The Most Common 2023 Scam: Bogus Bank Fraud Warnings

In a world increasingly reliant on digital transactions, scammers have found new ways to exploit the unsuspecting. According to the Federal Trade Commission’s data analysis, the most common scam in the United States in 2023 is bogus bank fraud warnings via text message.

How the bank fraud warning scam works

The bogus bank fraud warning scam typically involves the scammer sending a text message to the potential victim. The text message impersonates their bank and warns of a fraudulent transaction or suspicious activity on the victim’s account. It also prompts them to click on a link or call a specific number for more information.

However, the link leads to a fake website that mimics the bank’s. To ‘confirm’ your identity, you’ll be asked to enter sensitive information such as your username, password, and even Social Security number. For the phone version, you’ll be asked to call a provided number where you’ll be asked for similar information.

Tactics used by scammers

Scammers are known to employ various tactics to make their fraudulent messages appear legitimate. They may use official-looking logos and language, spoof the bank’s phone number, or even include some accurate personal information about you to increase their credibility.

Red flags and protective measures

Although these scams can be quite sophisticated, there are several red flags to watch out for:

• Banks generally do not ask for sensitive information through text messages or emails.
• Any message that urges immediate action should be treated with suspicion.
• Always verify the sender’s contact details independently, rather than relying on the information provided in the message.

The number one rule for protecting yourself is, of course, to never click on links or call numbers provided in unsolicited messages. Instead, reach out to your bank directly using the contact information available on the bank’s official website or the back of your debit or credit card.

As our digital world continues to evolve, it’s important to stay alert and learn about the latest scams to protect yourself and your financial well-being.

Did you see last month’s scam tip? Check out, Tips to avoid the Economic Impact Payment scam. If you like this, why not follow the Friday Morning Post? Prefer social media, follow me on Instagram.