Scammers are adept at adapting their stories and disguises, evolving the specific narrative they use to trick people. However, the underlying tactics they deploy remain consistent. Recognizing these consistent themes can help you spot a scam before it’s too late. Here are some common red flags to watch out for when dealing with unfamiliar requests or offers.
Tips to help spot and avoid a scam
November 11, 2024 | 5 minute read
You're contacted out of the blue
If you’re contacted unexpectedly by phone, email, text, direct message or pop-up with a request for personal information or money, that is a major red flag. Your bank or financial institution should never text, email, call, or visit you at your home asking for personal or account information. Remember, never click a link or download an attachment from someone you don't know.
You're pressured to act immediately
Another tactic is pressuring you to act immediately with an alarming phone call, email or text that plays with your emotions. Scammers may pose as an employee from a familiar organization, such as your bank, and say there's a problem that needs immediate attention. Do not act unless you have verified the person who has contacted you and the story or request is legitimate.
You're asked to pay in an unusual way
Be aware if you’re asked to pay in an unusual way, like gift cards, cryptocurrency, prepaid debit cards or digital currency, including Zelle® to resolve fraud.1 Your bank or financial institution should never ask you to transfer money to anyone, including yourself, and should never ask you to transfer money because fraud was detected on your account.
You're asked to provide personal or account information
Use caution if you’re asked to provide personal or account information, such as an account verification code, bank account number or Personal Identification Number (PIN). When in doubt, don't give it out. Your bank or financial institution should never text, email or call you asking for an account authorization code.
It seems too good to be true
Were you offered a free product or an opportunity that seems too good to be true? If something sounds too good to be true, it probably is. Also, never cash a check for someone you don't know. If you authorize a transfer or send money to a scammer, there's often little that can be done to help get your money back.
The bottom line
By staying vigilant and familiarizing yourself with these red flags, you can better protect yourself and your business from scams. Trust your instincts and always verify before acting on any unsolicited offers or requests. In doing so, you can avoid the financial losses, emotional distress, and data breaches that often result from falling victim to a scam.
1 Zelle® should only be used to send money to friends, family or others you trust. We recommend that you do not use Zelle® to send money to those you do not know. Transfers require enrollment in the service with a U.S. checking or savings account and must be made from an eligible Bank of America consumer or business deposit account. Transactions between enrolled users typically occur in minutes and Bank of America does not charge a transfer fee. We will send you an email alert with transaction details after you send money using Zelle®. Dollar and frequency limits apply. See the Online Banking Service Agreement for further details. Data connection required. Message and data rates may apply. Neither Bank of America nor Zelle® offers purchase protection for payments made with Zelle®. Please treat Zelle® payments like cash, once you send the money, you are unlikely to get it back – for example, you do not receive the item you paid for using Zelle® or the item received is not as described. Regular account fees apply. In some circumstances, you may not be able to enroll in Zelle® immediately. To send or receive money with a small business, both parties must be enrolled with Zelle® directly through their financial institution's online or mobile banking experience.
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
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