Banking Scams

The most common banking scams include:

• Overpayment scams  Someone sends you a check, instructs you to deposit it in your bank account, and wire part of the money back to them. But the check was fake, so you’ll have to pay your bank the amount of the check, plus you’ll lose any money you wired.

• Unsolicited check fraud - A scammer sends you a check for no reason. If you cash it, you may be authorizing the purchase of items or signing up for a loan you didn’t ask for.

• Automatic withdrawals - A scam company sets up automatic withdrawals from your bank account to qualify for a free trial or to collect a prize.

• Phishing  You receive an email message that asks you to verify your bank account or debit card number.

The proper organization to report a banking scam depends on which type of scam you experienced.

• Report fake checks you receive by mail to the US Postal Inspection Service.

• Report counterfeit checks to the Federal Trade Commission, either online or by phone at 1-877-382-4357.

• Contact your bank to report and stop unauthorized automatic withdrawals from your account.  

• Forward phishing emails to the Federal Trade Commission at This email address is being protected from spambots. You need JavaScript enabled to view it..

Remember these tips to avoid a banking scam:

Do

• Be suspicious if you are told to wire a portion of funds from a check you received back to a company.

• Be wary of lotteries or free trials that ask for your bank account number.

• Verify the authenticity of a cashier’s check with the bank that it is drawn on before depositing it.

• When verifying a check or the issuer, use contact information on a bank’s website.

Don’t

• Don’t trust the appearance of checks or money orders. Scammers can make them look legitimate and official.

• Don’t deposit checks or money orders from strangers or companies you don’t have a relationship with.

• Don’t wire money to people or companies you don’t know.

• Don’t give your bank account number to someone who calls you, even for verification purposes.

• Don’t click on links in an email to verify your bank account.

• Don’t accept a check that includes an overpayment.