How To Avoid Potential Bank Scams

Desk with laptop, newspaper and office supplies
Via PxHere
Shiavon Chatman
May 21, 2021

In 2020, the Federal Trade Commission reported over 2 million fraud cases. Black people in America are more likely to be fraud victimsespecially elders. Here’s how to avoid getting scammed.

Bank scammers are getting creative. Incessant phone calls with “spoofed” caller ID, fake digital money, suspicious emails, and text messages are all methods they use. But there are some specific scams to watch out for.

Popular schemes like check-cashing scams and overpayment scams on sites like eBay and social media affect everyone, no matter your age. More scams are happening online – and they actually affect millennials at higher rates than older generations. But that doesn’t mean older folks can rest easy.

If something seems too good to be true, it usually is. Scammers can use Black identity affinity to build trust. They can trick people into believing their bank account was compromised or they’ve won a big prize. Then they push people to give personal information over the phone or Internet. 

If you suspect you’re being targeted, call your bank to confirm before giving out any info!

Educating ourselves on bank scams and how Black people people are targeted will help us become financially secure. Many banking institutions won’t believe our struggles or see us as victims – so we have to make sure we’re on top of our own money and keeping it safe!

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