Fraud is becoming increasingly common nationwide, and banks and their customers are not immune. A recent U.S. News & World Report found that nearly half of Americans are exposed to scams every day, with nearly one-quarter of respondents losing money.
Scammers are also becoming more sophisticated in impersonating financial institutions, government agencies, utility companies, and even family members. Their messages can appear highly convincing and alarming, prompting many to fall victim. In fact, the same U.S. News & World Report found that 80% of those surveyed believe that emerging technologies like AI have made it harder to detect scams.
Although tactics continue to evolve, the best defense remains simple: slow down and verify. Here are five practical ways to help protect your financial information and your peace of mind from scammers.
1. Slow down. Scammers rely on urgency.
If a message says you must act immediately to avoid losing money, closing your account, or facing legal trouble, pause before responding. Fraudsters use fear, pressure, and tight deadlines to rush decisions. A legitimate financial institution will not threaten you or demand instant action over a phone call, text, or email. When in doubt, pause. Take a breath and verify before taking action. Urgency is often the first warning sign.
2. Never share passwords or security codes.
Your bank will never call, text, or email to ask for your online banking password, full debit card number, PIN, or one-time security code. If someone asks for this information, it’s a scam.
If you receive a call asking for this information, hang up. Then call your bank directly using the number listed on the bank’s official website, not a number provided in the message.The American Bankers Association’s “Banks Never Ask That” campaign makes it clear. Banks will never ask for your login or security codes. If someone does, it's not your bank.
3. Don't click. Contact your bank directly.
Phishing emails and scam texts often include links that look legitimate but lead to fake websites designed to steal your information. If you weren’t expecting the message or something feels off, do not click the link. Do not reply. Do not call the number listed in the message.
When it comes to unexpected messages about your money, it’s always safer to contact the bank directly yourself. Staying alert helps keep your money safe.
4. Be careful with wire transfers.
Wire fraud is one of the fastest-growing types of scams. Criminals may pose as a contractor, real estate agent, bank representative, or even a family member and provide “updated” wiring instructions.
Always verify wire instructions through a trusted, known phone number. Never rely on information sent through email alone. Once a wire transfer is sent, it can be very difficult to recover.
5. Monitor your accounts and report concerns quickly.
Review your account activity regularly and take advantage of any available account alerts. The sooner suspicious activity is reported, the faster it can be addressed. If something doesn’t look right, trust your instincts. Contact your bank and report it immediately.
When in doubt, reach out.
When it comes to your finances, it's always best to contact your bank directly before clicking, replying, or sharing any information in response to a questionable request.
Our team at Merchants Bank is here to best serve and support our customers. If you receive suspicious or fraudulent messages or communications in any form, stop and verify by contacting us directly at 844-222-6562. Acting quickly can make a difference in protecting your financial future.