The Most Common Banking Scams—and How to Spot Them
Scammers are getting more sophisticated. They can make phone numbers look legitimate, copy a bank’s website, send convincing text messages, and even use personal information to make their story believable.
While the tactics may change, most banking scams have one thing in common: they try to create a sense of urgency so you act before you have time to think.
Knowing the most common banking scams—and the warning signs to watch for—can help you protect your accounts, identity and money. Union Federal is also here to help if something does not seem right or you are unsure whether a communication is legitimate.
1. Bank Impersonation Scams
In a bank impersonation scam, someone may call, text or email you pretending to be from your bank. They may claim there is suspicious activity, a locked account or an urgent transaction that needs your attention.
The scammer may ask for your online banking password, PIN, account information, or a one-time security code.
How to Spot It
Be cautious anytime someone unexpectedly asks for sensitive information or pressures you to act immediately. If you are unsure, contact your bank directly using a trusted phone number or its official website.
2. Phishing Emails and Text Message Scams
Phishing scams are designed to trick you into clicking a link or providing personal information.
Common messages may say:
- “Your account has been suspended.”
- “Did you make this purchase?”
- “Click here to verify your identity.”
The link may take you to a fake bank website created to steal your login information.
How to Spot It
Avoid clicking unexpected links in emails or text messages. Instead, open your bank’s mobile app or type its website address directly into your browser.
3. Payment App Scams
Scammers may claim your bank account has been compromised and tell you to transfer money using Zelle®, Venmo or another payment app.
They may even instruct you to send money to yourself or to a so-called “safe account.”
How to Spot It
Your bank will not ask you to transfer money to protect your account. Only send money through payment apps to people and businesses you know and trust.
4. Fake Check Scams
Fake check scams often involve someone sending you a check, asking you to deposit it and then requesting that you return part of the money.
The check may initially appear in your account before it is later identified as fraudulent.
How to Spot It
Be suspicious if someone overpays you or asks you to send money back after depositing a check.
5. Online Banking Account Takeover
Criminals may use stolen usernames and passwords to gain access to your online banking account and make unauthorized transfers or changes.
Watch out for:
- Password reset notices you did not request
- Unrecognized transactions
- Changes to your contact information
- Transfers or new payees you did not set up or authorize
Use strong, unique passwords and enable multifactor authentication whenever possible.
6. Tech Support Scams
In a tech support scam, someone may claim there is a problem with your computer, phone or bank account and ask you to install software that gives them remote access to your desktop, phone or tablet.
How to Spot It
Never give someone remote access to your device unless you initiated the contact and know who you are working with.
Warning Signs of a Banking Scam
Many bank scams share the same red flags. Be cautious if someone:
- Pressures you to act immediately
- Requests your password, PIN or verification code
- Asks you to move money to “protect” it
- Requests payment through gift cards or cryptocurrency
- Tells you not to talk to your bank or family
- Makes an offer that sounds too good to be true
What to Do if You Think You’ve Been Scammed
If you believe you shared information with a scammer or notice suspicious activity in your account, contact Union Federal as soon as possible.
Our team can help you review suspicious activity, determine appropriate next steps and take measures to help protect your accounts.
The best way to avoid banking scams is to slow down and verify before you act. When something does not seem right, contact Union Federal directly before sharing information or sending money.
