We all like to think we’re savvy enough to spot a scam—but a surprising new trend is proving otherwise. While many assume the younger generation is tech-smart and scam-proof, we’re seeing an alarming number of people in their 20s falling for TikTok scams that promise fast cash in exchange for their online banking credentials.
How the Fraud Works
Scammers are getting creative, using social media platforms like TikTok to lure in victims. Here’s how it typically plays out:
- A scammer, often posing as an influencer, promises easy money if you provide access to your online banking. They claim they can deposit funds into your account—no strings attached.
- Once they have your login, they begin depositing checks via mobile deposit. What they don’t tell you? These checks are fraudulent.
- They pressure you to quickly transfer the money out using peer-to-peer payment apps like Cash App or Apple Cash before the bank detects the fraud.
- By the time the checks are flagged as fake, it’s too late. The scammer has disappeared, and you are left responsible for the losses.
Keep Private Information Private
One of the biggest red flags in scams like these is any request for your banking credentials. Legitimate companies, including banks, will never ask for your login ID, PIN, passwords, or security codes—and for good reason! These details are private for your protection.
A good rule of thumb? If someone is asking for personal financial information that a legitimate institution should already have, it’s a scam.
How to Stay Safe
- Never share your online banking credentials with anyone—whether it’s an influencer, a friend, or even someone claiming to be from your bank.
- Be skeptical of “too good to be true” offers. If easy money were real, everyone would be doing it.
- If you ever receive a suspicious request, hang up or stop communicating and call your bank directly at a verified phone number.
- Enable account alerts so you’re notified immediately of any unauthorized access.
Have Questions or Concerns?
If you think you’ve been targeted by a scam or have concerns about your account security, contact us immediately at (888) 943-2317 or visit richwoodbank.com.
Stay smart, stay safe, and always think before you click! 🚨
