Bank-related scams are on the rise in Wisconsin, prompting the Wisconsin Bankers Association (WBA) to issue a warning to consumers. These fraud schemes, often carried out by criminals pretending to be legitimate banks, are becoming more advanced, employing tactics like phone number spoofing. Phone number spoofing is when fraudsters will try to manipulate Caller ID to make it appear as if the call is coming from a trusted bank. Scammers then use this false sense of legitimacy to pressure victims into sharing private account details, Social Security numbers, PINs, or even transferring funds. We urge everyone to stay alert and informed to guard against the growing threat of financial fraud.

The following are several red flags to help identify potential scams:

  • Unexpected Links: Be cautious of messages urging you to click on unexpected or unfamiliar links. These may lead to fake websites designed to steal your information.
  • Urgent Requests: Scammers use urgency to pressure you into making quick decisions. If something feels rushed, pause and verify.
  • Unsolicited Attachments: Avoid opening unexpected attachments, as they may contain harmful software.
  • Requests for Sensitive Information: A legitimate bank will never ask for your password, PIN, or Social Security number via phone, email, or text. 
  • Pressure to Use Payment Apps: Be wary of anyone asking to send money through payment apps.

If you receive a suspicious message or call, stop immediately, ignore the request, and contact your bank directly using a trusted phone number or in-person visit.

Protect Yourself from Check Fraud

While digital scams dominate, old-fashioned check fraud remains an issue. Criminals may intercept mailed checks, altering them for financial gain. Here’s how to reduce this risk:

  1. Write with Gel Pens: Gel ink is more difficult to alter than regular ink, adding an extra layer of security.
  2. Fill in All Blank Spaces: Avoid leaving blank areas on checks that scammers could misuse.
  3. Limit Personal Information: Keep details like your phone number or driver’s license off your checks.
  4. Mail Securely: Use a U.S. Post Office location rather than leaving checks in home mailboxes or public drop boxes.
  5. Follow Up: Confirm with the recipient whether the check was properly deposited.
  6. Online Bill Pay: For a safer alternative to writing checks, consider your bank’s online bill pay as these offer enhanced security features.

Monitor Your Accounts Regularly

Staying vigilant with your accounts is one of the best ways to catch fraud early. Regularly review your online banking activity, check for unauthorized transactions, and monitor any payments or checks issued. Quick action can minimize potential losses if fraud is detected. 

If you encounter suspicious communications or activities, stop, verify the details, and reach out to your bank directly. Together, Wisconsin residents and banks can fight back against fraud and keep sensitive information secure.