Newly released Federal Trade Commission data show that consumers reported losing more than $12.5 billion to fraud in 2024, which represents a 25% increase over the prior year.
Consumers reported losing the most to investment scams at $5.7 billion.
Stockyard Bank & Trust notes that older adults, unfortunatley, are more likely to be targeted and fall prey to bad actors trying to scam them out of their savings and financial security. Typically, older adults are targeted through a variety of clever scams, including tech support scams, grandparent/family scams and government impersonation scams.
According to the National Council on Aging, people aged 60+ lost $3.4 billion in 2023 alone.
Stock Yards Bank & Trust offers consumers these tips to help prevent bank scams — and they apply to customers of all banks:
• Do not rely on caller ID – Watch out for scammers who may be able to spoof a phone number, so your caller ID reads the name of your bank, even when it is not. Pay close attention when it appears your bank or financial institution is calling you.
• Do not share private account information – Remember that legitimate banking institutions like Stock Yards Bank & Trust will never ask for your username, password or one-time access code. Never share this information – people on the phone and through text messages will use creative ways to extort your information.
• Ignore requests to send a payment to solve a problem – Your bank will never ask you to send money to anyone, including yourself, to “reverse a transfer,” “receive a refund,” or anything of that nature. Your bank has your account information; they won’t need to call you and request it. Contact your banking officer (or your bank’s customer service line) directly to discuss any issues with your accounts.
• Ignore requests you did not initiate – Even if someone claims to be from Stock Yards Bank & Trust or your banking institution, ignore requests for one-time access code or PIN changes you did not request.
• When in doubt, hang up and contact your bank directly – If you receive a suspicious call from someone who says they represent your bank, hang up and call your bank using a verified legitimate phone number.
Consumers should always call or visit their bank directly with any concerns of fraud, phishing, identity theft or other scams.
To find the correct, secure number to contact your bank, Stock Yards Bank & Trust recommends calling the customer service number on the back of your debit card or on your statement.
Ja Hillebrand, Chairman & Chief Executive Officer, Stock Yards Bank & Trust, said, “We take our customers’ security seriously. It’s personal to us as we all live and work in the communities we serve, and have measures in place to consistently prevent fraud.
We welcome phone calls and visits from our customers if they have questions about their accounts and investments, and we stand firm in our commitment to keeping their financial resources safe and secure.”