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PROTECTING YOUR FINANCES

Think it could be a scam? You’re probably right.

"A professional woman smiling and speaking with two colleagues during a meeting at a bright office table with a laptop nearby.

When something is off, our minds pick up warning signs that we can’t always explain. Whether you call it intuition or a gut feeling, it can be a powerful way to fight fraud.

A Flagstar banker in Queens recently experienced this firsthand. We’re excited to share what happened, but we won’t be very specific to protect everyone’s privacy.

When a fraud alert appeared on a client’s check, the Flagstar banker called. The client confirmed that the check was indeed legitimate, but something didn’t feel right, so the banker called again. This time, the client seemed frustrated at having to answer more questions, but the banker explained her concerns about the check and that her intentions were to protect the client, not challenge them.

The banker’s intuition soon proved to be correct. The client was the target of a scam. By listening to her instincts and gaining her client’s trust, the banker stopped the scammer from stealing thousands of hard-earned dollars from the client.

5 ways to protect yourself from scammers

1. Know their tricks. Scammers use emotional triggers like excitement (“You won $10,000!”) and fear (“Act now or lose everything”) to get you to act quickly. But if you understand how they operate, you’ll be less likely to fall for their schemes.

2. Be wary of unsolicited calls and email. Legitimate businesses and organizations will not contact you out of the blue for personal information, account numbers, or passcodes. If someone does, it’s probably a scam.

3. Slow down and verify. Scammers are good at telling lies that *could* be true. If someone contacts you about sending money to solve an issue, hang up and contact the business directly. Use a phone number from the company’s website, an account statement, or another trusted source—not from the person who contacted you. If the issue is real, confirm with the business where to send the payment. 

4. Never wire money or send gift cards or cryptocurrency to strengers. Scammers prefer these payments because they’re hard to trace, and it’s nearly impossible for you to recover your money.

5. Trust your instincts. If a situation doesn't feel right or seems rushed or too good to be true, slow down and take a closer look.

Think you’ve been scammed? Here’s what to do.

Anyone can be a victim of a scam, but if you act quickly, you can help limit the damage. Start with these steps:

Still have questions?

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