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.

Fraud & Security: What You Need to Know

Scammers are always finding new ways to exploit unsuspecting individuals, but knowledge is your best defense. 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.    

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. 

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.

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.

Contact WaterStone

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

Person using their smart phone and laptop

Helpful Resources