6 Things You Should Know About Bank Fraud

Financial tips

6 Things You Should Know About Bank Fraud

Posted by Infinite Wealth Advisors, LLC
2 years ago | September 5, 2022

We all know that con men have always been around, ready to prey on anyone they can reach. But the internet and digital banking have opened up a whole new playground for unscrupulous people. These days, “digital money movement” scams are on the rise, because con artists want access to your bank account.

These schemes revolve around a request or demand for money, which they want wired to them via a digital money service like Zelle or Venmo. Often these messages (usually emails) include some sort of appeal to your emotions: They might pretend to be the IRS and threaten you with penalties or jail time, or they might pretend to be someone who promises to help you get rich with a small “investment”.

But wiring money to anyone who requests it online can be a dangerous thing to do. In particular, you should always say no to the following types of messages:

  • Government agencies (because they won’t contact you by email)
  • Anyone who tells you your account has been compromised
  • Anyone who advises you to send money to “yourself”
  • People who claim to be cryptocurrency salesmen, if you can’t verify their authenticity
  • Salesmen who ask you to make a purchase outside of a verified platform like eBay
  • People who tell you sad stories and ask for money to help them through hard times

If you’re concerned about the possibility of a true debt that you need to pay, don’t answer any messages you receive online. Look up the number for that government agency or bank, and call them. They will likely inform you that no such debt exists, and you’ve just avoided a scammer.

We can offer other tips on keeping your assets safe. Let’s discuss these issues at your next appointment, so that you know how to avoid financial predators.


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