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Anyone can be susceptible to financial scams. Fraudsters are an ever-present threat, looking to steal personal information and gain access to your money and account information.
According to the Insurance Information Institute, 47 percent of Americans experienced financial identity theft in 2020 totaling $712.4 billion.
What are money scams? Money scams take all shapes and forms. Typically, a fraudster will charm or bully you into forking over money or valuable personally identifiable information by impersonating someone you know or an institution you trust. The scammer may pretend to be a bank representative or impersonate a tax collector – and threaten to throw you in jail unless you pay up. The fraudster may even take the guise of a charity and scam you into donating funds to a bogus organization.
Avoid Bank Scams. There are lots of types of bank scams. Fraudsters will email you from an address that looks like your bank's email address and ask for your login and password. Or they might impersonate bank representatives over the phone and charm their way into learning your account information. Presidential Bank will never call or write to ask you to reveal private, personal, or account information. Scammers are not just targeting bank information. Apply the same good sense when dealing with someone claiming to be from the IRS, tax preparers, or financial investment personnel. Scammers may try to acquire or use information via text, email or over-the phone.
Remember these important tips:
What to do if you're scammed.
If you are the victim of a scam, don't let embarrassment prevent you from reporting the crime to the authorities. If your identity has been stolen, call the companies where the fraud occurred and let them know that someone has taken your identity. Ask them to place a fraud alert on your accounts, then change your login and passwords. Some financial accounts, such as your credit card, are required to limit your financial liability if your information is stolen. Contact the credit-reporting bureaus to correct any false information and ask for a fraud alert or a freeze on your account. Depending on the type of identity theft, you may also need to alert authorities about your misused Social Security number and replace it at your local SSA office or stop debt collectors calling you about a debt you don't owe. Depending on the type of scam, you may want to report it to one or more official organizations that deal with specific categories of lawbreaking. Most financial scam reports can go to the Federal Trade Commission, through its Complaint Assistant. You can report IRS impostors to the Treasury Inspector General for Tax Administration. Investing scam complaints may go through the Securities and Exchange Commission or your own state's securities regulator. Report fake check scams to the U.S. Postal Inspection Service. You may even file a report through your local police department. Conduct a quick online search if you're unsure of where to report the type of scam you've experienced.
*APY = Annual Percentage Yield Presidential Bank reminds you that email@presidential.com is NOT a secure means of communication. Please refrain from including personal information such as account numbers, Tax ID/Social Security numbers, passwords, etc. We encourage you to maintain contact with us through our Secure Email service, located within Personal Online Banking. Help us keep YOUR personal information PRIVATE!