Digital payments continue to grow across the U.S. With issues like identity theft and other cybercrimes rising, it’s essential to know how to protect yourself—and your money— while avoiding scams when sending and receiving money digitally.
Common Scam Tactics
Scammers target digital payment platforms like Zelle® by sending users suspicious text messages or emails to steal information. They also impersonate financial institutions, manipulating people with fraudulent information and scare tactics to obtain personal information.
Furthermore, scammers use false claims and representations to get people to authorize money transfers unknowingly. They can even use fake websites and phishing scams.
Different ways to commit scams can include:
- You receive a text message regarding a recent Zelle® payment from your account and you reply that you don’t recognize the transaction. You then receive a phone call from what appears to be your bank’s representative requesting verification of your account information, and a texted verification code. If you provide the information, the scammer will log in to your account and transfer funds.
- You receive a call from your alleged internet service provider offering guidance on refund processing. You receive bogus instructions on processing the refund into your account; instead, you transfer money to the criminals.
- You receive a call from your anti-virus service provider notifying you that your computer has an infection and asking for remote access to clean it. You provide remote access, and before the call finishes, they access your online banking credentials stored in your computer and transfer money from your account.
- An alleged new employer hires you for a job and gives you a fraudulent check. You follow their directions to deposit the money using mobile deposit and transfer the funds using Zelle®. By the time the check bounces, someone has already spent the money.
- A scammer places a false online ad for merchandise after you pay for a product through Zelle®; the scammer keeps the money and never sends you what you purchased.
Protecting Yourself
Here are some essential tips to keep in mind to protect your money and your identity from digital payment fraud:
- Pay and receive money only with people you know and trust.
- Avoid clicking links in emails and replying to unsolicited messages asking for information.
- Access directly via the Amerant website; always verify that the URL is https://www.amerantbank.com/.
- Never provide any information over the phone if someone claiming to be from your bank calls you. Instead, contact your bank directly at the number on the back of your debit card.
- Never take instructions to send yourself money.
- Do not give remote access to your equipment.
- Never share security codes, mainly if you have not started the call.
- Avoid sharing personal details such as your location, home address, and phone number on social media. Activate any available additional security features. Do not accept connection requests if you do not recognize the person sending the request.
- Do not rush if someone is pushing you to send money quickly.
- Look for unusual language, including spelling and grammatical errors, and pay special attention to odd or unfamiliar phone numbers and email address domains.
- Monitor your account from time to time and report suspicious activity immediately.
- Set up your alerts and notifications.
As digital payment platforms grow in popularity, it’s crucial to remain vigilant and informed about potential scams. By understanding the tactics used by scammers and implementing the protective measures outlined in this article, you can significantly reduce your risk of falling victim to digital payment scams.
Remember, your financial institution will never ask for sensitive information over the phone or via unsolicited messages. Always prioritize the security of your personal and financial information, and don’t hesitate to contact your bank directly if you suspect any suspicious activity. Stay informed, stay cautious, and enjoy the convenience of digital payments without compromising your financial safety. Visit the Security Center to learn more.
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