Bank scams: Thieves pretend to help and keep your money.

Bank scams: Thieves pretend to help and keep your money.

Consumer scams are getting more creative with each passing year. He Federal Trade Commission (opens in a new tab) (FTC) reported that consumers lost more than $5.8 billion to scammers in 2021, an increase of more than 70 percent from the previous year. And the data for 2022 is expected to be even higher when it is released, as criminals experiment with more complex and inventive scams.

One of the latest technology-assisted tactics involves scammers contacting you posing as your bank, stealing sensitive data and taking over your accounts. So how do these scams work and how can you protect yourself?

Phony Bank Scams: How They Work

He Detroit Free Press (opens in a new tab) reports a recent increase in scammers targeting checking and bank accounts, particularly during the recent holiday shopping rush. The latest trend is to impersonate or “fool” bank fraud departments.

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