Protect your money: how to avoid today’s most common banking scams

Published 1:30 am Friday, August 7, 2026

Whether it’s a text about suspicious account activity, a phone call claiming to be from your bank, or an urgent message demanding immediate action, scammers keep finding new ways to trick people into giving away money and personal information.

Last year, the Better Business Bureau reported a 13.6% increase in fraud complaints. The Federal Trade Commission says consumers lost more than $12.5 billion to fraud in 2024, a 25% jump from the prior year.

Understanding how these scams work makes it easier to spot warning signs. Below are some of the most common tactics and simple steps to protect yourself.

Bank Impersonation Scams

A fast-growing scam begins with a text or call that appears to come from your bank. The message may claim there’s suspicious activity, that your debit card is locked, or that you must act immediately to protect your account.

Scammers create urgency to push you into sharing sensitive details. They may ask for your online banking username and password, a one-time verification code, your debit card PIN or full card number, or to transfer money to a “safe” account.

These are red flags. Banks will never ask you to move money to protect it or request your password, PIN, or one-time security code. Caller ID and text senders can be spoofed to look legitimate.

Phishing Texts and Emails

Scammers send convincing emails and texts that appear to come from banks, delivery services, retailers, or government agencies. Messages often include links to fake websites designed to steal login credentials or install malware.

Before clicking a link, pause and ask: Were you expecting this message? Do you recognize the sender? Does the message create unnecessary urgency?

If you’re unsure, don’t click. Instead, type the company’s website address into your browser or call the organization using a verified phone number.

Payment Scams

Some scams pressure you to send money yourself. A scammer might claim they’re protecting your account, helping recover lost funds, or resolving a fabricated problem. They often insist on payment methods that are hard or impossible to reverse, such as wire transfers, cryptocurrency, gift cards, or peer-to-peer payment apps.

If someone pressures you to send money immediately using one of these methods, it’s almost certainly a scam.

How to Protect Yourself

A few simple habits can dramatically reduce your risk.

• Stop before you act. Scammers rely on quick reactions. If a message feels urgent or alarming, pause.
• Verify independently. End the conversation and contact the bank or organization using a phone number or website you know is legitimate.
• Never share sensitive information. Protect online banking credentials, passwords, one-time passcodes, debit card PINs, and account security codes. Legitimate institutions will not ask for these by phone, text, or email.
• Confirm requests involving money. Whether it’s transferring funds, buying gift cards, or clicking a link, take time to verify the request.

Think You May Have Been Scammed?

Act quickly; it can make a difference. Stop communicating with the suspected scammer immediately. Contact your bank or credit union right away so they can secure your accounts. Change passwords for any accounts that may have been compromised. And monitor account activity closely and report unauthorized transactions immediately.

When dealing with common bank scams, a healthy dose of skepticism is your best defense. While common, the tactics are often predictable: urgency, pressure, and requests for sensitive information. It’s always okay to stop and verify before you respond. And it’s always a good idea to call your bank. A few extra minutes could save you from becoming a scammer’s next victim.

Angela Saffery is Branch Manager for First Fed Bank in Silverdale. She can be reached at Angela.Saffery@ourfirstfed.com. First Fed is a Member FDIC and Equal Housing Lender.