Bank Account Fraud Peaks During the Holiday Season, Recognize it When You See and Hear It

Mark Sanchioni, Chief Banking Officer at Ridgewood Savings Bank

Mark Sanchioni, Chief Banking Officer at Ridgewood Savings Bank

While fraud and scams targeting consumer bank accounts occur every day of the year, the November to December holiday season sees some of the highest levels of activity. People are usually busier, they are using their bank accounts, debit cards, and credit cards more frequently. We could possibly miss unauthorized transactions due to seasonal distractions and the higher volume of financial transactions.

We can all help reduce fraud by becoming more aware of the tactics fraudsters use to trick us, and they have no shortfall of tactics to try and separate us from our money. From the old school check fraud to modern-day online dating scams, fraudsters are more creative than ever in establishing trust to win our confidence before asking us to do things we normally wouldn’t do.

The chart below covers 10 of the more common fraud scams happening today. By familiarizing yourself with what these scams sound like, you can become more aware of when a fraudster is trying to make you their next victim. The chart also shares tips on how to respond when you realize you are a fraudster’s next target.

“From the old school check fraud to the modern day online dating scams, fraudsters are more creative than ever in establishing trust to win our confidence before asking us to do things we normally wouldn’t do”

In addition to reading these for yourself, we encourage you to share them with your family and friends, so they can also better protect themselves this holiday season.

Fraud

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