Most Common Financial Fraud Schemes
Identity TheftThis is where fraudsters call you pretending to be the bank and request personal information. Some of the information they request is passwords and login details, which they will log into your accounts and steal from you.
Fake ChecksThis scam is becoming very popular because it takes a few days for a check to be verified. Therefore, when someone issues you a fake check, they will be long gone before you receive the confirmation.
Tax RefundFraudsters will request your details pretending to be a financial institution. Once they have them, they file tax returns in your name, reporting incorrect figures to maximize refunds. They have the refund sent to an account of their own and collect the money.
Credit Card FraudCredit cards are easy to get access to, especially if people know where you keep them. All someone needs are the card details and they can use it to make payments. Sometimes, fraudsters acquire these details through phone calls pretending to be financial institutions. Therefore, it’s important to be wary of who you are giving your credit card information to, and occasionally, request statements to keep track of your transactions, as this will help you notice any suspicious activity.