7 Most Common Bank Scams and How to Protect Yourself

Banking scams are a common type of fraud that target individuals and businesses, often through the use of email, phone, or in-person communication. These scams can take many forms, and it is important to be aware of the most common Bank scams and how to protect yourself.

In this article, we will discuss the 7 most common bank scams and how to protect yourself from them.

1. Phishing Scams

Phishing scams involve criminals sending fake emails or texts claiming to be from a legitimate bank or financial institution, often requesting personal information or asking the recipient to click on a link. These emails or texts may contain malware that can infect the victim’s device or steal personal information.

To protect yourself from phishing scams, be wary of any unsolicited emails or texts, and never click on links or download attachments from unknown sources.

2. Phone Scams

Phone scams often involve criminals posing as bank employees or representatives of financial institutions and attempting to obtain personal information or money from the victim. These scams can take many forms, such as claiming that the victim’s account has been compromised or offering a “special promotion.”

To protect yourself from phone scams, never give out personal information over the phone, and be wary of any unsolicited calls.

3. Lottery Scams

Lottery scams involve criminals claiming that the victim has won a large sum of money in a lottery, often an international lottery that they did not enter. The victim is then told that they must pay a fee in order to receive their prize, which may be in the form of a check or wire transfer. These fees are often disguised as taxes or other charges.

To protect yourself from lottery scams, be aware that you cannot win a lottery that you did not enter, and do not send any money to claim a prize.

4. Investment Scams

Investment scams often involve criminals offering unrealistic returns on investments or selling fake or worthless investment products. These scams can be particularly tempting for seniors who may be looking for ways to supplement their retirement income.

To protect yourself from investment scams, be cautious about any investment opportunities and do your research before committing any money.

Also Read: The Top Frauds and Scams Targeting Senior Citizens: How to Protect Yourself

5. Fraudulent Check Scams

Fraudulent check scams involve criminals sending fake checks to the victim, often in connection with an online sale or job offer. The victim is then asked to deposit the check and wire a portion of the funds to the scammer. The victim may not discover that the check is fake until several days later, at which point they are responsible for repaying the bank the amount of the check.

To protect yourself from fraudulent check scams, be cautious about accepting checks from unknown sources and verify the legitimacy of the check with the issuing bank before depositing it.

6. Identity Theft

Identity theft involves criminals stealing personal information, such as a person’s name, social security number, or bank account information, in order to open fraudulent accounts or make unauthorized charges.

To protect yourself from identity theft, be cautious about giving out personal information, use strong passwords, and regularly monitor your bank and credit card accounts for unauthorized activity.

7. ATM Skimming

ATM skimming involves criminals installing devices on ATMs that capture the personal information of users, such as their card numbers and PIN.

To protect yourself from ATM skimming, be cautious about using unfamiliar ATMs, cover the keypad when entering your PIN, and regularly check your bank statements for unauthorized charges.


Banking scams are a common type of fraud that can take many forms, including phishing scams, phone scams, lottery scams, investment scams, fraudulent check scams, identity theft, and ATM skimming. It is important to be aware of these scams and to know how to protect yourself.

By being cautious about unsolicited emails and phone calls, doing your research before committing to any investment, being careful about giving out personal information, and regularly monitoring your accounts, you can protect yourself from banking scams and safeguard your personal and financial information.