How to Protect Your Bank Account From Fraud

Banking fraud is a criminal act where a criminal uses illegal methods to obtain money or other types of financial assets. Nowadays, there are dozens of different kinds of financial fraud. In fact, in 2021, the Federal Trade Commission, also known as FTC, received 2.8 million fraud reports. As the FTC official website mentions, this represented a more than 70% increase compared to the previous year.

Knowing how some of the most common types of fraud work and how to avoid them can help keep your financial future and your accounts protected. In this article, we go through some typical ways fraudsters try to steal money and how to deal with those types of threats.

What Are The Common Types of Banking Fraud?

Here are some of the most common types of banking fraud:

1. Phishing Emails

This is one of the most common email scams. In this case, you receive an email claiming to be from a bank, government agency, or some company.

An official logo very often accompanies this email to make it look genuine. If you click on the link in the text, it might install malware on your computer. With this malware, a fraudster can gather personal information from you to access your bank account.

Some more advanced fraudsters design fake online banking pages to trick people into entering their usernames and passwords, which they can use later to steal money. This is one of the drawbacks of online banking.

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