About 2.8 million U.S. consumers reported more than $5.8 billion in losses to fraud in 2021 — up 70% compared with 2020, Federal Trade Commission data shows. Those losses include fraud affecting bank accounts. Though banking technology and security have come a long way, bank scams continue to cheat people out of their money.
Keeping your bank account funds safe is critical because unlike with fraudulent charges on a debit or credit card, you don’t have much recourse if you give away money from your bank account. Money lost to bank fraud or scams isn’t covered by the Federal Deposit Insurance Corp. (or National Credit Union Administration assurance if you use