Scammers are getting smarter, faster and more convincing every day. That’s why recognizing fraud is no longer just about knowing what a scam looks like. It starts with understanding the tactics behind it before the damage is done.
During Fraud Prevention Month, VyStar leaders Chuck Meredith, vice president of enterprise authentication and fraud, and Nicole Altizer, senior vice president of operations, shared the most common scams currently targeting people and the warning signs all consumers should know. Their message was simple: fraud prevention works best when awareness and protection work together.
Today’s scams are designed to feel personal and urgent. Fraudsters rely on emotion, fear, excitement, secrecy and pressure to push people into acting quickly before they can pause and think. The good news is that once you understand how these scams work, the red flags become much easier to spot.
Recognizing Common Scams
One of the fastest growing threats is imposter scams. Scammers pretend to be someone you trust, such as your financial institution, a government agency, a utility provider, tech support or even a family member. They use urgency to create panic and pressure you into acting immediately.
Common examples include unpaid toll notices, jury duty warnings, tax threats, suspicious account alerts or messages claiming a loved one is in trouble. When in doubt, reach out to VyStar directly to confirm the message is legitimate.
For VyStar alerts, legitimate text messages come from short codes with five or six digits, not full phone numbers. If something does not look right, don’t click links or reply. Instead, use a trusted phone number or website that you enter yourself.
Another alarming trend involves scammers coaching victims to withdraw cash from their financial institution. In many cases, fraudsters stay on the phone for hours, instructing victims on exactly what to say to staff. They may claim the bank is under investigation, that employees cannot be trusted or that the situation must be kept secret.
These statements are major red flags. Law enforcement does not randomly contact individuals and ask for money, and no legitimate investigation requires secrecy from your financial institution. Branch employees ask questions to protect you, not to inconvenience you. Being honest allows them to help keep your money safe.
Scammers also pressure victims into making fast payments using hard-to-trace methods. This includes wire transfers, gift cards, cryptocurrency, person-to-person payment services or cash pickups. While some legitimate businesses use digital payment tools, they will never demand immediate payment to a specific individual to resolve an emergency.
Account takeover scams are also on the rise. These often begin when scammers use stolen personal information to attempt a login, triggering a legitimate one-time passcode. They then pose as your bank and ask you to read the code back. Do not share a one-time passcode if you did not contact us first.
VyStar works around the clock to protect members using advanced fraud monitoring, multilayer authentication and secure digital banking tools. Meanwhile, products such as VyStar+ Checking includes dark web monitoring and access to your credit report, so you can check for inaccuracies or signs of theft.
Just as important is education. Knowing when to slow down, ask questions and verify information can make all the difference. For more tips on protecting yourself, members are encouraged to watch VyStar’s fraud prevention webinar.