The Bank of Tescott Blog

Expert Advice from The Bank of Tescott

In today’s digital world, scams are becoming increasingly sophisticated, targeting individuals through phone calls, emails, and social media. Travis Shaft, Vice President of Compliance and Security at The Bank of Tescott, is raising awareness about the warning signs of scams and how people can protect themselves from fraudsters.

“A scam is any fraudulent scheme designed to steal your money or personal information,” Shaft explains. “Scammers are constantly adapting, using new technologies like artificial intelligence to impersonate people or organizations you trust.”

Common Types of Scams

Scammers use a variety of tactics to deceive their victims. Some of the most common schemes include:

• AI-Powered Scams – Fraudsters use artificial intelligence to generate realistic emails or even mimic voices to trick individuals into revealing sensitive information.
• Funeral Scams – Scammers exploit obituary notices, claiming a deceased loved one has an outstanding debt that must be paid immediately.
• Tech Support Scams – Callers impersonate tech companies, claiming your computer is infected and offering to “fix” it, only to steal your personal data.
• Government Impersonation Scams – Scammers pose as IRS or Social Security officials, demanding payment for alleged unpaid taxes or benefits verification.
• Grandparent Scams – A scammer pretends to be a distressed grandchild in urgent need of money due to an emergency.
• Internet and Investment Scams – Fraudsters create fake online personas, promising love or high financial returns in exchange for money.
• Check Fraud – Thieves steal checks from the mail, altering the amount or making fake copies for further fraud.
• Reverse Mortgage Scams – Homeowners, particularly seniors, are targeted with fraudulent offers to unlock home equity through deceptive loans.
• Pig Butchering Scams – Scammers build online relationships with victims to gain trust before persuading them to invest in fraudulent cryptocurrency platforms.

How Scammers Operate

Fraudsters often pretend to be from well-known organizations, use scare tactics, or offer fake prizes to lure victims into acting quickly. They manipulate caller ID, making it appear as if they are calling from a legitimate institution.

“Scammers will pressure you to act immediately,” warns Shaft. “They’ll say you’re in trouble, your bank account has been hacked, or you’ve won a prize—but only if you pay a fee upfront.”

How to Protect Yourself

Shaft advises individuals to remain cautious and follow these guidelines to avoid falling victim to scams:

• Block unknown callers and filter spam messages
• Never share personal or financial information over the phone
• Do not click on suspicious links in emails or texts
• Verify organizations independently—don’t trust caller ID
• Stay calm and don’t let scammers pressure you into quick decisions
• Never make payments using gift cards, cryptocurrency, or wire transfers

“Legitimate institutions will never ask for payment in the form of gift cards or cryptocurrency,” Shaft emphasizes. “If someone insists on a specific payment method, that’s a major red flag.”

Stay Vigilant

Education is the best defense against fraud. The Bank of Tescott encourages customers to stay informed and report suspicious activity. If you suspect a scam, contact your bank immediately.