Banking Scams: Beware Fraudsters Impersonating Your Bank

Scams — and the criminals behind them — are getting more creative in separating victims from their money.

Illustration of banking scams or data breach - hacker and cyber criminals phishing or stealing private personal data using a computer
(Image credit: Getty)

Consumer scams are getting more and more creative with every year that goes by. The Federal Trade Commission (FTC) reported that consumers lost more than $5.8 billion to fraudsters in 2021, an increase of more than 70 percent over the previous year. And the data for 2022 is expected to be even higher when it's released, as criminals experiment with more intricate and inventive scams.

One of the latest technology-aided gambits 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 spoof scams: How they work

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Ben Demers
Audience Engagement Manager,

Ben Demers manages digital content and engagement at Kiplinger, informing readers through a range of personal finance articles, e-newsletters, social media, syndicated content, and videos. He is passionate about helping people lead their best lives through sound financial behavior, particularly saving money at home and avoiding scams and identity theft. Ben graduated with an M.P.S. from Georgetown University and a B.A. from Vassar College. He joined Kiplinger in May 2017.