As fall gets underway, many of us are preparing for the holidays, shopping online, making travel plans, and handling more financial transactions. Unfortunately, scammers may try to take advantage of these activities, too.
Financial scams can happen to anyone. They often rely on urgency, fear, or a seemingly trustworthy request to convince someone to send money or share personal information.
Knowing what to look for can help you recognize a scam before it becomes a financial problem.
Here are 10 common scams to watch out for this fall.
1. Bank Impersonation Scams
A scammer may contact you by phone, text, or email pretending to be your bank. They might claim there is suspicious activity on your account and ask you to verify information, provide a security code, or move money.
If you receive an unexpected message about your bank account, don't respond using the contact information provided in the message. Instead, contact your financial institution through a trusted phone number, website, or mobile app.
2. Phishing Emails and Text Messages
Phishing scams use emails or text messages designed to look like they came from a legitimate company or organization. The message may ask you to click a link, confirm account information, or resolve a supposed problem.
Before clicking, take a closer look at the message. Unexpected requests, unfamiliar links, and a strong sense of urgency can all be warning signs.
When in doubt, go directly to the company's official website or app rather than using a link included in the message.
3. Online Shopping Scams
As holiday shopping begins, scammers may create fake websites, social media advertisements, or online listings offering popular products at unusually attractive prices.
Before purchasing from an unfamiliar seller, research the company and look carefully at the website address. Be cautious if a seller pressures you to act immediately or requests an unusual form of payment.
Taking a few extra minutes to verify a seller can help you avoid losing money or sharing your payment information with a scammer.
4. Fake Check Scams
In a fake check scam, someone may send you a check and ask you to deposit it, then send some of the money somewhere else. The check may appear to be legitimate, but it can later be determined to be fraudulent.
Even if funds from a deposited check appear in your account, that does not necessarily mean the check is legitimate.
Be especially cautious if someone you don't know asks you to deposit a check and return part of the money, purchase gift cards, send a wire transfer, or make another payment.
5. Family Emergency Scams
A scammer may contact you pretending to be a child, grandchild, friend, or other family member who urgently needs money.
The caller may claim they have been in an accident, are traveling, or have another emergency. They may also ask you not to tell anyone.
Before sending money, stop and independently verify the situation. Contact the family member directly using a phone number you already have—not the number provided by the person contacting you.
6. Charity Scams
Fall and the holiday season are times when many people think about charitable giving. Unfortunately, scammers may take advantage of that generosity.
A fraudulent charity may use a name that sounds similar to a legitimate organization or contact you unexpectedly asking for an immediate donation.
Before donating, research the organization independently. Be cautious if you're being pressured to donate immediately or asked to use an unusual payment method.
7. Mortgage and Real Estate Wire Fraud
Homebuyers can be targeted by scammers attempting to redirect closing funds. A criminal may impersonate a real estate agent, title company, lender, or another party involved in a transaction and provide fraudulent wiring instructions.
If you receive unexpected instructions to change where closing funds should be sent, independently verify the instructions using a trusted contact method before sending money.
Don't rely solely on an email or other unexpected message to confirm a change in payment instructions. Taking time to verify the request can help protect a significant financial transaction.
8. Romance Scams
Romance scams often begin online through dating apps, social media, or other websites. After establishing a relationship, the scammer may eventually ask for money, financial assistance, or help with an investment.
Be cautious if someone you've only met online asks you to send money or share financial information—particularly if they repeatedly have reasons they cannot meet in person.
A new online relationship should not require you to send money or provide sensitive financial information.
9. Investment Scams
Investment scams can take many forms, including unsolicited opportunities involving stocks, cryptocurrency, real estate, or other investments.
Scammers may promise unusually high returns, claim an opportunity is guaranteed, or pressure you to invest quickly before the opportunity disappears.
Before investing, research the opportunity and the person or company offering it. Be particularly cautious of investments that promise guaranteed returns or pressure you to send money immediately.
10. Tech Support Scams
You may receive a pop-up, phone call, email, or text claiming that your computer, phone, or account has been compromised and that you need to take immediate action.
The scammer may ask you to provide remote access to your computer, download software, or pay for a supposed repair.
Don't provide remote access or financial information to an unsolicited caller. If you believe there is a problem with your device, contact the manufacturer or service provider directly using contact information you obtain from a trusted source.
When in Doubt, Stop and Verify
Many scams have one thing in common: they try to get you to act before you have time to think.
A message may say your account is at risk. A family member may appear to need money immediately. A deal may expire in minutes. A caller may insist that you keep the situation secret.
That's when it's especially important to slow down.
Before sending money, clicking a link, sharing personal information, or providing account credentials, ask yourself:
- Do I know who I'm really dealing with?
- Was I expecting this request?
- Am I being pressured to act immediately?
- Can I independently verify the request?
- Is there a safer way to contact the person or organization directly?
If something doesn't feel right, take a moment to verify it through a trusted source.
If You Think You've Been Scammed
If you believe you've shared sensitive information or sent money to a scammer, act quickly.
Contact your financial institution using a trusted phone number and explain what happened. Depending on the type of transaction and how quickly you report it, there may be steps that can be taken to protect your account or address the transaction.
You can also report scams to the Federal Trade Commission and, when appropriate, to law enforcement or other relevant agencies.
Most importantly, don't be embarrassed to ask for help. Scammers are often skilled at creating situations that make people feel rushed or caught off guard.
A Little Caution Can Go a Long Way
Protecting yourself from scams doesn't mean avoiding online shopping, charitable giving, or other everyday financial activities. It means knowing when to pause and verify before acting.
When an unexpected financial request comes your way, take a moment. Verify who you're dealing with, use trusted contact information, and don't let pressure determine your next step.
At Lisle Savings Bank, we're proud to be a resource for the individuals and families we serve. If you have questions about a suspicious financial request or transaction, we're here to help you determine the appropriate next step.
A little caution can go a long way toward protecting your money and personal information.
Additional Resources
For more information about recognizing and reporting scams, visit the Federal Trade Commission and Consumer Financial Protection Bureau websites.