5 Major Bank Account Scams and How to Avoid Them

Scammers have always existed, but they seem to multiply during periods of inflation. While inflation may be cooling, scammers are heating up, looking for new and different ways to separate you from the cash in your savings or checking account.

Here, we'll touch on five major scams -- the greatest hits, if you will. More importantly, we'll also share how to avoid being scammed.

1. Fake bank message scam

Scammers spend a tremendous amount of energy figuring out how to rope you in. One way is by pretending to be a representative of your bank. They send you an email, text message, social media message, or letter through the U.S. Postal Service that legitimately looks like it's from your bank.

Each scam is designed to get your money. For example, you may receive a text message from your "bank" telling you there's suspicious activity on your account. If you take the bait, they'll ask for personal information, like your Social Security number or bank account number, to "verify it's really your account."

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of January 9, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of January 9, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

How to avoid this scam: Understand that your bank will never contact you by phone, email, text, or letter and ask you to provide sensitive information. If you are contacted, immediately break contact and call or visit your bank. Let customer service know what's going on. Your bank will instruct you to avoid all future communications with the would-be scammers.

2. Job scam

If working from home is a dream for you, you may be especially ripe for this scam. Thieves have learned that they can con people out of money by pretending to have legitimate, work-at-home jobs.

The problem is there are so many work-at-home scams that it's difficult to guess which one a scammer will pull from their pocket. They may say a job involves assembling parts. They'll tell you that you must purchase the parts upfront to begin working. But there is no job. Once you've paid for "the parts," the scammer disappears.

There's also a nasty little scam that involves accepting and depositing checks into your bank account, and then transferring the funds back to the scammer. The scammer will tell you that you'll earn a commission for carrying out the transaction. Although you may earn a small commission, you may also be breaking the law by laundering money for them.

Plus, once you begin working with the scammer, they have an excuse to gain access to your bank accounts and will wipe out your finances.

How to avoid this scam: Never accept a job that requires you to pay an upfront cost, and never give anyone access to your financial information, no matter what they promise.

3. Check overpayment scam

Someone purchases an item you're selling with a check or money order. However, the check or money order is written for more than they owe. The "buyer" contacts you, asking that you cash their check and mail or wire them the difference. Let's say they owe $50, but the check is written for $100. They'll ask you to return the $50 they "overpaid."

The truth is, the check or money order is a fake. However, you don't find out until you deposit it into your checking or high-yield savings account. By the time you find out, you've already sent the overpayment requested by the scammer.

How to avoid this scam: Any time you receive a non-cash payment, call the issuing bank to confirm it's from a real account. You can also ask your bank to confirm whether the check is authentic. Never send money to anyone until you've confirmed their payment is legitimate.

4. Playing on your compassion scam

This scam begins when someone approaches you near your bank. They give you a sad story about needing money to buy food or diapers, repair their car, or purchase a bus ticket home. They insist they have the money in their bank account, but they don't happen to have an account with this bank. Finally, they ask you to cash a check they've written and give them the money.

A day or two passes before you discover the check wasn't valid and that the funds you gave them came directly from your account.

How to avoid this scam: Never cash a check for anyone, particularly a stranger. If someone tells you they don't have an account at your bank and need you to cash their check, remind them that anyone can cash a check at a bank as long as they pay a small non-customer fee. No one who actually has a bank account needs help cashing a check.

5. Close friend or family scam

Unfortunately, it's common to be scammed out of money by people you know and trust, like a dear friend, family member, or caretaker. The person slowly makes you feel comfortable sharing information with them. Even if you don't directly share information like your Social Security number, PINs, or account numbers, you feel close enough to them to allow them to casually see sensitive banking information.

How to avoid this scam: No one wants to believe that someone they trust would steal their money, but it happens every day. Unless you're willing to allow a person total access to your bank accounts, hide sensitive financial information at all times. The best way to avoid a fractured relationship is to remove all temptation.

It's sad to think about getting scammed by anyone, much less someone you know. That said, the most important thing you can do to protect yourself is to realize that desperate people do desperate things, and it's up to you to ensure your money is safe.