Fraudsters try every trick in the book to get hold of your hard-earned money. From calls to texts to emails, they’re constantly finding new ways to try and disorient people into unveiling compromising information. Fraudsters often impersonate a familiar organization, so it’s important to be aware, informed, and on the defense to stay a step ahead.

The 4 pillars of fraud

Familiar faces: Fraudsters may pose as people or companies you know. Think Amazon, Microsoft, your bank — and don’t assume just because you use the service that the outreach is legitimate.

Good or bad news: If there’s a problem or a prize, you should be on high alert. The increasingly prevalent, “you’ve won a prize” or “we’ve found illegal content” ploys are designed to rush and fluster you so that you act quickly and without thinking things through.

Urgency and immediacy: Fraudsters will create a sense of urgency, making you feel like you must act NOW! When the sense of urgency seems off, listen to your gut.

Specific payment methods: If someone is insistent upon a certain form of payment — especially if it’s cash, bitcoin, or a gift card — something is off.

The most common bank scams

Your guard should be up if you receive unsolicited messages, requests for sensitive information, or suspicious links. It’s so important to pause and verify who you’re communicating with. Here are some common fraudulent scenarios:

• Cryptocurrency/Bitcoin
• Sweepstakes
• Past due bills
• Frozen accounts
• Romance
• Zelle® payments
• Social security
• Gift cards
• New job scams

These scenarios are typically implemented through the following outlets:

Bank impersonation: Fraudsters impersonate Wintrust online digital support representatives.

Smishing scams: Fraudsters use deceptive text messages to trick you into sharing personal information or clicking on malicious links.

Phishing scams: Fraudsters pretend to be someone they’re not (like a bank or a friend) to trick you into giving them your personal information, like passwords or credit card details.

Account takeovers: Fraudsters overtake an online account and pose as real users to steal your identity.  

Tips to protect yourself

Verify suspicious requests: Did someone ask you to make a payment through Bitcoin or gift cards? Verify with your bank directly.

Slow down and think: Remember, fraudsters are intentionally trying to rush you. Wintrust will never contact you to put you in a high-pressure situation. Our goal is always to help customers, not hurry them. Take your time to verify any transaction or request, especially ones involving large sums of money.

Check your statements regularly: Watch for unusual activity, such as large transfers or unexpected requests for funds.

Communication: If someone tells you not to call or notify your bank, this is an immediate red flag. And an important reminder — only call the number on the back of your debit or credit card or your local banker.

What to do if you’re targeted

What starts as something that seems fairly innocuous can quickly spiral into an attempt to have you click on a link, wire money, or get you on the phone to uncover compromising information. You can stop fraud in its tracks by slowing down and verifying information.

Contact your bank: If you’re ever unsure about a request, contact your local banker or the number on the back of your debit or credit card.

Report scams: If you’ve fallen victim to a scam, contact the Wintrust Fraud Management Team immediately. They can help stop further fraudulent activity.

Pass this info on to your family members and stay alert, stay safe, and protect yourself from banking scams!