Bank Fraud, Scams, and Identity Theft FAQs

Identity theft happens when someone assumes another’s personal identification, such as a Social Security number, name or financial information. The more you know about identity theft, the better equipped you are to protect yourself and your family.

You can count on us to do our part to help protect you and your accounts from fraudsters. From the moment you open your Fifth Third account, you’ve got complimentary access to SmartShield™.

Visit our Identity Theft Education page to learn more about identity theft.

Protect your future with Fifth Third Identity Alert^® solutions.

Fraudsters are continually coming up with new schemes to get your account and personal information. So, it’s critical to stay updated on current schemes to avoid falling for them. These are some of the most common types of attacks:

Phishing

Don’t fall for phish bait. Has something phishy arrived in your inbox? Phishing emails are a common way that fraudsters try to get unsuspecting recipients to share personal and financial information. Avoid the bait. Learn how to spot phishing:

• Download our infographic on how to identify a suspicious email
• Watch the many ways phishing works and how to protect your information
  

Smishing

Like phishing emails, fraudsters will use SMS messaging to share personal and financial information—this is called smishing. Avoid the bait!

Malware

A malware attack will appear like your computer has a virus. A window will pop up, prompting you to call a number to get your computer fixed—don’t call. In this scheme, the fraudster will ask for payment information and may even “take over” your computer to fix the malware problem. In reality, the criminal is accessing your account information, opening the door for theft in the form of counterfeit checks, ACH transactions and more.

Ransomware

Ransomware is a type of malware that can take over your computer and your information. Your data or system may become unusable while the hacker prompts you for payment. And even if you pay, it doesn’t guarantee you will get access or information back.

Data breaches

Data breaches and compromises can occur when your information held within an organization is exposed to fraudsters.

Theft

Physical theft is another way criminals try to get your information by stealing wallets and purses, home thefts, and more. Fraudsters will go as far as going through your trash to look for sensitive information they can use.

Self-exposures

You may unknowingly pass along information to a scammer that can result in an exposure. Be sure to protect sensitive personal and account information.

An account takeover is when a cybercriminal gains access to a victim's account and makes unauthorized changes, such as changing the password, modifying personal information, requesting a new card, or adding an authorized user.

Fraud can occur on checks associated with your deposit accounts. Prevent this type of fraud by protecting your statements, online banking credentials, checks and check usage. Here are a few types of check fraud:

• Counterfeit: Counterfeit checks are fraudulent checks that are created and negotiated. The fraudster will create checks that may or may not look like the valid checks and fill out and sign the check.
• Forged Maker: Forged maker fraud occurs when a valid blank check is intercepted or stolen by the fraudster. The criminal will use the valid check, filling it out as the maker.
• Altered: An altered check is a valid filled-out check that is then altered or changed. Alterations usually include the amount and the payee.
• Forged Endorsement: A forged endorsement happens when a valid filled-out check is intercepted or stolen. The fraudster will pose as the payee and attempt to negotiate the item.

If you believe you have experienced check fraud, Fifth Third is committed to assisting you. We recommend you contact us to report suspected fraud by calling our Disputes Resolution Department at 877-833-6197 and follow the prompts associated with the check product to file a dispute. You can also visit your local Fifth Third banking center and our representatives can help determine the best next steps.

Scams often start with someone you don't know. Scammers use various schemes to convince victims to deposit fraudulent checks, send their own money or use their accounts to receive bad transfers. Communication can occur through phone, email, or various social media and application-based services. Scammers may pretend to be a friend, a love interest, a family member in peril or a prospective employer. They can also pose as representatives of an organizations or businesses you interact with regularly. Here are some common scams to be aware of:

Investment Scams

• Fraudsters may offer opportunities to invest in cryptocurrencies with promises of high returns. Signs include testimonials from paid actors who claim to have benefited from such investments. These scammers may spend weeks messaging you and may even feign romantic interest before bringing up topics like liquidity mining or creating a crypto wallet for you.

Imposter Scams (Banks or Government)

• Fraudsters impersonate bank employees to obtain sensitive information such as one-time passcodes, usernames and passwords, or to convince victims to send money via P2P or wire transfers. They may also pose as representatives from US Government agencies.

Internet Services/Computer Services

• Victims are asked to send money to have their computer cleaned. Fraudsters request via wire transfers, prepaid cards, gift cards, cash reloadable cards, P2P or cryptocurrency.

Business and Job Opportunity Scam

• Victims provide, receive, or expect money related to a job they found online, believing they will be working from home. Fake jobs often include paperwork, payroll services and more.

Romance Scams

• Victims provide, receive or expect to receive money related to a relationship they believe they are in with someone they met online.

Online Sale Scams

• Victims provide, receive or expect money related to an online sale. They may give out their login or bank account information, believing it is an appropriate way to conduct transactions.

Loan Scams

• A scam where the victim believes they are obtaining a loan. These fake loans are typically found through social media and target people with poor credit, often involving the customer giving out their banking credentials.

Refund Scams

• A scam where a scammer pretends to be a legitimate company issuing a refund to a customers. The refund turns out to be the customer’s own funds, which they unknowingly send to the scammer.

Business Email Compromise (BEC) and Email Account Compromise (EAC)

• Scammers attempt to trick people into sending money intended for legitimate transactions and payments. They communicate through email, posing as legitimate businesses, and change payment methods or accounts.

Use these easy-to-read checklists that can help protect you, your family, and any business from fraud.

• Protect your business with our Business Account Security Checklist.
• Learn how to protect yourself from common consumer scams with our Consumer Scams Guide.