Consumer Bank Fraud is on the Rise

According to the Federal Trade Commission, consumer bank fraud is up 40%. From 2021 to 2022, around $8.8 billion was lost—and that trend is on the rise. Fraudsters are using sophisticated methods and new technologies to steal personal information for financial gain. Elderly people are frequent and repeat targets.

What Can You Do to Avoid Being a Victim?

The #1 thing you can do to avoid being a victim is to stay informed! Let’s start with the types of consumer bank fraud prevalent today—and more importantly, how you can protect yourself from them.

Identity theft, spoofing, phishing, card fraud, and stolen checks are common ways for scammers to defraud consumers. Below are some of the most common types of fraud consumers (you) are targeted with. Click on each to learn how to recognize potential scams.

How CNB St. Louis Bank Can Protect You

Fighting Bank Fraud. With You. For You.


One of the best ways to help avoid being a fraud victim is to stay informed and bank with people who know you. At CNB St. Louis Bank, many of our staff members have been with us for years and know customers by name. While it’s nice to be neighborly, these close relationships have another purpose that’s just as important.

Because we know you, we’re better able to identify out-of-the-ordinary transactions.

For example, we can more easily identify red flags such as a customer suddenly exhibiting out of the ordinary transaction behavior.

Recently, a fraudster impersonating the “Fair Trade Commission” texted a customer to say her identity was unsecure and instructed her to withdraw large sums of money from her bank account. The fraudster coached the customer to tell us that the unusual withdrawals were for home repairs and her daughter’s wedding.
 

Because we knew the customer and were all-too-familiar with this type of scam, we quickly uncovered it. Then, we reassured our customer when she needed it most and helped with the appropriate security measures—such as checking her credit report to see if any fraudulent accounts had been opened in her name. Then, we closed her checking and savings accounts, opening new accounts with new, uncompromised, account numbers.

We vigilantly monitor our customers’ bank activity for potential fraud.

We believe in technology to enhance, not replace, our service offerings. Our experienced staff members use sophisticated tools and AI technology to monitor such activity as login and transaction history—including ACH and wire transfers. When we see something unusual, we call our customer. When a customer calls us—to add a travel notice to an account, for example—we call back to ensure the notice is legitimate.

In short, good service is about more than being good neighbors. It’s powerful fraud protection and just one more way we’re Banking. For You.


If your identity has been stolen:

Visit www.identitytheft.gov a Federal Trade Commission website, to report the incident and create a recovery plan. 

Discover More on How to Protect Your Finances:


We’re here to help!

If you have any questions or concerns about fraud protection, do not hesitate to give us a call at
(314) 645-0666 to speak with a member of our local CNB St. Louis Bank team.