Union Bank's Resource Library—Financial Scams

Protect Yourself from Con Artists, Scams and Fraud According to Janet Reno, U.S. Attorney General, telemarketing fraud alone costs consumers about $40 billion a year. When other types of fraud are included, the amount is substantially higher.

Phony bank examiners. Phony police investigations. Pigeon drops. These are different methods that are all meant to convince you to turn over large amounts of money to con artists. Here's how they work:

• The bank examiner and police investigation scams usually start with a phone call from someone presenting themselves as an examiner or police investigator. The cons tell you they are conducting an investigation of your bank. You are then instructed to make a large withdrawal and turn it over to them as "evidence."
  
  
• Pigeon drops are cons designed to get you to provide a large amount of cash with the promise of getting an even larger sum. A con might tell you, for example, that they have found a wallet containing a large sum of cash. They are willing to share it with you if you will provide the "legal fees" to lay claim to it. The money found is fictitious and your "legal fee" will never be returned.
  

Follow these simple rules to protect yourself:

• Never give checking account, credit card or social security numbers over the phone unless you know the caller well.
  
  
• Remember, a bank examiner will never operate in the way described in the scenario above and a police investigator will never ask you to withdraw cash.
  
  
• If you are contacted by an individual who is acting out any of these cons, hang up and notify the bank and/or law enforcement immediately.