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Common scams to avoid
Protect yourself from fraud
It’s important to educate yourself on potential dangers and if you suspect you are a victim of fraud it is important to act as quickly as possible. In an effort to provide consumers with information regarding these schemes, Comerica Bank has detailed some of the most common scams.
Investment scams
How it works
Investment scammers often lure victims with promises of fast, easy money through exciting new market opportunities. Here's how they typically operate:
Scammers use get-rich-quick schemes, promising high returns with little effort, often through unsolicited messages or emails. In reality, they demand money and personal information without delivering any actual returns.
They use exaggerated claims and pressure tactics to convince you to invest immediately, often labeling their scheme as “risk-free” to lower your guard.
Scammers may pose as legitimate companies or individuals. They often use fake identities or spoofed emails to gain your trust.
Fraudsters push you to act quickly, using high-pressure tactics and discouraging you from doing proper research or seeking advice.
They may insist on payments via cryptocurrency, gift cards, or wire transfers—methods that are impossible or difficult to trace and recover.
How to remain protected
- Delete suspicious messages If you receive unsolicited texts or emails asking for personal info or urging you to click a link, delete them immediately.
- Question “too good to be true” offers Be skeptical of any investment that promises guaranteed returns or sounds overly tempting.
- Verify the sender’s identity Search online using the sender’s name along with terms like “scam” or “fraud” to check for warnings or reports.
- Do your research Investigate the company or individual before investing. Look for reviews, credentials, and any red flags.
- Take your time Legitimate opportunities won’t rush you. If someone pressures you to act fast, it’s a sign to walk away.
- Use secure payment methods Stick to traceable and secure payment options. Avoid any investment that requires untraceable methods.
Email scams
How it works
You receive an email or a text from a source that appears trusted, yet something is off: the message is requesting personal data like a two-factor authentication code that would allow someone to access your accounts and financial data. Sometimes scammers pose as friends and family or shipping companies in order to gain your trust and information.
Phishing is the term for email scams that seek to steal a user’s private information and gain access to their accounts.
Example: You receive an email that looks like it's from PayPal, saying your account has been compromised and asking you to click a link to reset your password. The link leads to a fake site designed to steal your login credentials.
- Never share confidential information in an email.
- If you receive an email asking for confidential bank information, check to make certain that the address is from a source that you trust. Scammers will often impersonate bank and government email addresses in order to gain your trust.
- Never click a link in an email: doing so can compromise your computer or phone with malware.
- To learn more about Business Email Compromise scams and how to protect your organization, visit the FBI’s official resource page.
- Enroll in Comerica’s Web Banking and Mobile Banking service, ensuring that you have access to immediate notifications when changes are made to your account.
Phone and text scams
How it works
Smishing is the term for text message scams (often from entities claiming to be a bank or federal organization), hoping to steal data and private information.
Example: You receive a text that says, “Your bank account has been locked. Click here to verify your identity.” The link leads to a fake banking site that captures your login info.
Vishing attacks are phone calls from scammers asking for a user’s information that they can then use to access bank accounts or other private data. These scammers may pretend to be a government entity or a bank in the interests of gaining the user’s confidence.
Example: A caller claims to be from the IRS, saying you owe back taxes and must provide your bank account number to avoid legal action. The IRS never contacts people this way, but the scammer uses fear to manipulate you.
How to remain protected
Enroll in Comerica’s VoiceSafeSM feature, an authentication system in the Customer Contact Center that fingerprints your voice and provides additional security, ensuring that your sensitive data and financial information are better protected.
Inheritance scams
How it works
This scam begins with the consumer receiving a fax, letter, or email from someone with a very confidential business proposal. The letter states that an individual, worth millions of dollars, has died without a will.
The writer is trying to keep the money from reverting to a corrupt government and requests assistance from the consumer. The victim is asked to provide an account number where the money can be transferred, and in exchange for this "service," the victim will make a profit.
A check is sent to the victim for deposit into their bank account. Then the victim is instructed to send funds back to the originator of the letter via wire, money orders, or money transfer agency in increments under $10,000, and keep the "extra" money in their account.
Shortly after the money is wired, the deposited check is returned as counterfeit to the victim’s account, no winnings are ever received and the victim is responsible for the entire amount of the check.
How to remain protected
If it is too good to be true, ask yourself:
- Why would the writer want to share the money?
- Why do they want this transaction kept confidential?
- Why do they want some of the money returned to them?
Elder financial abuse
How it works
Many innocent older adults are falling victim to financial exploitation and robbed of their life savings every day. Financial exploitation against the elderly is defined as any illegal or improper use of an elder’s funds, property or assets. Examples of elder financial exploitation include:
Unauthorized account access. Stealing personal information to make withdrawals or open new accounts in the elder’s name.
