banks never ask that

Banks Never Ask That!

September 20, 2021

COVID-19 isn’t our only problem. There is also a pandemic of fraud involving spoofed phone numbers, scam text messages, malicious Internet contacts, and phone calls from fake bankers or government agents.

Test Your Scam IQ

Take the test by visiting the American Bankers Asociation's new site at bankersneveraskthat.com

Protect Yourself!

Banks Never Ask That! Callers from SBSU will never ask for the following:

Spoofed Caller ID

Criminals use spoofed phone numbers to trick victims into thinking that calls are coming from SBSU. Banks Never Ask That! (above) will help you determine if the call is legitimate. Download PDF

Other Scams

Are you a Money Mule?

A money mule thinks he/she is doing a job, providing a service, winning a lottery, or gaining an inheritance, but is really laundering money. The mule receives money into his or her bank account and then relays it to others by Cashier's Check, gift card, cryptocurrency, or money transfer service. Moving money around is the hallmark of scams. Legitimate “work-from-home” jobs do not require moving money. No legitimate inheritance or lottery requires “up front” money from the beneficiary to pay taxes, legal fees, or other. Download PDF

Are you in a Romance Scam?

True love means never sending money to an online contact. We are alarmed by the tide of broken-hearted victims who sent money to people they have never met in person. If your online love asks for money, he or she is a criminal. Download PDF

Rightful Owner or Work from Home Scams

Mules use their bank account to receive deposits and relay money elsewhere. Or they think they are doing a good deed by receiving someone else’s direct deposit and returning it to the “rightful owner” if you are doing anything like this, you are the mule, and you are helping criminals.

Online Lending Scams

If you get a check from an online lender, watch out! Counterfeit checks take 4-7 days after deposit to detect. If you send money somewhere before giving the receiving bank time to examine the check, you may be in for an unpleasant surprise. Download PDF

Lender Scam Variation

The lender may ask for your login banking credentials (username, password, two-factor codes, or challenge answers). He then logs into your Online Banking app and deposits fake checks into your account. You may think you have your loan because your account balance goes up!

The fake checks are detected 4-7 days after deposit and your account balance goes back down. Unfortunately, you may have already sent money somewhere. You are responsible for all deposits to your account.

Counterfeit Checks

What happens when you deposit a check into your account? Your account balance goes up. What happens when you deposit a counterfeit check into your account? Your account balance goes up. Then it goes down when the counterfeit is detected 4-7 days later.

Why do crooks send you counterfeit checks? They want your account balance to go up. More importantly, they want you to withdraw money while your balance is up and send it somewhere before your balance goes down. The crooks keep whatever you send.

Who is responsible for counterfeit deposits to your account? You are!

Lottery or Sweepstakes Scams

You receive a check for $3500 with a letter stating that you’ve won millions. The check is to help you pay taxes. You’re about to be rich!

No, you’re about to be poor. You deposit the check and see your account balance go up. You withdraw money a day later and transfer it somewhere to pay taxes.

The counterfeit is detected a few days later and your account balance goes down. Wrong lottery! You’ve been scammed.

Overpayment Scams

You sell something online and get a check for more than your asking price. The buyer tells you it is a mistake or that the extra money it is to pay to transport the item. You contact the buyer and are told it was a mistake or that the money is to pay for transportation. He pressures you to send the “extra” funds somewhere immediately.

You deposit the check. Your account balance goes up. You withdraw money a day later and send it to the "buyer" or to someone who will transport the item. The bank detects the counterfeit 4-7 days later and your balance goes down. You’ve been scammed.

Criminals Love Your Money. They also love the following:

  1. Gift Cards
  2. Cryptocurrency
  3. Money Transfer services such as Western Union, Green Dot, or MoneyGram