Fraud Blog: Know Your Scams

03/16/2026

Banks Never Ask That!

Scammers are increasingly posing as representatives from banks’ fraud departments to trick people into giving away money or personal information. These calls can sound legitimate and often create a sense of urgency.

It’s important to remember one simple rule:

Never provide personal or account information to anyone who contacts you claiming to be from your bank.


What a bank will NEVER ask you to do:

A legitimate bank employee will never:

  • Ask you to withdraw money and send it somewhere
  • Ask you to mail cash
  • Ask for your debit card number and PIN
  • Ask for your online banking username or password
  • Ask you to perform a transaction to “secure” your account

If someone asks you to do any of these things, it is a scam.


What a real Fraud Department actually does:

If your bank contacts you about suspicious activity, the conversation is simple.

They may ask you to verify recent transactions by asking questions like:

  • “Did you make this purchase?”
  • “Did you authorize this transaction?”

You should only need to answer yes or no.


A real example of how these scams work:

In a recent case, a scammer called an individual pretending to be from the bank’s fraud department. The caller convinced the customer to withdraw a bank check and a large amount of cash. They were then told to purchase a sweater and a pair of jeans, place the cash inside the jeans pocket, and ship the items through UPS.

The goal of this tactic was to make the package look like a normal shipment of clothing rather than cash.


Warning signs of a scam call:

Be cautious if someone claiming to be from your bank:

  • Creates urgent pressure to act immediately
  • Asks you to move money to another account
  • Instructs you to mail cash or packages
  • Requests passwords, PINs, or full card numbers
  • Asks you to keep the request secret

 

What you should do instead:

If you receive a call like this:

  • Hang up immediately.
  • Call your bank directly using a known phone number

Report the suspicious call. Taking a moment to verify could prevent significant financial loss.


Final Reminder:

Scammers rely on confusion, urgency, and trust. When in doubt, stop the conversation and contact your bank directly.

Your bank is always happy to help verify concerns and ensure your accounts remain secure.

 

02/05/2026

THE GRANDPARENT SCAM

In the first 3 months of 2025, Americans aged 60 and older lost more than $745 million to scams and that number is likely to increase over the first 3 months of 2026. One of the popular tactics scammers use to take advantage of older Americans is the Grandparent scam.

The Grandparent scam is a fraudulent scheme where a scammer poses as a grandchild in distress, tricking victims into sending money urgently. As a Grandparent myself, I would do anything to help my grandchild in their time of need, and most grandparents will likely do the same. Scammers know this too, and that’s why this scam works so well.

How does the Grandparent Scam Work?

  • A phone call is made from someone claiming to be a grandchild (or another family member). The caller sounds distressed or in a panic.
  • The caller fabricates a story, claiming to be in serious trouble and in need of help. This story could be about legal trouble, a car accident, or needing money for medical expenses.
  • The caller sounds urgent – money needs to be sent right away. Money is requested to be sent through the purchase of gift cards, wire transfer, or a payment platform, such as Cash App, Venmo, Zelle, etc.
  • The caller may ask that the situation remain a secret, so other family members don’t find out.

What should you do if you receive a call that you believe is a Grandparent Scam?

  • First, and foremost, DO NOT send any money to the caller until you can verify the person you are speaking with is your family member. You can do this by asking questions that only your grandchild will know the answer to, ie details about a recent family event or a personal nickname.
  • Verify the situation by calling your grandchild at a phone number you know belongs to them. Or, contact another family member that your grandchild is close to.
  • Remember scammers can spoof phone numbers and use AI resources to mimic someone’s voice to make the call sound legitimate.
  • If someone claims there’s an emergency, like an accident, arrest, or medical crisis, STOP and ask yourself whether the payment method makes sense. Real emergencies are never handled with gift cards, cryptocurrency deposits, or other unusual forms of payment.

If you reacted too quickly and sent the scammer money, what can you do?

  • It is uncommon to recover funds sent to a scammer, but that doesn’t mean you shouldn’t try. Contact whoever you used to send money. This could be your credit card company, the money transfer company (Western Union, MoneyGram), the gift card company, the cryptocurrency company, or the post office (if you mailed cash).
  • If you gave any of your personal information to the scammer, such as your Social Security Number, call each of the 3 credit bureaus and have a freeze placed on your credit report.
  • If you gave the scammer your username and password to any online banking systems, change your password right away and notify your financial institution.

Scammers succeed because they prey on love, trust, and fear. The best defense is awareness. Sharing this information with friends, neighbors, and fellow grandparents can help protect them from falling victim to a scam.

If you have any doubts about a phone call, pause, verify the information, and talk to someone you trust. Your loved ones would rather you double-check than fall victim to a scam.