Lottery or sweepstakes scams. Convincing the elder they’ve won a prize and must pay fees or taxes to claim it.
Abuse of legal authority. Misusing powers of attorney, conservatorships, or guardianships to control or drain the elder’s finances.
Pressure to make financial gifts or changes. Coercing the elder into giving away money, changing wills, or signing over property.
Fake charities or investment schemes. Soliciting donations or investments that are never used for their stated purpose.
How to remain protected
- Stay informed Learn about common scams targeting older adults and share this information with family and friends.
- Monitor financial accounts Regularly review bank and credit card statements for unusual activity.
- Limit access to sensitive information Be cautious about sharing Social Security numbers, account details, or passwords.
- Use trusted contacts Designate a reliable person to help monitor financial decisions or act as a second set of eyes.
- Be skeptical of unsolicited offers Whether by phone, email, or mail, avoid responding to unexpected requests for money or personal information.
- Consult professionals Before making major financial decisions, speak with a financial advisor, attorney, or someone you trust.
Check scams
How it works
You receive a check in the mail that claims that you won a prize or pretends to be payment for employment. But something is off and you’re not certain that the source of the check is legitimate.
Scammers often try to steal, forge, or falsify checks in order to make unauthorized purchases.
How to remain protected
- Remain vigilant and keep an eye out for unauthorized transactions or withdrawals on your account.
Gambling and foreign lottery
How it works
Scammers will pose as gambling entities to gain access to your identity and savings. In this scam, consumers receive a phone call, email, or a letter stating that they have won a large sum of money in a lottery. The winner is told that a check will be sent to them to cover part of the taxes they'll owe. They are then instructed to deposit the check into their account, withdraw a specified amount within a few days, and send the funds via wire or money transfer agency to the lottery office. The letter promises the sender that once the funds are received, the remaining prize money will be forwarded to the winner.
Shortly after the money is wired, the deposited check is returned as counterfeit to the consumer's account and no winnings are ever received.
How to remain protected
Ask yourself the following questions:
- How could I win the lottery if I never bought a ticket or entered a sweepstakes?
- Why do I need to send money to get my winnings?
If you're ever asked to send money to claim a prize, there is reason to suspect it is a scam. Legitimate lotteries never require payment to receive winnings.
Romance/relationship scams
How it works
Scammers often target individuals through social media or dating platforms, posing as someone interested in a romantic relationship.
Here's how the scam typically unfolds:
Initial contact. You receive a message from a stranger expressing romantic interest.
Building trust. Over time, the scammer builds emotional connection through frequent communication and affection—often using a tactic called lovebombing, where they overwhelm you with attention to gain trust quickly.
Requests for money. Once trust is established, they begin asking for financial help or investments, promising to repay you.
Sudden disappearance. After receiving money, the scammer cuts off all contact.
Secondary scam. In some cases, they may reappear pretending to be a law enforcement agent offering to help recover your funds—only to demand more money or personal data.
How to remain protected
- Don’t respond to suspicious messages Be cautious of strangers who quickly express romantic interest or ask for financial help.
- Guard your personal information Avoid sharing sensitive details like your address, financial info, or Social Security number with online acquaintances.
- Watch for manipulation tactics Be wary of excessive flattery, rushed emotional bonding, or pressure to keep the relationship secret.
- Verify identities Do a reverse image search of profile photos and check for inconsistencies in their story.
- Report suspected scams If you believe you’ve been targeted, report the incident to the SEC or your local authorities.
Employment scams
How it works
Employment scams can be compelling, promoting convenience. They can use "recruiters" and onboarding processes that mimic legit human resources operations. Below are two examples of this type of threat.
In one version of this scam a "business", located outside of the United States, offers an open position to process checks from their U.S. customers. The job applicant is to deposit the checks into their account and wire 90% to the “employer” keeping the remaining 10%. The wires may go to various foreign countries. The check turns out to be counterfeit and the "employee" is responsible to their bank for the entire amount.
In another instance, a business claims it needs goods located in the United States. The applicant is asked to ship them to an address overseas at their own expense. The shipping fee will be reimbursed (with a counterfeit check). The items to be shipped are usually stolen or purchased with a stolen credit card.
How to remain protected
- Use extreme caution when dealing with employers you are not familiar with. Do some research on your own.
- Talk to someone that you trust. Describe the offer and listen to their feedback.
- Give it a second thought if the employer is asking you to pay for employment. Requests like this often are signals of fraud.
Contact us
Report suspected fraud to Comerica.com
855-953-7283