Keep Your Guard Up Against Identity Theft and Account Takeover Scams

In an increasingly online world, the threat of identity theft remains at an all-time high with more than 1.3 million people reporting identity theft in 2025, according to Experian. That means each day thousands of people report having their personal information misused, often resulting in compromised financial accounts and fraudulent transactions. Criminals use this stolen personal information, such as Social Security numbers, account credentials, or debit card information, to access financial accounts or commit fraud.

Increasingly, fraudsters are pretending to be bank employees working in a branch or as part of the fraud department. These criminals may spoof phone numbers or use the names of actual people to appear legitimate. The fraudster then claims that suspicious activity has been detected on your account and asks you to verify sensitive information, such as recent transactions, online banking credentials, security codes, or debit card details.

In most cases, the suspicious activity does not actually exist. Their goal is to gain access to your accounts and personal information. Once armed with these details, the fraudster may log into your online banking to move funds, make unauthorized transactions, or convince you to transfer money yourself under the false pretense of protecting your account from fraud.

Once funds have been transferred to a scammer, recovering the money can be difficult and, in some cases, impossible. That is why it is critical to never share sensitive account information and to independently contact your financial institution using a trusted phone number if you receive a suspicious call.

Watch for Red Flags

It’s important to keep your guard up as many of these scams begin with a phone call, text message, or email that appears legitimate but quickly evolves into scare tactics.

There are three key red flags to watch for:

1. Unexpected calls, texts, or emails claiming to be from your bank.
2. Requests for passwords, PINs, one-time passcodes, or online banking credentials.
3. Pressure to act immediately to “protect” your account or stop suspicious activity.

How to Protect Yourself

As fraudsters continue to evolve their tactics, awareness remains one of the strongest defenses. By recognizing the warning signs of identity theft and account takeover scams, and taking time to verify unexpected requests, you can significantly reduce your risk of becoming a victim. Some good rules to follow are:

• Protect your Social Security number and personal information.
• Never share passwords, PINs, or one-time passcodes.
• Contact your bank using a trusted phone number if you receive suspicious communications.
• Review your account activity regularly and enable account alerts where applicable.

If You Become a Victim

As soon as you suspect that you’re the victim of a scam, acting swiftly can help minimize the damage.

• Contact your bank immediately.
• Change affected passwords and credentials.
• Monitor your accounts for unauthorized activity.
• Contact local law enforcement to file a police report
• Report an identity theft with the Federal Trade Commission and create a recovery plan.

Fraud can happen to anyone, so staying up to date on the latest scams is a great way to keep your guard up. You can also test your knowledge with our fraud awareness quiz to see if you are prepared to stop a scammer.