Scammers have always existed, but in times of inflation they seem to multiply. While inflation may be easing, scammers are on the rise, looking for new and different ways to separate you from the money in your savings or checking account.
Here we’ll cover the five biggest scams – the biggest hits, if you will. And more importantly, we’ll also tell you how to avoid being scammed.
1. Fraud with fake bank messages
Scammers put a lot of energy into devising ways to trick you. One way is to pretend to be a representative of your bank. They send you an email, text message, social media message, or letter through the U.S. Postal Service that actually looks like it came from your bank.
Each scam is designed to get your money. For example, you might receive a text message from your “bank” informing you of suspicious activity on your account. If you fall for it, you’ll be asked for personal information like your social security number or bank account number to “confirm it’s really your account.”
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American Express® High-Interest Savings 
APY 4.25%
Price info
4.25% annual percentage rate from August 12, 2024
Member of the FDIC. |
APY 4.25%
Price info
4.25% annual percentage rate from August 12, 2024 |
Min. to earn 1 dollar |
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CIT Platinum Savings 
APY 5.00% APY for balances of $5,000 or more
Price info
5.00% APY for balances of $5,000 or more; otherwise 0.25% APY Min. to earn $100 to open an account, $5,000 for maximum APY
Member of the FDIC. |
APY 5.00% APY for balances of $5,000 or more
Price info
5.00% APY for balances of $5,000 or more; otherwise 0.25% APY |
Min. to earn $100 to open an account, $5,000 for maximum APY |
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UFB Portfolio Savings Account 
APY 5.15%
Price info
To ensure you continue to receive the highest interest rate with UFB, you need to keep an eye on their interest rates. Occasionally, the bank opens new accounts with higher interest rates. Existing accounts will need to contact the bank to request to be transferred to one of these new accounts.
Member of the FDIC. |
APY 5.15%
Price info
To ensure you continue to receive the highest interest rate with UFB, you need to keep an eye on their interest rates. Occasionally, the bank opens new accounts with higher interest rates. Existing accounts will need to contact the bank to request to be transferred to one of these new accounts. |
Min. to earn $0 |
How to avoid this scam: Understand that your bank never Contact you by phone, email, SMS or letter and ask you to provide confidential information. If you are contacted, break off contact immediately and call or visit your bank. Inform customer service about the incident. Your bank will instruct you to avoid any future communication with the potential scammers.
2. Job fraud
If you dream about working from home, you may be particularly vulnerable to this scam. Thieves have learned that they can scam people out of money by pretending to have a legitimate job that they can do from home.
The problem is that there are so many work-at-home scams that it’s hard to guess which scammers are out there taking money. They may tell you that a job involves assembling parts. They tell you that you have to buy the parts up front to start the work. But there’s no job. Once you pay for “the parts,” the scammer disappears.
There is also a nasty little scam that takes checks and deposits them into your bank account, then transfers the money back to the scammer. The scammer will tell you that you will receive a commission for completing the transaction. Although you may earn a small commission, you may also be breaking the law by laundering money for them.
And once you start working with the scammer, they have an excuse to gain access to your bank accounts and steal your assets.
How to avoid this scam: Never accept a job that requires payment up front, and never give anyone access to your financial information, no matter what they promise you.
3. Check overpayment fraud
Someone purchases an item you are selling with a check or money order. However, the check or money order is made out for a larger amount than the buyer owes. The “buyer” contacts you and asks you to cash the check and send him the difference by mail or wire transfer. Let’s say he owes $50, but the check is made out for $100. He will ask you to pay him back the $50 he “overpaid.”
In fact, the check or money order is a fake, but you won’t know that until you deposit the amount into your checking or savings account. By the time you find out, you’ve already made the overpayment requested by the scammer.
How to avoid this scam: If you receive a cashless payment, call the issuing bank to confirm it came from a real account. You can also ask your bank to confirm the authenticity of the check. Never send money to anyone until you have confirmed that the payment is legitimate.
4. Pity fraud
This scam starts when someone approaches you near your bank. They tell you a sad story about how they need money to buy groceries or diapers, fix their car or buy a bus ticket home. They claim that they have the money in their bank account, but they don’t happen to have an account at The Bank. Finally, they ask you to cash a check they wrote and give them the money.
A day or two passes before you realize that the check was not valid and the funds you transferred were debited directly from your account.
How to avoid this scam: Never cash a check for anyone, especially a stranger. If someone tells you they don’t have an account at your bank and you need to cash their check, remind them that anyone can cash a check at a bank as long as they pay a small non-customer fee. No one who actually has a bank account needs help cashing a check.
5. Cheating with close friends or family
Unfortunately, it’s common for people you know and trust, like good friends, family members, or caregivers, to try to get money from you. The person slowly makes you feel comfortable sharing information with them. Even if you don’t directly share information like your social security number, PINs, or account numbers, you feel close enough to them to casually give them access to sensitive banking information.
How to avoid this scam: No one wants to believe that someone they trust is stealing their money, but it happens every day. Unless you give a person full access to your bank accounts, you should always hide sensitive financial information. The best way to avoid a broken relationship is to eliminate all temptations.
It’s sad to think about being scammed by anyone, let alone someone you know. The most important thing you can do to protect yourself is to realize that desperate people do desperate things and it’s up to you to make sure your money is safe.
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