If You Hear These Phrases, You Might Be Getting Scammed
Fraudsters are constantly looking for new avenues for scamming people out of their hard-earned money – from pretending to be tech support agents to utilizing the latest breakthroughs in artificial intelligence (AI) to disguise their identities. Scams may appear on your computer, in your text messages, or over the phone.
If it seems like you’re being targeted for scams more often, there may be a simple reason: scammers are succeeding. According to the Federal Trade Commission (FTC), consumers reported fraud losses totaling more than $12.5 billion in 2024 – a 25 percent increase over 2023. (You can see more of the FTC’s scam statistics from 2024 here.)
First International Bank & Trust considers fraud prevention to be a top priority. We’re proud that our Fraud Prevention team stopped 99.3 percent of potential fraud losses for our customers in 2024. But the first and best line of defense against scams is you.
The FTC reported that in 2024, the most common type of fraud was caused by imposters. Here’s how this type of scam tends to work:
- A scammer pretending to be from a bank, the government, or another organization you know contacts you, saying they supposedly spotted fraud on one of your accounts and your money isn’t safe.
- They connect you with someone else to supposedly help you move your money to “protect” it.
- The “helper” is really a scammer trying to steal your money.
The FTC encourages you to become familiar with these “red flag” phrases. If someone tells you to do any of these things, you’re almost certainly dealing with a scammer:
- “Put your money in a secure account to protect it.” That’s a scam.
- “Transfer your money to a cryptocurrency account to protect it.” That’s a scam.
- “Get cash and I’ll send a driver to pick it up.” That’s a scam.
- “Deposit cash at a Bitcoin ATM to protect your money.” That’s a scam.
- “Buy gold and a driver will come get it.” That’s a scam.
In short, never transfer or send money, cryptocurrency, cash, or gold to someone you don’t know in response to an unexpected call or message. (Source: FTC.gov)
Visit the FIBT Education Center for even more tips on staying one step ahead of scammers.