Protecting yourself from various scams is crucial in today's digital age where fraudsters are constantly developing new schemes to exploit unsuspecting individuals and businesses. From tech support scams to romance scams, and business email compromise scams, the methods used by fraudsters are varied, rapidly evolving, and often convincing.
Picture this: a seemingly legitimate phone call from a “tech support” agent urging you to pay for urgent services, or an email from a trusted vendor requesting a payment transfer to a new account. These situations may sound familiar because they represent just a fraction of the many scams that target individuals and businesses everyday,
Whether it's receiving unsolicited phone calls claiming to be from reputable companies or an email promising lottery winnings that require upfront payment, staying alert is your best defense.
In this blog, we'll explore the most common types of scams, their warning signs, and — most importantly — how you can protect yourself and your assets from falling victim to these deceptive practices. Stay informed, stay vigilant, and together, let's combat fraud and cybercrime.
Tech Support Scam
Scammers contact you and pose as a customer support representative or tech support representative from a well-known company. They claim they have found something wrong with your computer and ask you to pay for tech support services. They ask you to pay by wiring money, putting money on a gift card, prepaid card or making payment using cryptocurrency or a money transfer app.
Fraudsters' favorite contact method: Phone calls and Computer Pop-Up Warnings on your computer’s screen.
Things to know:
- Legitimate tech companies won’t contact you by phone, email, or text message to tell you there’s a problem with your computer.
- Security pop-up warnings from real tech companies will never ask you to call a phone number or click on a link
Source: Spotting and Avoiding Tech Support Scams
Imposter Scam
Scammers pretend to be someone else (for example, a BankProv Representative, a member of the BankProv Security Team, or an agent from the FBI or the IRS) and try to gain your trust and attempts to convince you to send them money or to get your personal Information.
Tips:
- Don’t give your account information or online banking credentials. BankProv will never call and ask you to provide personal information over the telephone. (If you call us, we may ask you to provide information to verify your identity.)
- Scammers usually ask you to pay via wire, gift cards or cryptocurrency. You should be extremely suspicious of such requests.
- The IRS, FBI or any government agency won’t call you threatening you for debt payment.
- Fraudsters' favorite contact method: Phone calls, SMS, emails.
Source: Imposter Scams
Business Email Compromise Scam
Scammers pose as your vendor or supplier and ask you via email to send money to a different account.
Things to know:
- Carefully examine the email address, URL, and spelling used in any correspondence. Scammers use slight variations to trick your eye and gain your trust.
- Verbally verify payment and purchase requests by calling the vendor on a known phone number to ensure legitimacy.
Source: Business Email Compromise
Romance Scam
Scammers create fake profiles on dating sites or contact you on social media. They say they are in love with you, but they live far away (usually for work or because they’re in the military). Then they start asking for money for something urgent (surgery, hospital bill, plane ticket).
Things to know:
- Scammers will say they can’t meet you in person.
- Scammers will ask you for money and will tell you how to pay (usually through wire or through a money transfer app or cryptocurrency.)
- Never send money to someone you have not met in person.
Source: What to Know About Romance Scams
Overpayment Scam
Scammers contact you to buy a product you are selling. They quickly propose to send a payment via check, but they mistakenly send you too much money. They then ask for a refund. A couple of days later the initial check payment bounces leaving you liable for the entire amount.
Things to know:
- Don’t accept a check for more than your selling price.
Source: FTC Warns Consumers about Check Overpayment Scams
Lottery Scam
Scammers send you an email or a letter claiming that you won the lottery or a prize, however, they ask for payment to claim the final prize/winnings.
Things to know:
- Scammers might say they are from the government.
- Scammers use the names of well-known organizations.
- Real sweepstakes have published rules and requirements, and you must be entered to win.
Source: Fake Prize, Sweepstakes, and Lottery Scams
Wire Scam
Scammers pressure you to wire money because it allows them to quickly take your funds and vanish without a trace. Using services like MoneyGram ®, Ria, or Western Union[AM1] is just like handing over cash — once it’s sent, it’s nearly impossible to recover. To protect yourself, never wire money to someone you haven’t met face-to-face, regardless of their reason or urgency.
Things You Should Know:
- Never wire money through companies like MoneyGram, Ria, or Western Union to anyone you haven’t met in person. (That’s a scam: no matter what reason they give.)
- Don’t wire money to anyone who says they work at a government agency like the FTC, IRS, SSA, U.S. Customs and Border Protection, or a well-known company. (That’s a scam: the government will never ask you to send money this way.)
- Never wire money to anyone who pressures you into paying immediately.
- Don’t wire money to anyone who says a wire transfer is the only way to pay.
- Never wire money to someone who tries to sell you something over the phone. (It’s illegal for a telemarketer to ask you to pay with a wire transfer.)
Source: What to know before you wire money
Pig Butchering Scam
Pig butchering is a sophisticated and highly manipulative scam that involves cybercriminals building fake online relationships with their victims to gain their trust and then deceiving victims into investing in fraudulent schemes, ultimately stealing their money. The term "pig butchering" is a metaphor derived from the practice of fattening a pig before slaughtering it. In this scam, the "pig" is the victim, who is "fattened up" by the scammer through the creation of a fake persona and a convincing relationship, often through social media, dating apps, or other online platforms.
Things You Should Know:
- Scammers often spend weeks or months building trust before introducing the fake investment opportunity.
- The scams usually involve cryptocurrencies or high-risk investments that appear legitimate but are entirely fabricated.
- Victims may see fake returns, encouraging them to invest more before the scammer disappears with all their funds.
- Always verify investment opportunities independently and be cautious of unsolicited advice from online acquaintances.
Source: ‘Pig Butchering' Scams
If you believe that an unauthorized transaction(s) has occurred on your account(s), contact the Bank immediately at 888-806-7768.
For more information, browse our resources and tips to protect your business from fraud and cybercrime.