Financial scams can be difficult to spot, but knowing what Lake Region Bank will never ask you to do can help you recognize fraud before it’s too late. Learn how to identify common scam tactics, protect your personal and financial information, and know what to do if a suspicious message claims to be from your bank.
The hard truth about financial fraud these days is that scammers get more sophisticated every day. With the use of artificial intelligence (AI), scam phone calls, text messages, emails, and even fake websites look and sound legitimate. How are you supposed to know what’s real and what’s a scam?
Though an email or text may look legit and a caller may sound knowledgeable, there are way to spot a financial scam. Here are a few ways you can identify a potential scam and protect your financial accounts.
Know What We’ll Never Ask You
There are some things that banks simply will never ask you. Here are some red flags and what to do if you suspect a scam.
We’ll never ask for . . .
- Your password or PIN: Never share passwords or PINs with someone who contacts you unexpectedly, even if they claim to be a Lake Region Bank employee.
- A one-time passcode: Never share a one-time passcode with someone who contacts you and asks for it.
- You to transfer your money to protect it: Don’t do it! We’ll never ask you to transfer money for safekeeping due to a security issue or fraud investigation.
- Your help with a fraud investigation: Ignore the contact and call us directly using a number you know and trust.
- You to lie or keep a secret: Ignore the caller or the text or email.
If anyone contacts you pressuring you to take these actions, even if they claim it is urgent, don’t listen to them. Instead, hang up the phone or ignore the email or text. Then, contact Lake Region Bank using a number you know and trust (our phone number is 320-235-5900).
Spot These Financial Scam Warning Signs
Even when a scammer doesn’t directly ask for your financial information, there are signs that a communication isn’t legitimate. Here are some financial scam warning signs to look out for.
| Scam Warning Sign | What It Looks Like |
| Unexpected Contact | You get a call, text, or email out of the blue, especially about some sort of financial emergency. |
| Pressure to Act Immediately | You’re told to act right now or something bad will happen. |
| Requests for Unusual Payments | You’re asked to send money through an unfamiliar method (ex: wire transfer, bitcoin, or unfamiliar link) or transfer funds to a different account you don’t own. |
| Suspicious Links | An email or text asks you to click a link and enter your banking credentials or personal information, but the domain isn’t lakeregion.com or something you recognize. |
| Unusual Instructions | You’re asked to do something that doesn’t make sense, such as withdrawing cash or moving money to “protect” it. |
| Too-Good-to-Be-True Offers | You’re promised a prize, refund, investment opportunity, or other benefit in exchange for money or sharing your personal or account information. |
Remember, scammers can make their communications look very convincing. They may even include our logo or the name of your personal or business banker. Don’t assume a message is legitimate simply because it includes our name or logo.
When In Doubt, Get in Touch with Us
If something feels wrong, don’t be embarrassed to hang up or ignore the message and ask for help. Taking a few minutes to verify a request could save you from becoming a victim of a scam.
Again, if you receive a suspicious call, text, or email claiming to be from Lake Region Bank, don’t respond or provide any information. Instead, contact us directly using a phone number you already know and trust.
You can reach Lake Region Bank at 320-235-5900 or visit one of our local branches. Our friendly banking team is here to help you identify potential scams and protect your accounts.
Spot a Financial Scam FAQs
Will my bank ever ask for my password or PIN?
No. Lake Region Bank will never unexpectedly contact you and ask for your password, PIN, or other sensitive login information.
What should I do if someone claiming to be my bank asks me to transfer money?
Do not transfer the money or provide any information. End the conversation and contact Lake Region Bank directly using a trusted phone number to verify the request.
How can I tell if a message from my bank is a scam?
Watch for red flags such as urgent demands, threats to close your account, requests for passwords or one-time passcodes, suspicious links, or instructions to move money. When in doubt, don’t respond. Contact us directly.
What should I do if I think I’ve been targeted by a financial scam?
Contact Lake Region Bank as soon as possible at 320-235-5900 or through a trusted contact method. Reporting a suspicious communication or transaction quickly can help you determine what steps to take.
