NewsProtecting Your Money


Protecting Your Money: Holiday banking scams

Bank Account
Posted at 12:43 PM, Dec 08, 2021
and last updated 2021-12-08 13:43:43-05

CORPUS CHRISTI, Texas — "If someone calls unsolicited and says that they’re from your bank, asking for your account information or passwords, you can hang up. You can call your bank to verify the legitimacy of any outreach," says Chris Furlow, president and CEO of the Texas Banking Association.

We've asked Furlow for advice to protect you from holiday banking scams.

Among his suggestions, always be alert, monitor your bank account regularly, and check your bank statements regularly.

"Know that your bank will not reach out to you by email to ask you for sensitive financial information, account numbers, and passwords," Furlow told Action 10 News.

He adds that your bank can also provide helpful advice in regard to reaching out to law enforcement immediately if you have been victimized.

"The most important thing that can happen is the bank can stop payments and the like. And they can work with law enforcement through any information you can provide, that the bank can provide, to try and stop these criminals and have them arrested," said Furlow.

Forbes has listed the eight most common bank scams. We've provided them below.

1. Over payment
2. Check cashing
3. Unsolicited check fraud
4. Automatic withdrawal
5. Phishing
6. Gov. imposter
7. Charity
8. Employment

Furlow advises caution and familiarity.

"A small amount of time on the front end can save you a lot of financial pain and hassle. Or to be safe, you can focus your giving on organizations like your church or community groups that you know."