Scammers Are Getting Smarter — But So Are You: 5 Ways to Spot Financial Scams

Data released by the FBI's Internet Crime Complaint Center (IC3) in April 2025 reveals that reported losses from internet crimes reached a staggering $16 billion in 2024, an increase of 33% from the previous year. This significant jump demonstrates how financial scams continue to grow in both sophistication and scale. The Federal Trade Commission (FTC) reported that in 2024 consumers lost $12.5 billion to fraud, marking a $2.5 billion increase over 2023 figures. This 25% year-over-year increase highlights the escalating financial threat posed by scammers.

At Terrabank, your security is everything to us. As scams continue to evolve, it is more important than ever to stay alert and protect yourself. The good news? A few simple habits can help you stay one step ahead. Here are five ways to outsmart scammers:

1. No Need to Rush

Scammers thrive on urgency. If someone pressures you to act immediately — whether on the phone, by text, or online — stop! Take a deep breath, hang up and reach out to someone you trust. Accredited financial institutions, such as Terrabank, will never rush or threaten you to make a decision.

2. Double-Check Websites

Before entering any sensitive information online, make sure the website is legitimate. Look for secure connections (https://), check for typos in the URL and avoid clicking on suspicious links from emails or texts.

3. Protect Your Personal Information

Your one-time passwords, PINs and Social Security number are yours. Never share them with anyone, even if they claim to be from Terrabank. If you are asked for this information unexpectedly, stop, hang up and call our team directly.

4. Watch Out for Unusual Payment Requests

If someone asks you to pay with gift cards, cryptocurrency or precious metals, it is a red flag. Scammers often push these methods because they are hard to trace. Trust your instincts and keep your money safe.

5. Trust Your Gut

If something feels off, it probably is. Listen to your intuition, whether it is an unexpected call, a suspicious email or a strange payment request. Hang up, delete or walk away — and check with someone you trust.

As technology advances, so do the tactics of scammers. Fraudsters are targeting consumers across all demographics with increasingly sophisticated schemes—often through unsolicited messages requesting personal or financial information.

If something feels off, pause. Hang up. Then call your team at Terrabank directly to verify. We’re here to help.

To learn more about protecting your finances or opening an account, visit www.terrabank.com and chat with our team about our secure, forward-thinking banking solutions.

The material provided on this website is for informational use only and is not intended for financial, tax, or investment advice. Terrabank and/or its affiliates, assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation.