How to Spot and Stop Credit Scams
03/18/2026
How to Spot and Stop Credit Scams
Scammers are constantly evolving, and credit related fraud is one of the most common threats to consumers. Being able to identify these scams and how they work can help you avoid becoming a victim.
Credit Repair Scams
There are many fraudsters out there who promise they can instantly improve your credit score or remove things from your credit report. This is often for an upfront fee. Always be cautious of anyone who says they can do anything “instantly.” Credit is built over time and removal of unfavorable items takes time.
Imposter Bank Scams
Scammers may pretend to be from your bank’s fraud department, asking you to verify account details. Be aware that scammers can spoof your bank’s information on caller ID and may even go so far as to research legitimate employees of your bank and use vishing to impersonate their voices. Remember that legitimate banks will never need full account credentials or multi-factor authentication codes. Best practice is to always hang up and call your bank at a verified number.
Phishing Emails and Texts
Phishing emails and text remain some of the biggest threats. These messages often look official and create urgency. They will often claim there is suspicious activity on your account or that your account has been breached. Remember that links are gateways. Clicking on malicious links can lead to your account being taken over by criminals, your device being mirrored, or the installation of malware on your device. All of these can lead to identity theft where a criminal can open credit cards and more in your name.
The good news is that you can protect yourself. To do this, follow these simple rules.
- Never share account numbers or login credentials.
- Verify suspicious communications by hanging up with the initial caller and reaching out to your bank at a verified number.
- Monitor your accounts frequently for unfamiliar transactions. You may also choose to enable account alerts.
- Freeze your credit if you suspect identity theft.
- Report fraud at https://reportfraud.ftc.gov/.
If you or a loved one is a victim of identity theft, visit https://www.identitytheft.gov/ for reporting and recovery information.
When it comes to scams, we cannot emphasize enough how important awareness is. If you ever feel unsure, reach out to your bank or a trusted friend or family member for advice. Together we can protect each other’s financial well-being.