Stay Safe: Your Guide to Protecting Your Money from Scams and Fraud
At Stone Bank, your financial security is our top priority. We want you to feel confident and secure when managing your money, whether you're an individual account holder or a business owner. While fraud and scams are unfortunately on the rise, the good news is that most can be prevented when you know what to look for.
The Reality: Fraud Is Growing, But You Can Stay Protected
Let's be honest about the statistics. According to the FBI's Internet Crime Complaint Center, Americans lost a staggering $16.6 billion to online scams in 2024—a 33% increase from the previous year. The Federal Trade Commission reported similar findings, with fraud losses reaching $12.5 billion in 2024.
These numbers might feel alarming, but here's what's important to remember: knowledge is your best defense. When you understand how scammers operate and what warning signs to watch for, you're already ahead of the game.
The Most Common Scams Targeting You
For Individual Consumers
Imposter Scams
These are the most frequently reported scams. Criminals pretend to be someone they're not, such as your bank, a government agency, or even a family member in distress. In 2024, government imposter scams alone cost Americans $789 million.
Investment Fraud
Fake investment opportunities led to nearly $6 billion in losses in 2024. These scams promise high returns with little risk, often involving cryptocurrency or other trendy investments.
Tech Support Scams
Scammers pose as technical support representatives, claiming your computer has a virus or security issue. These schemes cost victims $1.4 billion in 2024.
Holiday Scams
While individuals are preoccupied with the hustle and bustle of the holiday season, scammers see it as an opportunity to strike. Non-delivery scams (purchased goods are never received) and non-payment scams (delivered goods are not paid for) cost Americans over $300 million in 2023.
For Business Owners
Business Email Compromise (BEC)
This is the biggest threat to businesses today. In BEC scams, criminals impersonate executives, vendors, or trusted partners through email, requesting urgent payments or sensitive information. Since 2013, BEC scams have cost businesses and individuals over $55 billion globally, with $2.7 billion lost in 2024 alone. These attacks accounted for 73% of all reported cyber incidents in 2024.
What Banks Never Ask: Essential Knowledge from the American Bankers Association
The American Bankers Association's #BanksNeverAskThat campaign, now in its sixth year with over 2,000 participating banks nationwide, has a simple but powerful message:
Your bank will NEVER:
❌ Call, text, or email asking for your password, PIN, or full account number
❌ Request your online banking username or credentials
❌ Ask you to send money to yourself to "verify" your identity
❌ Tell you to purchase gift cards to protect your account
❌ Pressure you to act immediately without giving you time to think
❌ Ask you to download software to "secure" your account
If someone claiming to be from your bank asks for any of these things, it's a scam. Hang up and call your bank directly using the number on your card or statement.
Red Flags: How to Spot a Scam
Trust your instincts. If something feels off, it probably is. Here are the warning signs:
Urgent Pressure
Scammers create false emergencies. They'll say your account is compromised, your grandchild is in jail, or you'll lose money if you don't act immediately. Legitimate businesses and government agencies give you time to verify and think.
Requests for Unusual Payment Methods
Gift cards, cryptocurrency, wire transfers to unfamiliar accounts, or peer-to-peer payment apps for business transactions are major red flags. These payment methods are nearly impossible to reverse or trace.
Too Good to Be True Offers
Guaranteed high returns, amazing prizes you didn't enter to win, or deals that seem impossibly good are designed to trigger your emotions and bypass your better judgment.
Grammar and Greetings
Scammers are growing more sophisticated, thanks in large part to the use of artificial intelligence (A.I.) In the past, many phishing emails still contain spelling errors, awkward phrasing, or generic greetings like "Dear Customer" instead of your name. Today, A.I. makes far easier to craft convincing communications via email or text message.
Suspicious Links and Email Addresses
Hover over links (don't click!) to see where they really lead. Scammers often create email addresses and websites that look almost identical to legitimate ones, with slight misspellings or extra characters.
Requests for Remote Access
Never let someone you don't know access your computer remotely, regardless of their reason.
Practice Safe Checks: Protecting Against Check Fraud
The American Bankers Association's #PracticeSafeChecks campaign reminds us that check fraud is making a comeback. Here's how to protect yourself:
✅ Use checks sparingly and consider electronic payment alternatives when possible
✅ Store unused checks in a secure location
✅ Review your bank statements regularly for unauthorized transactions
✅ Report lost or stolen checks immediately
✅ Consider using digital payment methods for recurring bills
❌ Never mail checks from unsecured mailboxes
What to Do If You Encounter a Scam
Pause and Verify If someone contacts you claiming to be from your bank, hang up and call the official number on your card or bank statement. If it's an email, don't click any links—instead, log into your account directly through your browser.
Follow These Steps Our Boulder Bankers have prepared a list of steps you can take if you think you may have been targeted by a scammer: https://www.stonebank.com/help-what-do-i-do-if-my-bank-account-is-compromised/
For Businesses: Implement Verification Protocols The FBI recommends using secondary channels to verify any request for payment or sensitive information. If your "CEO" emails asking for an urgent wire transfer, call them directly using a known phone number before taking action.
Report It Even if you didn't lose money, reporting scams helps protect others:
- File a complaint with the FBI's Internet Crime Complaint Center at www.ic3.gov
- Report to the Federal Trade Commission at ReportFraud.ftc.gov
- Contact your state's consumer protection bureau
- Alert your bank immediately
Time Is Critical for Fund Recovery If you've already sent money, contact your financial institution immediately. The FBI's IC3 Recovery Asset Team can help freeze funds, but quick action is essential.
Simple Steps to Protect Yourself
Use Strong, Unique Passwords Create different passwords for each account and change them periodically. Consider using a password manager to keep track.
Enable Multi-Factor Authentication This adds an extra layer of security to your accounts, making them much harder for scammers to access. This may involve first entering your password then having a one-time verification code sent via text to your smartphone.
Monitor Your Accounts Regularly Check your bank statements frequently for unauthorized transactions. The sooner you catch suspicious activity, the better.
Stay Informed Scammers constantly evolve their tactics. Follow trusted sources like Stone Bank, the American Bankers Association, and federal consumer protection agencies for the latest fraud alerts.
Educate Your Team and Family Share this information with employees, relatives, or anyone who might be targeted. The more people who know these warning signs, the fewer victims scammers will find.
You're Not Alone
At Stone Bank, we're committed to protecting you. If you're ever unsure whether a communication is legitimate, contact us directly. We'd much rather answer a quick verification question than see you become a victim of fraud.
Remember: being cautious isn't being paranoid—it's being smart. Scammers rely on confusion, fear, and haste. When you pause, verify, and trust your instincts, you're taking away their power.
Your financial safety matters to us. Together, we can keep your money where it belongs—safely in your accounts, working for your future.
Need Help? Contact Stone Bank
If you suspect fraudulent activity on your account or have questions about a suspicious communication, please contact us immediately at (833) 253-2265 or by visiting your nearest Stone Bank branch. We're here to help.
Additional Resources:
- American Bankers Association: BanksNeverAskThat.com
- FBI Internet Crime Complaint Center: IC3.gov
- Federal Trade Commission: ReportFraud.ftc.gov
- Consumer Financial Protection Bureau: ConsumerFinance.gov
This information is for general education purposes only and not to be used as tax or legal advice. The opinions and recommendations expressed herein are those of the author(s) and not necessarily those of Stone Bank. Stone Bank’s website may contain links to websites of other organizations that are no longer protected by our privacy policy or security practices. Stone Bank nor any of their employees assume any legal liability for the accuracy, completeness, or usefulness of this information.