Scamming is rampant. More than 40,000 people filed scam reports with the Better Business Bureau in 2022, and the median reported dollar loss was $171, according to that year’s BBB Scam Tracker Risk Report. A lot of those scams are targeting your bank accounts.
And though federal law limits liability for credit card fraud, it’s not the same for bank scams, such as being given a fake check you deposit and then send part of the amount to a fraudster.
“You are responsible for any deposits made to your account,” says Liz Cackowski, a certified financial crimes investigator and senior fraud investigator for Republic Bank.
Luckily, you can protect yourself and your bank account by learning how to identify six common bank scams.

Check Overpayment Scams

Check overpayment fraud is a popular scam that targets sellers from online auctions and classified advertisement websites. During a transaction, the scammer will pay the seller with a bogus check for more than the amount of the item. The scammer will then ask the seller to wire the difference back after making the deposit. The seller will be out not only a returned item fee from the bank, but also whatever cash the supposed buyer received.
How to avoid this scam: Independently verify a buyer’s name, address and phone number. A check that comes from an unknown party should be a red flag, Cackowski says. If you are selling an item to someone in Ohio, but the check lists the name of a dental office in the District of Columbia, the payment may not be legitimate. Regardless of how insistent a buyer may be, never cash a check and immediately wire money from it. Talk to your bank if you have any concerns about a payment you receive.

Credit Card and Bank Account Scams

You may get emails or calls from someone who claims to be from your credit card issuer or bank. The messages may ask you to call back to discuss a problem or to click on a link to update your account information. In some cases, scammers may even claim they are investigating possible fraud on your account and ask for details such as your account number or Social Security number to investigate further. These are all attempts to get you to hand over sensitive information.

How to avoid this scam: Do not click on any email links or attachments. Scam phone messages may include a callback number, but you should ignore that. “Don’t call the number they gave you. Call the number you have,” says Michael Foguth, president and founder of advisory firm Foguth Financial Group in Brighton, Michigan. Otherwise, you could find yourself on the phone with the scammer rather than a bank representative.

Charity Scams

Not everyone asking for a charitable donation may be on the up and up. “Fraudsters are out there, and they do prey on people’s good intentions,” says Caleb Barnum of Sydney-based Integrated Research. For example, you could receive a call asking for donations to the local police department or to military families. The crooks elicit information about your bank account or debit card to make the donation over the phone, giving them full access to your checking account.
How to avoid this scam: To make sure your good intentions don’t go to waste, the safest way to give to a charity is by choosing an organization you know and trust. Also, be careful about sharing your personal information with people who reach out by telephone or email.

Online Lending Scams

Victims of these scams are often those who have trouble obtaining a bank loan. They may receive an email from a supposed lender or find a website offering easy access to money. “Because the victim thinks they are applying for a loan, they don’t think twice about providing sensitive information,” Cackowski says. After the scammer obtains bank account details, the victim may send a loan payment or direct deposit. The victim may also be asked to make an immediate good-faith payment, but as with the check overpayment scam, the “loan” is fraudulent.

How to avoid this scam: Always check reviews and the Better Business Bureau rating of any company offering a loan. If you can’t find reviews or ratings, the business may not be real.

Employment Scams

Younger adults are more likely to be the victims of employment scams than other age groups, the Better Business Bureau reports. In most of these scenarios, the crooks offer a job but request personal information or money for “training” or “equipment.”
How to avoid this scam: Never send money to a potential employer. You should not have to pay for equipment, background screening or, generally, the promise of work. If it sounds too good to be true, it probably is.

Award Scams

In these scams, you are typically told you’ve won a foreign lottery. Crooks will send you a large check to deposit into your personal checking account. You will then be asked to immediately wire a portion of the funds to pay for government taxes and administrative fees.
How to avoid this scam: If you didn’t enter the contest, then you didn’t win it. Note that if you participate in a foreign lottery via mail or phone, you are violating federal law. Also, U.S. lottery winners typically pay taxes on a lump-sum payment in the year the money was received or each year on installment payments.

Protecting Yourself From Bank Scams

Keep common scams in mind, and remember how to avoid them before you put your funds at risk. Most important, “Do not pay something (you didn’t initiate) over the phone,” Foguth says. “Just don’t do it.”

Scammers will continue to come up with creative ways to get into people’s bank accounts.
“They go after easy targets,” Barnum says. Criminals often look for people who are searching for jobs, dating, selling products and even do-gooders looking to help the needy.
What’s more, seniors are in the bull’s-eye for scams. “Unfortunately, that generation tends to be a very trusting generation,” Barnum notes.

Do Banks Refund Scammed Money?

Your bank may refund money from a scam depending on the type of scam and bank policies.
Contact your bank immediately if you suspect unauthorized transactions or money missing from your account, advises the Consumer Financial Protection Bureau. You’ll need to notify your bank within 60 days after your bank sends your statement showing the unauthorized transactions. If you wait longer, you could owe the full amount of any transactions that occurred after the 60-day period and before notifying your bank, according to the CFPB.
Once you notify the bank, it has 10 business days to investigate the issue, and the bank has three business days to report its findings to you. If the bank can’t complete the investigation within 10 business days, it may issue a temporary credit to your account while it continues to investigate. The bank must then resolve the issue in 45 days, but in certain cases, you could wait up to 90 days.
With fraudulent checks, deposits could later be reversed, according to the Office of the Comptroller of the Currency. You’ll need to pursue the person who gave you the check if you want to be reimbursed.

If you think you have been the target of a scam or you have been scammed, you should Contact Us NOW!!!

The post 6 Scams That Target Your Bank Account first appeared on Bridge Pioneers.

Crypto recovery is a process that parallels chargebacks for credit cards and wire recalls for bank transfers. If you lose your credit card or notice unauthorized charges on it, you can cancel it, contact the bank that issued the credit card and have your charges reversed and returned to you. 
Crypto recovery is more complex than credit card chargebacks, however, which is one reason for choosing experts, such as Bridge Pioneers. Every transaction on the blockchain is recorded permanently. That means that charges can’t be reversed or canceled. The only way to get your money back is to ask for a refund in a separate transaction. 
This creates a unique challenge in the case of financial fraud. Even if an operation was proven fraudulent or charges were unauthorized, you can’t just get money back as you would from a credit card company. 
Crypto transactions are peer-to-peer which means there is very little oversight and there is often no third party to intervene. Although crypto platforms and exchanges try to fight crypto scams, the lack of regulation in the area of cryptocurrencies means there isn’t a lot they can do. 
The nature of the blockchain also makes fund recovery complex. All transactions are anonymous and it can be hard to know who is holding your funds. Given the rising number of crypto scams, there has never been a greater demand for effective crypto scam recovery services to investigate client claims. 

When Do You Need Crypto Recovery from Bitcoin Scams? 

One major question that many of our clients have is whether or not they are really caught in a crypto scam. A broker may seem suspicious, but how do they know their money is actually gone?
Fraudsters take advantage of this kind of uncertainty, and they can gaslight customers into a false sense of security. They may make excuses for not releasing funds or demanding certain fees. That’s why it’s important to consult with us. If you have any doubt about your financial service or broker, there is often a good reason. We are always happy to answer any questions you may have. Contact us today to know if you are a victim of crypto scam or you want to start your recovery process

The post What Is Crypto Recovery?  first appeared on Bridge Pioneers.