When fraudsters are at play, anyone can fall victim to their schemes. They use a calculated story or message designed to play on fears, often pairing it with a heightened sense of urgency and the threat of repercussions if you do not move forward with a request or demand.
Together, this combination of elements can shake even the most composed and rational individuals, disrupting their day-to-day in the short term and their finances and trust in the long term. While fraudsters are always on the hunt for their next big score, it's essential to recognize that certain populations are at a higher risk of falling victim to these scams than others.
A recent report published by Caring.com found that individuals aged 60 and above are most susceptible to fraud. In just 2024 alone, the state of Indiana ranked second in the nation for the highest levels of senior fraud, with an estimated 76.9 complaints per 100,000 citizens. This data becomes even more glaring for Hoosiers when considering the significant increase in these filings from just three years prior in 2021, when 22.6 complaints per 100,000 people were reported.
Now is the perfect time for a refresher on what banks will and will not ask of their customers. The American Bankers Association offers a resource called “Banks Never Ask That,” which is helpful when educating yourself, friends, and family. Let’s consider a few of the different scenarios that should make you pause and think twice before engaging.
A suspicious email just landed in your inbox.
Don’t click links or download any attached files. Look closely at the name and full email address of the sender. Do you recognize it? Review the message for spelling errors or atypical phrasing. Remember that fraudsters often rely on language that creates a sense of urgency. Keep an eye out for phrases such as emergency alert, immediate attention needed, respond to avoid penalty, or similar wording that communicates a rapid response or engagement is needed.
You receive an unexpected phone call or voicemail.
Did this phone call come out of nowhere? It is best not to share any personal information when you are not 100 percent sure that the individual calling is an employee of your bank. Rather than continuing the conversation, hang up and call your bank's main line directly. They can confirm whether someone from the bank was reaching out to you to begin with.
An odd notice or urgent request is shared with you via text.
Double-check the numbers associated with the message. Banks typically use four-to five-digit numbers rather than a conventional 10-digit number when notifying customers through text. Does the message include direct links, urgent phrasing, improper grammar, misspelled words, or require you to share personal information? Do not engage and call your bank’s main line to confirm the legitimacy of the message.
In addition to email, text, and phone scammers pretending to be your bank, be cautious of notifications or requests requiring a quick transaction using a payment app such as Zelle, Venmo, Cash App, or PayPal. Do not comply if asked to send funds because of an overpayment or to send money for yourself to a new account as these are often fraudulent.
If you or a loved one has fallen victim to a financial scam, remember to contact your local police department to file a report. You should also connect with the professionals at your local Merchants Bank branch, who can provide guidance on the next steps to confirm that your money remains secure.