How to Avoid a Bank Scam

Investing money can be a daunting task. There are so many options, and banks with different interest rates and offers. Sometimes a bank offer may even seem too good to be true, and guess what? It just might be. In recent years with the advent of online banking, banking scams have sharply risen. People are falling for these scams more and more, resulting in money loss and heartache. So how do you spot these types of scams? Well, this article will show you.

Types of Scams

One of the most popular usually comes through as a text or email. The message claims to be from the customer’s bank and asks for advice about new direct debits that have been set up. The messages continue by asking the recipient to contact their bank using a specific number that has been provided in the email in the case that these are unauthorized transactions. Of course, many people panic at this point and will indeed ring this number. Upon ringing, they are asked to provide a number of personal details allowing the scammers to access the user’s account and make payments from it. Another method is through the use of official looking websites. Often people will click a button, which provides the scammers with access to personal details, again allowing them to be able to make payments from their bank account.

Avoiding Scams

To avoid getting caught out, recipients of a scam email such as the type outlined above should only use the registered bank number provided on a bank statement, never the one provided in the email. Banks also don’t contact their customers via text and will never ask for personal details in this manner.

If you ever feel that you have been a victim of fraud, it is important to contact your bank immediately so that they can help resolve the problem.