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Bank Failures and Scams - 3 Tips to Protect Your Money From Bank Scammers

If scammers had a motto, it would be, "Never Let a Good Crisis Go to Waste." Over the past few weeks, several banks have gone under and there is a lot of uncertainty. The failures appear to be pretty contained (at last for now), and the affected banks are not where most people have their money. But there is an air of concern about the health of the banking system and that is normal. And for scammers, this is a golden opportunity to try to get your money by capitalizing on the panic and uncertainty.

Here are 3 tips to protect your money from scammers during a banking crisis.

1. Don't panic. Scammers thrive on panic. When you panic, you don't think clearly. That is why they send emails that say something like "URGENT - CLICK THIS LINK TO AVOID HAVING US SEIZE ALL OF YOUR FUNDS." If you receive an email, a text message, or some other message about your bank accounts, take a step back and breathe. This will allow you to address whatever is in front of you with a clear head and not make mistakes that you will regret tomorrow.

2. Don't click on any links or call any phone numbers in an email, text message, or other message. If you receive an email or other message supposedly from your bank, get on the internet, go to the bank's webpage and call the number on that site or go to a local branch. If you click on the link, you run the risk of downloading malware and/or a virus and/or going to other pages that will tempt you to enter personal information that the scammer can then use to empty your accounts and steal your identity. If you call the phone number in the message, it is likely staffed by the scammer and/or friends who will ask you for the same type of information (account numbers, PINs, etc.). Remember, your bank will NEVER ask you for account numbers, PINs, social security numbers, or anything like that on a website, etc. If the message is asking for information, stop and call your bank and/or go to a local branch.

3. Go to reputable sources for information. First, the chance that your bank has failed is relatively small. If your bank fails, the Federal Deposit Insurance Corporation ("FDIC") takes control of it. You can get information at and on the bank's official website about whether it has failed and, if so, what to do next. When in doubt, visit the branch or call the official number on the website for information about how your bank is affected.

If you have any questions, please feel free to contact Aisen Law, PLLC.

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