Many scams target bank accounts, and the most successful of these scams are highly sophisticated. To avoid being fooled by shameless scammers, here’s what to know about keeping your banking information safe with bank account monitoring services from ID Screen.
How ID Screen Bank Account Monitoring Works
When you sign up to have your bank account monitored, it’s like hiring someone to do nothing else but keep an eye on your money and watch for signs of fraud 24/7. Instead of having to hire a financial expert or someone else who might charge you an arm and a leg for this type of service, though, you get continuous monitoring for a surprisingly affordable price.
ID Screen can monitor up to 10 debit, credit and store cards. If there are any indications someone may be using your information nefariously, you’ll be notified immediately so you can take instant action. ID Screen also monitors your bank account to keep track of your IBAN and make sure it’s not used fraudulently. Your IBAN is a unique number that identifies your bank account.
What Common Scams ID Screen Bank Account Monitoring Can Deter
Thieves know that if they can get straight into your bank account, they can get a big payout. The awful thing about bank scams is that they can have a huge financial impact on those involved. While most credit cards offer fraud protection to consumers, banks offer no such safeguards. Often, victims of bank fraud are never able to recoup their lost funds.
There are a number of ways thieves may target your bank account. Most people know these common scams exist, but many fall prey to them anyway. A surprising 13% of adults in the U.K. reported that they have experienced some type of online banking fraud at least once before. Having ID Screen monitor your bank account can help you avoid becoming part of this statistic. Here are some of the most popular banking scams and how they work.
Charity Scams
Not everyone posing as a charitable person or organisation is legitimate. There are plenty of fraudsters who love to use charity scams to prey on people’s best intentions. These scammers may solicit donations to help local military families, sick children or other worthy causes. Their primary goal is to convince you to hand over your debit or bank account information to them. That way they can gain full access to your banking account — and the funds inside.
Online Lending Scams
If you receive an email or phone call promising you unbelievable rates for a personal loan, don’t fall for it. The person on the other end of the email or phone call may be trying to get your sensitive information under the ruse of offering you a loan. Never provide your sensitive personal details to someone over the phone, no matter how convincing they may sound. ID SCreen bank account monitoring services can provide instant notification if someone tries to do anything fishy with your bank account.
Check Overpayment Scams
Check overpayment scams are highly popular because of their high success rate. Scammers pretend to buy something that a seller has posted in an online auction or similar site. The fraudster will send a noncash payment to the seller, but will “accidentally” pay more than the item is worth. The fraudster will then attempt to convince the seller to wire the overpayment back to them. Unfortunately, the buyer usually finds out in short order that the check the fake buyer provided isn’t real and they unwittingly fell victim to fraud.
Bank Account and Credit Card Scams
Most people will receive a call from someone claiming to be from their bank or credit card issuer at some point in their lifetime. If the caller attempts to extract sensitive information from you, such as your birthdate or bank account number, hang up. The caller will attempt to convince you that this information is necessary to investigate fraud on your account. To avoid falling victim, hang up and call your bank or credit card company back directly. Use the number that’s on your bank or credit card instead of the number the scammer used to call you.
How To Get Reliable Bank Account Monitoring From ID Screen
It can be scary to know there are scammers out there who want to steal your information. Fortunately, you can decrease your likelihood of becoming a victim when you use bank account monitoring services. To learn more about these services and how they can benefit you, contact ID Screen today.
https://money.usnews.com/banking/articles/scams-that-target-your-bank-account
https://www.statista.com/statistics/480870/frequency-of-experiences-of-bank-card-and-online-banking-fraud-in-the-uk/
