What Are The Best Ways to Protect Your Bank Account?

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Throughout the course of the past few years, there has been a persistent rise in the number of individuals who have fallen prey to bank scams. Just in the year 2020, the Federal Trade Commission (FTC) received 2.2 million reports of fraud, and it was estimated that Americans had lost $3.3 billion due to fraud. 

Bank Account

The vast majority of people have either been the target of an illegitimate text message or email purporting to come from their bank or have been aware of strange attempts to get into their account. These red flags should serve as a warning that you are the target of financial con artists. Furthermore, you should avoid ignoring them.

In order to protect the money you’ve worked so hard to achieve, you need to be aware of the various banking cons that con artists employ, how they try to get their hands on your money, and the best way to keep your accounts safe permanently.

How Do Bank Scams Take Place?

The purpose of any fraudulent activity involving a bank is to gain access to your bank account. Unfortunately (for the con artists), they cannot access your account in any other way than with your assistance.

In order to fall victim to a bank scam, you must either provide personal financial information to the con artist, allow malware to be installed on your devices, or utilise checks and other banking materials that have not been checked.

The following is a list of some of the more frequent ways that a con artist will try to defraud you:

  • Send you fake cheques that contain language that will legally bind you to a certain activity.
  • Sending a spam email or a bogus SMS message that looks legitimate and asks you for a response with a log-in code or a link to download malware is a common tactic used by cybercriminals.
  • Phishing websites will try to trick you into divulging sensitive information such as your credit card number or bank account details.
  • Pretend to be a customer service representative from your bank and call them up to ask for your account number.
  • Through the use of malware or viruses, you will attempt to acquire remote access to your online banking platform.
  • Purchase information on your financial accounts on the dark web.

Lost money to online fraud? We will recover your funds !

    We only process cases of more than $5000

    Common Types of Bank Scams

    1. Overpayment Scams

    Overpayment scams target internet retailers and sellers. A con artist will pose as a buyer in order to defraud you by sending you a check, money order, or proof of payment (from an online payment processor) for an amount that is greater than the purchase price.

    After that, they will ask you to pay the difference back either an online payment or a wire transfer, whichever is more convenient for you. However, the initial method of payment was fraudulent, which means that you will not only lose the money that was refunded to you but also, in many cases, the amount that the product “sold” for.

    If you’re a victim of a Crypto scam please get in touch with us to that we can help you get your money back!

    2. Employment Scams

    Scammers frequently target those looking for work since these individuals are accustomed to providing personal information.

    An employment con artist will post a job opening, and then, as part of the hiring process, they will ask for your identification documents to verify your identity. They will be able to steal your identity and access your bank account as soon as they get their hands on your personal information, such as your ID, your Social Security number, and so on.

    Setting up fraud and credit monitoring is a smart move to make if you are currently looking for work. This will allow you to check that no one is abusing your credentials for unethical purposes.

    How to Protect Yourself from Bank Scams?

    Bank Account Scam

    The unpleasant reality is that scammers have more opportunities than ever before to access your bank account. You need to keep a vigilant eye out for the telltale indications of a bank scam and protect your accounts from being hacked in order to keep yourself safe.

    Use a robust password and two-factor authentication to protect your online bank account. Phishing emails and bogus websites are two of the most common methods that hackers use to steal the login credentials for online bank accounts. Create a one-of-a-kind password for your account, and then enable two-factor authentication. Use a password manager to store all of your passwords in an encrypted format and to receive alerts when you are about to enter them on a website that could be a phishing scam.

    Check your credit report and your bank statements on a consistent basis. If fraudsters obtain access to your bank account, they will frequently begin their scheme with very minor transactions in order to avoid being discovered. Be on the alert for red flags that could indicate that your identity has been stolen, such as unusual charges appearing on your bank statement or accounts that you do not recognise.

    Key Takeaways!

    Monitoring and notifications of financial activity serve as the primary line of defence against fraud perpetrated by financial institutions. The quicker you are able to recognise that someone is attempting to access your accounts, the faster you will be able to prevent further damage from taking place.

    The Global Payback is here to help you out in catching your scammer as well. For more trending scams visit our news page.

    Lost money to online fraud? We will recover your funds !

      We only process cases of more than $5000

      We do understand that you’ve already been scammed online and that you’re naturally afraid of paying online. This is why we do offer a free case review, and won’t charge anything if your case isn’t qualified. Please do your part of the deal, and submit your case only if you truly intend to proceed with the recovery process.


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