6 Types of Scams and How to Help Protect Yourself

Every scam is after one thing: your money. Whether the goal is to get to your money directly or gather the data that unlocks it, fraudsters use a variety of social engineering tactics to trick you. Banks invest heavily in security, using advanced tools and trained teams to protect your accounts and stay ahead of emerging threats. But often, you are the first line of defense. Your ability to spot social engineering tactics can help prevent a fraud scheme before it even gets started.

Here are some of the most common financial scams with tips to help protect yourself from each one.

Account confirmation or service scams

How it looks: Telephone call, email message, or text message from what seems to be a legitimate company asking for your personal or account information to address an issue concerning your account. They may ask you to share your information over the phone or direct you to a fraudulent website through a link or a customer service number. Watch for phrases like this:

• We suspect an unauthorized transaction
• Your debit card has been deactivated, to reactivate
• We are conducting our regular account verification process

Help protect yourself: Never share your passwords or account details with anyone, use strong, unique passwords on all accounts and websites you visit, and enable multi-factor authentication.

Check cashing scams

How it looks: A fraudster will ask you to deposit a check into your own account and wire them the proceeds, inviting you keep a portion of the money in exchange for your effort. Inevitably, the check will be returned as counterfeit.

Help protect yourself: Never cash checks from people you don’t know and wait for checks to fully clear before using the funds, even if your bank makes them available quickly.

Sweetheart scams

How it looks: Also known as a romance scam, this scam is most notably used through online dating sites. A fraudster will develop a romantic relationship with you through texts, direct messages, or phone calls and eventually ask for money when they’ve earned your trust.

Help protect yourself: Be cautious with people you meet online who quickly profess love or ask for money. Never send money or share financial information with someone you haven’t met in person.

Work from home scams

How it looks: A job offer that promises easy money but requires upfront payments for training, supplies, or access to job opportunities. The fraudster might offer to move funds into your account with instructions to wire portions of those funds to pay “vendors” or to cover on-boarding or training costs for the new position.

Help protect yourself: Research companies thoroughly before accepting job offers and always be skeptical of jobs that require you to pay money upfront. If it seems too good to be true, it probably is.

Tech support scams

How it looks: Someone might claim to be tech support from a company you recognize. They’ll say there’s a problem with your computer and try to convince you to give them remote access, install software, or pay for a fake service. Sometimes it starts with a pop-up warning about a virus and urging you to download free security software. But that “solution” is actually malware. If you ever get a message like this, stop and think. Real tech support doesn’t work this way, and you should never give access or payment information unless you’re absolutely sure who you’re dealing with.

Help protect yourself: Ignore unsolicited tech support calls or pop-up warnings and contact your device manufacturer’s customer service line if you suspect a problem. If you bought your device at a brick-and-mortar store, you can even stop in to talk with an associate.

Investment scams

How it looks: Fraudsters promise high returns and may even create fake websites or online dashboards that show "profits." These scams aim to trick you into investing more and often involve cryptocurrency.

Help protect yourself: Be cautious of any investment that guarantees returns. Verify companies by independently researching the firm or organization and reaching out to them directly.

Scams come in all shapes and sizes, from sneaky account confirmation tricks to elaborate investment frauds. But staying one step ahead is easier than you think. Just remember to keep your personal info close, be wary of those too-good-to-be-true offers, and always double-check anything that seems fishy. By staying informed and cautious, you can help protect yourself.