Protecting Your Accounts and Financial Information
Financial fraud is continuously evolving, with criminals using increasingly sophisticated techniques to target both consumers and businesses. Understanding common fraud schemes and taking proactive steps can significantly reduce your risk.
Common Types of Financial Fraud
Identity Theft
Fraudsters steal personal information—such as Social Security numbers, account credentials, or login information—to open accounts or conduct unauthorized transactions. Identity theft remains one of the most common forms of financial fraud in the United States
Phishing & Impersonation Scams
Criminals may impersonate banks, government agencies, or trusted businesses through emails, phone calls, or text messages to pressure individuals into sharing sensitive information or authorizing payments. These scams are increasingly sophisticated and often create a false sense of urgency.
Business Email Compromise (BEC)
BEC scams target businesses by impersonating executives, vendors, or clients to trick employees into sending wire transfers or ACH payments. This type of fraud frequently involves “authorized push payments,” which can be difficult to recover.
Check & ACH Fraud
Fraudsters may alter checks, create counterfeit items, or initiate ACH transactions under false pretenses. Financial institutions and regulators have identified increasing losses related to these payment methods.
Current Scams to Watch For
Bank Impersonation Messages
Messages claim suspicious activity and ask you to click a link or call a number to “secure” your account.
Payment Redirection & Invoice Scams
Fraudsters impersonate vendors or executives to request changes to payment instructions
Authorized Push Payment (APP) Scams
Victims are tricked into approving ACH, wire, or real‑time payments under false pretenses
Check Washing & Mail Theft
Checks are stolen, altered, and redeposited with changed payees or amounts.
Account Takeover Attempts
Criminals use stolen credentials or malware to access accounts and initiate transactions
FAQ
What should I do if I see suspicious activity?
Contact us immediately and secure your credentials. Acting quickly can help limit losses
Can fraud involve authorized payments?
Yes. Some scams trick customers into approving payments under false pretenses
Do fraud tactics change often?
Yes. Criminals constantly adapt, which is why staying informed is important
Will the bank ever ask for my password or one‑time code?
No. Banks do not request full passwords, one‑time passcodes, or login credentials by phone, text, or email.
Can fraud happen even if I don’t share my information?
Yes. Fraudsters may use stolen data from breaches or impersonation tactics without direct customer involvement
Are text messages a common fraud method?
Yes. Smishing (fraudulent texts) often claims urgent account issues or payments due to prompt immediate action.
Is check fraud still a risk?
Yes. Altered, counterfeit, and stolen checks remain a significant source of losses in the banking industry
Why do fraudsters create urgency?
Urgency pressures people to act quickly without verifying details, increasing success for scammers.
Are businesses also targeted?
Yes. Businesses are frequently targeted through invoice fraud, payroll scams, and Business Email Compromise (BEC)
Does multi‑factor authentication really help?
Yes. Multi‑factor authentication significantly reduces unauthorized account access.