Watch Out For These Financial Scams

Scammers are constantly finding new ways to steal money and personal information, often by creating a sense of urgency or pretending to be someone you trust. While scams continue to evolve, many follow familiar patterns. Knowing what to look for can help you avoid becoming a victim and protect your financial well-being.

Here are some of the most common financial scams to watch for.

Stay Alert For These Scams

1. Phishing Emails

Scammers frequently send emails pretending to be banks, shipping companies, retailers, or government agencies. These emails often encourage you to click a link, verify your account, or update personal information.

Instead of clicking links in unexpected emails, visit the organization's website directly or contact them using a verified phone number.

2. Disaster Relief Scams

After hurricanes, floods, wildfires, and other natural disasters, scammers often pose as charities or relief organizations asking for donations. Their goal is to take advantage of people's generosity during difficult times.

Before donating, verify that the organization is legitimate and consider giving directly through well-known charities or their official websites rather than responding to unsolicited emails, texts, or phone calls.

3. Lottery & Prize Scams

Have you ever received a message claiming you've won a lottery, sweepstakes, or prize you never entered? It's almost certainly a scam.

Fraudsters may ask you to pay taxes or processing fees before claiming your winnings or request personal banking information. Legitimate prize organizations don't require you to pay money to receive a prize.

4. Impersonation Scams

Fraudsters may pretend to be your bank, the IRS, Social Security Administration, a utility company, or even law enforcement. They often claim there's an urgent problem that requires immediate payment or personal information.

If you receive an unexpected call or message, don't feel pressured to respond immediately. Hang up and contact the organization directly using a trusted phone number.

5. Romance Scams

Scammers sometimes build relationships online through dating apps or social media before asking for money due to an emergency, travel expenses, or medical bills. These scams can continue for weeks or months before financial requests begin.

Be cautious if someone you've never met in person asks for money, gift cards, cryptocurrency, or wire transfers.

6. Elder Fraud

Older adults are often targeted by scammers using phone calls, emails, text messages, and fake investment or financial opportunities. Staying informed, verifying unexpected requests, and never sharing personal or financial information without confirming the source can help protect you and your loved ones from elder fraud. 

How To Stay Protected

While scams vary, a few habits can help you avoid many of them:

• Be cautious of unexpected emails, texts, or phone calls.
• Never share passwords, verification codes, or sensitive financial information with someone who contacts you unexpectedly.
• Verify charities, businesses, and organizations before sending money.
• Be suspicious of offers that seem too good to be true or create a sense of urgency.
• Monitor your financial accounts regularly for unauthorized activity.

Citizens Bank Is Here to Help

If something doesn't seem right, trust your instincts. Taking a few extra minutes to verify a request could save you from financial loss.

At Citizens Bank, we're committed to helping our customers protect their accounts and make confident financial decisions. If you ever have questions about suspicious activity or believe you've encountered a financial scam, contact our team right away. We're here to provide trusted guidance and help you keep your finances secure.