It’s crazy how online banking fraud is becoming more common and how many people are dealing with it now. In 2023 alone, more than 145,000 bank fraud cases were reported in the U.S. 27% of people who reported a fraud said they lost money in 2023, while in 2024, that figure jumped to 38%.

Let’s explore the most common types of online banking scams and how you can protect yourself.

Scammers want you to act fast, so they create a sense of urgency. They can send emails, texts and make phone calls that look or sound real, especially with the rise of AI.

One common trick involves pretending to be a real company on social media by creating fake accounts and asking users for personal or banking details.

Another common idea scammers like to use comes through emails, texts, or phone calls from your bank. You can get a message that might say there’s a problem with your account, a payment didn’t go through or something suspicious is happening with your Social Security number. They want to scare you so you’ll share personal information without stopping to think.

Scammers can pretend to be someone you trust, like bank employees or government officials. They often reach out with a sense of urgency and ask you to “confirm” personal or financial details. If someone is pushing you to act right away or making you feel rushed, that’s a big red flag that something isn’t right.

One more popular scam involves fake prizes or special offers. Scammers can tell you have won a reward or qualified for a promotion and you need to provide bank or personal details to claim it. Of course legitimate companies do run promotions, but it is always important to confirm that you are communicating through an official and verified channel. If there is any doubt, it's better to contact customer support directly through the company’s official website.

Banks and financial companies will never ask for your password or login details through emails, texts, or phone calls. It's important to keep your passwords private and use strong and unique passwords. Another idea is to enable extra security features like two-factor authentication that can significantly reduce your risk.

When you use public Wi-Fi it’s better to be cautious, because hackers can create fake networks to grab your personal information. So, only check your bank account on secure and trusted connections. And if you get an email or message about an issue with your account, don’t click the link and go straight to your bank’s website or app instead.

Make a habit of checking your account activity regularly. This helps you catch anything unusual early. Another tip will be installing antivirus and anti-spyware software. These tools can protect your devices from harmful programs scammers might try to install without even you realizing it.

Overall, online banking scams are growing every year and scammers are always coming up with new ideas. So, it’s extremely important to stay informed and cautious for protecting your money. Don’t act fast and remember about our tips.