Bank frauds. scammers pretend to help and take your money.

Consumer scams are getting more creative every year. It Federal Trade Commission (opens in new tab) (FTC) reported that consumers lost more than $5.8 billion to fraud in 2021, an increase of more than 70 percent from the previous year. And the 2022 figures are expected to be even higher when they are released as criminals experiment with more sophisticated and inventive scams.

One of the latest tech-enabled scams involves scammers contacting you pretending to be your bank in order to steal sensitive data and take over your accounts. So how do these scams work and how can you protect yourself?

Bank frauds. how do they work?

It Detroit Free Press (opens in new tab) reports a recent surge in scams targeting checking and bank accounts, especially during the recent holiday shopping rush. A recent trend is to impersonate or “spoof” bank fraud departments.

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