Banking Payment App In MI Could Be Used To Drain Your Account

It seems like every time you turn around there is a new kind of bank scam that is popping up all over the country. Every year in Michigan, there are millions of dollars that people lose out on because of imposter scams, identity theft, loan fraud, online shopping, review fraud, and many other types of people being taken advantage of.

According to a report from Axios, Michigan residents lost $152 million to fraud in 2023, so it’s important people stay diligent when it comes to potential scams involving their money.

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One of the most popular digital payment methods is also in fear of being used to scam people which people should stay diligent about. The company Zelle is currently being used by multiple banks, including many credit unions, PNC Bank, and Fifth Third Bank just to name a few.

ABC Chicago spoke to the chief strategy officer at Fifth Third Bank Ben Hoffman on how AI could use this service to their advantage.

We are looking at patterns of transactions and in many cases directly asking customers about the nature of that transaction. We can detect and prevent many of those, but ultimately, it's the customer's responsibility for understanding who the recipient is of a payment prior to making those transactions.

Make sure if you ever see any strange transaction you report it, no matter how real it looks. Nowadays all it can take is one click, and just like that you're gonna be hurting for a long time. It's a sad state we live in when we have to always stay vigilant, but it's the world we live in now.

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8 Things To Do If You Paid A Phone Scammer

Merciless phone scammers are targeting unaware folks with schemes involving pleas for charity, car warranties, unpaid traffic tickets, you name it. The Federal Trade Commission says, "Scammers often ask you to pay in ways that make it tough to get your money back. No matter what payment method you used to pay, the sooner you act, the better."

If you have paid one of these scammers and then realize you have been scammed, here are 8 tips from the Federal Trade Commission, on what to do if you have paid a scammer.

Gallery Credit: Brad Carpenter/Federal Trade Commission/Canva