Scams that target your bank account: What you need to know and how to avoid them

First off, you need to understand that scams target all people irrespective of one’s background, age, or income level. Most scams, similarly, succeed because they look like the legit thing and catches one unawares when they are not expecting.

Scammers are getting smarter and they are taking advantage of new technology to come up with believable stories that will likely convince you to give them your money or your personal bank details.

Here, we look at three scams that target your bank account:

Case in point, a scammer approaches you with a claim that they are investigating a dishonest teller and then informs you that that an official from the bank will be contacting you about how you can be of assistance.

The alleged official, in most cases, asks you to withdraw your money and support them in the investigation.

Remember, when conducting an investigation, law enforcement doesn’t solicit help as this helps them keep the investigation covert so that those being investigated are not alerted.

While ATMs are convenient for bank customers, they are also convenient for thieves. Scammers would install wireless equipment on legit ATMs to steal your card number and PIN.

Some of the attachments they use perfectly fit over the existing card slots and they look like the original slots. This attachment then collects your card details.

They can also have cameras in the booth that record your keystrokes when you type your PIN.

Always beware of unusual things when using the ATM such as unusual instructions on the screen asking you to enter your PIN more times than required.

Also, cover the keypad when typing your PIN, use one hand to cover the keypad while typing in your pin with the other hand.

This type of scam is mostly set up via either an email or through a telephone call. The scammers use the scare tactic that your account has been temporarily suspended and that the bank is undertaking a review of all accounts to eliminate waste and fraud.

They then request information necessary to do the review- mostly your name, account number, ATM card number and PIN.

They even throw in threats like if you don’t provide the details your account will be permanently cancelled.

When faced with such a case, never give your details. Instead, contact your bank.

Ways to avoid being scammed

If you are not certain that the call, email, or text you are receiving is legitimate from a source you can trust, or you suspect it is from a scammer, do not click any links it has or do not reply to it. Best, do not even open it or receive it

Don’t trust caller IDs or answer random calls from unknown numbers: If you receive a call and it seems suspicious, hang up immediately.

Scammers have come up with ways to trick you by using caller IDs you can recognize. Phone numbers can easily be spoofed to appear to be from a legitimate caller.

Therefore, you need to be extra careful when receiving calls especially from your finance providers like banks and Saccos.

You should never give anyone your personal identifiable information until you are certain the reason and the person are both legitimate.

Remember, banks hardly as you to send any personal information like account number or PIN over text, email or call.

If someone contacts you and you find it suspicious, ensure you validate by, say, calling the financial organization they claim to be representing through their official number (mostly found on their official website) and confirming.

Scammers tend to ask victims to use unusual payment methods which may include gift cards or virtual currencies like Bitcoin. If you don’t trust the process, avoid it all together.

All in all, if you ever feel you may be a victim of a scam, always contact your bank/Sacco immediately.