Scams Targeting Banking Customers Are on the Rise: Tips to Remain Vigilant.

Between January 2021 and June 2023, social media scams accounted for $2.7 billion in losses, according to the Federal Trade Commission.¹

Due to an increasing number of scams that target banking customers, we’d like to take this opportunity to raise your awareness of some of these scams and the red flags associated with them. 

• Employment scams: Beware of job listings that offer opportunities to work remotely, to be a mystery shopper or other jobs that sound too good to be true.²
• Recruitment scams: Bad actors recruit unsuspecting individuals often by promising money, a job or some other personal benefit.
• Social media scams: Cyber criminals often use social media platforms to lure unsuspecting individuals into sharing personal information or to scam them out of money.
• Romance scams: In this scenario, the bad actor takes advantage of the victim after entering their life as a romantic interest in order to earn their trust and eventually take control of the victim’s finances or con them out of money.
• Investment scams: These refer to fraudulent schemes designed to steal money from investors. Bad actors use a variety of methods to entice people to invest, including promising high returns with little to no risk, using pressure tactics to get people to act quickly or impersonating legitimate investment professionals.
• Phishing: Beware of emails, texts or calls pretending to be from your bank or another business requesting personal information (date of birth, account numbers, social security numbers, passwords, etc.). Remember, Texas Capital will never ask for this information through unsolicited channels.
• Fake websites or apps: These are websites or apps that mimic banks or other businesses to steal your login credentials. Always double-check a URL before entering any sensitive information.
• Fake fraud alerts: Proceed with caution when receiving SMS text alerts supposedly from your financial institution. Verify all text messages are from a legitimate source before responding.
• Grant fund scams: Beware of advertisements for free or reduced interest government grants. In a typical scenario, you might be asked to provide personal identifying information to qualify for these “grants.” Once you “qualify,” the bad actors claim they will deposit the funds directly into your bank account but require a one-time processing fee.
   

Here are some tips to help you protect yourself:

• Never share personal information.
• Do not share your account number, PIN, passwords or personal identifying information to anyone over the phone, email or text.
• Be mindful about the information you share on social media.
• Beware of unsolicited contact. If you receive a suspicious call, email or text from your bank, don’t click on any links or reply. Contact your bank directly through a verified phone number or website to confirm the message’s legitimacy.
• Use strong passwords and update them regularly. Install anti-virus and anti-malware software on personal computers and devices.
• Monitor your credit.
• Use multi-factor authentication. 

For additional fraud prevention resources, please visit our E-Fraud Prevention at https://efraudprevention.net/us/texascapitalbank/portal.html.

If you think you may be a victim of a scam, report it to the Federal Trade Commission, your financial institution and your local police. 

¹ FTC: Consumer Protection: Data Spotlight, https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2023/10/social-media-golden-goose-scammers

²EFraudprevention.net. Scams to avoid, https://efraudprevention.net/home/education/?a=30