FDIC-Insured – Backed by the full faith and credit of the U.S. Government
We’re Expanding! We are proud to announce that State Bank of Cochran will be joining the BankSouth family. Learn More
New to BankSouth? Start Here
FDIC-Insured – Backed by the full faith and credit of the U.S. Government
As spring travel and graduation season approaches, it’s the perfect time to stay sharp when it comes to protecting your finances and personal information.
This month, we’re spotlighting three trending scams: travel scams targeting vacation planners, peer-to-peer payment fraud on popular money transfer apps, and fake student loan forgiveness offers. Read on to learn how to recognize the red flags and keep your money safe.
Scammers set up fake travel websites or send out emails advertising unbelievable vacation deals — often for flights, hotels, or rental homes. After you book, either the service doesn’t exist or you’re hit with hidden charges and no way to get your money back. That is no way to start summer.
To protect yourself, book through reputable travel sites or directly with airlines and hotels.
Peer-to-peer (P2P) payment apps are fast and convenient for sending payments to friends and family, but scammers exploit them to trick you into sending money that you can’t get back. Common tactics include posing as a buyer for something you’re selling, or pretending to be your bank.
Keep your money yours by sending money to people you know and trust, and be cautious of anyone asking you to act promptly.
Did you know you can securely send money to trusted people through BankSouth’s Pay a Person service? Learn More
With ongoing changes to student loan forgiveness programs, scammers are targeting borrowers with fake offers to “fast-track” loan forgiveness for a fee. They often impersonate official agencies and ask for your personal and banking information.
To protect yourself, never pay upfront fees for loan forgiveness help because legitimate programs don’t charge. In addition, verify communications through official government websites or your loan servicer.
Source of this month’s scam information:
https://consumer.ftc.gov/articles/avoid-scams-when-you-travel
https://studentaid.gov/resources/scams
View our latest news and get the latest industry updates on our blog.
