Unfortunately, scammers are getting more sophisticated in their attempts to separate you from your hard-earned money. But that doesn’t mean you’re powerless to fend them off. You must be on high alert when reviewing email and text communications from those you do business with — because they may be from scammers instead.
Bank and credit union scams are proliferating because those caught unaware can swiftly be scammed out of hundreds or even thousands of dollars without even realizing it. A good rule of thumb is to always be suspicious of any emails and texts you receive from your financial institution — since they may be from a clever criminal — and never click on any links in them or call a phone number specified within.
If you want to check the validity of an electronic communication, contact your branch directly to confirm it was indeed sent by them — use the phone number on the website or the back of your credit or debit card. If you learn it was not sent by your financial institution, take a screenshot and delete the message before reporting it both to your bank or credit union and the FTC.
Always keep in mind that according to CNET, most banks will never text, email, or call you to ask for personal or account information like your password or security access code nor will they ask you to verify your identity by clicking a link. Be especially wary of any communication that focuses on urgency — using a phrase like “act quickly” to avoid a disastrous situation — as the sender (scammer) is likely trying to scare you into making a quick decision.
In short, top tips from the American Bankers Association for dealing with email or text message scams are:
Keep yourself and your personal information safe from bank mobile alert scams and other suspicious activities by staying informed. Cathay Bank team members are available to answer questions and walk through any potentially fraudulent activity you may experience. You may also visit our Fraud Alerts page to learn more.
This article does not constitute legal, accounting or other professional advice. Although the information contained herein is intended to be accurate, Cathay Bank does not assume liability for loss or damage due to reliance on such information.
