Stay Safe, Stay Secure: Protect Yourself from Scams and Fraud

Fraud can happen to anyone, and scammers are always finding new ways to deceive even the most cautious individuals. By recognizing warning signs and knowing what to do, you can take steps to protect yourself and your finances with confidence. Let’s work together to protect what matters most.

Banks Never Ask That

Every day, scammers pose as trusted sources like a bank, a family member, or even the government to trick people into sharing personal or financial information. In 2024 alone, consumers lost more than $12.5 billion to scams and fraud, according to the FTC. WaterStone Bank is committed to empowering you with the tools and information you need to recognize threats, take preventative measures, and respond confidently if you ever encounter fraudulent activity. That is why we have joined the Banks Never Ask That campaign alongside more than 2,400 banks nationwide. Together, we’re helping customers recognize red flags, stay alert, and protect what matters most.    

The Impact of Scams

Fraud doesn’t just cost money, it can also cause stress, erode trust, and disrupt lives. Understanding the financial, emotional, and legal impacts of scams can help you take proactive steps to protect yourself and your loved ones. 

How to Spot (and Stop) a Scam

Keep these tips in mind to protect your money and your identity:

Bankers Never ask that.

If a caller asks for account numbers, passwords, PINs, or security codes, it’s a scam.

Report it.

Forward suspicious emails to [email protected] or phishing texts to SPAM (7726).

Act fast if you shared information.

Contact your bank immediately using their official customer service number.

Hang up and call back.

Caller ID can be deceiving. If someone claims to be from your bank, hang up and call a verified number, like the one on an official website or the back of your card. Real representatives want you to feel safe calling back.

Don’t click suspicious links or attachments.

They can contain malware or direct you to fake websites. 

Common Types of Scams

  • Friendship Scams
    Fraudsters prey on trust, building fake relationships to manipulate victims into sending money or sharing personal information.
  • Lottery Scams
    “Congratulations, you’ve won!” Scammers lure victims with false promises of cash prizes, but first, they demand upfront payments or sensitive details to receive the item or reward.
  • Family Member Scams
    Impersonating loved ones in distress, these scammers play on emotions to request emergency money transfers.  
  • Money Mule Scams
    Victims unknowingly help launder stolen money by transferring funds on behalf of fraudsters, often under the guise of a job offer or friendship.  
  • Charity Scams
    Scammers exploit generosity by impersonating charities, particularly after major disasters, asking for donations that never reach those in need.  
  • Vishing, Phishing, and Smishing
    Sophisticated tactics, such as fraudulent phone calls (vishing), emails (phishing), and text messages (smishing), trick victims into revealing sensitive information through common forms of modern communication.  
  • Mail Check Fraud
    Scammers steal checks from the mail, alter them, and attempt to cash them, targeting unsuspecting individuals and businesses.  

Other scams to watch out for

Scams have unfortunately become a prevalent threat, targeting unsuspecting individuals from all walks of life. Take a deeper dive into other types of scams, how they operate, their waring signs and the precautions you can take to equip you to stay one step ahead.

check Scams
Text Scams
Identity Theft
Debit Card Fraud
Malware
Ransomware

Protective Measures & What to Do if You Fall Victim

If you suspect fraud, act quickly. We know these situations can be overwhelming, but by taking quick action it can help protect your finances. Reach out to your bank right away, freeze accounts, and notify the authorities. It is crucial that you act as soon as you suspect fraudulent activity. Learn more security tips, spot red flags, verify legitimacy, and secure your accounts to avoid becoming a target.

Additional Resources

Equip yourself with the latest insights, trends, and precautions against various scams with these resources:

Fraud Videos

American Bankers Association: Banks Never Ask That

Better Business Bureau – Scam Tracker

Consumer Financial Protection Bureau – Common Scams Overview

Dept. of Homeland Security – “Ready” Financial Preparedness

FBI – Internet Crime Complaint Center

FBI – Common Scams and Crimes

Federal Reserve – Consumer Help for Fraud and Scams

Federal Trade Commission – How to Avoid a Scam

Federal Trade Commission – Identity Theft Recovery Plan

IRS – Tax Scams and Consumer Alerts

USPS – Mail Fraud Complaint Form

Contact WaterStone

If you’ve encountered fraud or need assistance, contact WaterStone Bank or the resources below.

(414) 761-1000
(888) 686-7272 (toll free)
IdentityTheft.gov
Federal Trade Commission
Person using their smart phone and laptop

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