to know that banks will never ask you for your:

You should always be cautious of and evaluate suspicious emails, text messages, and phone calls. All these mediums are commonly used to commit financial fraud.

There are several different tactics that scammers use to commit fraud, but they all share some common characteristics. The messages usually present a sense of urgency or utilize fear tactics, with the implication that something bad will happen if you do not act fast and carry out the request.

Below are some of the most common types of fraud, how to identify them, and how to protect yourself from financial crime.

Phishing

Phishing uses malicious emails to trick you into revealing sensitive information. Be cautious of unexpected email messages or text messages and avoid clicking on suspicious links.

Phishing emails often convey a sense of urgency. The email may say something along the lines of “Click the link to verify your account information, or your account may be suspended,” or “We’ve noticed suspicious activity on your account. Please share your username and password so we can verify your login information.” These emails also often have typos, misspelled words, and are extremely vague.

Smishing

Also known as “SMS Phishing,” smishing uses text messaging to lure victims into sharing confidential information or performing certain actions. These scams attempt to have victims update their credentials, send money, or download malicious software. As with phishing, these messages often use a sense of urgency, novelty, or fear.

In the business world there has been an increase in “CEO Fraud” phishing and smishing attacks. These attacks use email and text messages purportedly from the CEO asking employees to perform certain actions such as wiring money.

Vishing

Vishing, or “voice phishing,” is phishing that’s done over the phone. Vishing calls may be from a real person or from a pre-recorded call. With the emergence of AI, be especially wary, as voices can be impersonated. Scammers accomplish vishing by posing as a trustworthy or authoritative voice during the phone call. They may even be able to change the caller ID so that it appears to be legitimate.

During a vishing phone call, a scammer may ask for your personal information and can even offer financial details such as bank account numbers or login passwords.  

Protecting Yourself from Financial Scams

When you receive an urgent message, you should remain calm and review the message carefully. When in doubt, don’t open suspicious emails or texts or click on any links.

If you receive a questionable phone call, you should listen to your instincts and hang up immediately. You can also block the number if you receive multiple calls. Do not call the number back. If you are concerned that the call could have been legitimate, you can dial a known and trusted phone number of the company or individual and ask them about the recent phone call.

It’s important to remember: Poppy Bank will never contact you and ask you to confirm sensitive information such as a banking username, password, social security number, account number, or a verification code.

Poppy Bank is here to help safeguard your finances. If you think you may have become a victim of fraud, or if someone contacts you claiming to be a Poppy Bank representative, simply hang up and contact us directly at (888) 636-9994.

We hope these tips empower you to protect yourself and your financial security. Share these tips with friends and family and remember to always trust your gut. With a little extra caution, you can help combat fraudulent activity.