From flattery to phishing: 10 financial scams to watch out for

Customers at banks across the country, including Gateway Bank, are seeing unprecedented levels of fraud. Scammers are getting more creative, and even the most savvy people can fall victim.

As a community bank, protecting our customers is our #1 priority. Learn about the most common scams, how to spot them, and how to protect yourself.

What to do about all scams: assess, avoid, act, advise

1. Assess and avoid

• Be aware of calls or text messages claiming to be Gateway Bank. Gateway Bank will never ask you for information through text messages or phone calls.
• Before clicking links or logging in to your Gateway account, confirm the website is secure.gcbaz.com and the app name is Gateway Bank Mobile App made by Gateway Bank AZ.
• Look at any information (such as names, web addresses, etc.) in the message. Keep an eye out for subtle misspellings and other common tricks fraudsters used.
• Don’t click on any suspicious links or enter your information into anything other than the real website for your financial institution.
• Never send money to anyone you’ve only met online, or pay anyone with gift cards, wire transfers, or cryptocurrency.
• Turn on two-factor authentication through online banking so there is an extra layer of security when logging into online accounts, and set up alerts so you’re notified quickly if any suspicious activity happens.
• Switch to electronic delivery for statements and important documents.
• Activate Positive Pay for Business Management Solutions (at no additional cost) to prevent check fraud.
• Call your bank and financial institutions directly instead of returning missed calls from unknown numbers or clicking links in a text or email.

2. Act

• Check your account at least a few times each week to make sure you recognize all transactions.
• Place fraud alerts with credit bureaus (Equifax, Experian, TransUnion).
• Stop any suspicious communication immediately. Don’t answer calls, open emails or links, or respond to anything.
• Call us immediately to stop further unauthorized transactions.
• Report the incident with the FBI Internet Crime Complaint Center (IC3), the Federal Trade Commission (FTC), and/or Arizona’s consumer protection office.
• Change passwords for compromised accounts and accounts that use the same password.

3.  Advise

• Spread awareness to protect others.
• Share resources, like Banks Never Ask That and American Bankers Association.

10 common financial scams

1. Romance and relationship scams

Scammers target people on social media and dating platforms, building emotional connections and inventing emergencies to request money.

Signs to watch for 

• Online relationships where the person refuses to meet in person, has a sad or exotic story (such as working outside the country), and/or has few or no connections or posts.
• Requests for money to handle emergencies or travel expenses.
• Claims of love or affection early in the relationship.

2. Sweepstakes and lottery scams

Criminals contact people, typically via email or phone, to tell them they have won a lottery or sweepstakes prize. The victim is then asked to pay fees or taxes upfront to claim their reward.

3. Investment scams

Scammers befriend victims online, build trust, and convince them to put money in phony investments or cryptocurrency. Victims may initially see small returns but eventually lose all their funds.

Signs to watch for 

• Unsolicited investment advice from online acquaintances.
• Pressure to act quickly on “limited-time” opportunities.
• Platforms requiring fees or taxes to release funds.

4. Account takeover scams

Fraudsters pretend to be from a trusted company or agency in an attempt to get bank account information so they can steal money.

Signs to watch for 

• Unexpected calls, texts, or emails asking for personal information or account details.
• Urgency to click on suspicious links.
• Emails with grammatical errors or unusual sender addresses.

5. Fake check scams

Criminals create counterfeit checks, alter legitimate ones, or steal them and try to make deposits or fraudulent transactions.

Signs to watch for 

• Unfamiliar transactions on your statement or online banking activity
• Missing or stolen checks
• Altered checks, such as changes to the payee’s name or the amount written, or a forged signature

6. Employment scams

Fraudsters post fake job offers to steal personal information or money. Victims may even unknowingly participate in illegal activities, such as reshipping stolen goods.

Signs to watch for 

• Job offers for positions you didn’t apply for.
• Requests for upfront payments or personal details during the application process.
• Interviews conducted via unofficial apps like WhatsApp or Telegram.

7. Peer-to-peer payment scams

Scammers exploit apps like Venmo, PayPal, or Zelle to trick victims into sending money.

Signs to watch for 

• Claims of accidental payments with requests to send the money back.
• Messages from imposters claiming to be from your bank or a trusted service.
• Requests for payment before receiving goods or services.

8. Charity scams

Criminals pose as legitimate charities to take advantage of your goodwill, often after disasters or during the holiday season.

Signs to watch for 

• High-pressure tactics to donate immediately.
• Requests for payment in untraceable forms like gift cards or cryptocurrency.
• Charity names that mimic well-known organizations.

9. Package delivery scams

These scams often begin with fake notifications claiming issues with a package delivery. Victims may be tricked into clicking harmful links or sharing personal information.

Signs to watch for 

• Texts or emails about packages you didn’t order.
• Links with slight misspellings of trusted companies (e.g., “FedX.com”).
• Requests for personal or financial information to “resolve” a delivery issue.

10. Gift card scams

Scammers pressure victims to purchase gift cards and provide the codes under false pretenses, such as paying a fine or securing a prize.

Signs to watch for 

• Requests for payment via gift cards.
• Threats or pressure to act quickly to avoid consequences.
• Claims that gift cards are the “only way” to resolve an issue.

 

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Your financial safety matters to us!

Stay informed, trust your instincts, and remember: If something doesn’t feel right, verify before taking action! Let’s work together to protect your family, business, and community from scammers.

If you have any questions or need help deciphering if a request is real, get in touch with us.