Payment scams are becoming more common, more sophisticated, and more costly. Criminals increasingly rely on persuasion—not technical hacking—to trick people into sending money or sharing sensitive information. Understanding how these scams work is one of the most effective ways to stop them before money leaves your account.
According to data from U.S. government agencies, reported fraud losses continue to rise each year, driven largely by scams involving real‑time or hard‑to‑reverse payment methods. Both individuals and businesses are being targeted, often through messages and requests that appear routine or urgent.
A payment scam occurs when someone is deceived into voluntarily sending money or payment information to a criminal. Unlike stolen-card fraud, many payment scams succeed because the request appears legitimate and pressures the victim to act quickly.
Common characteristics include:
Government agencies consistently note that scammers succeed by manipulating trust and urgency, not by breaking into systems.
Consumers are often targeted through everyday channels such as email, text messages, phone calls, and social media.
One of the most common types is the imposter scam, where criminals pose as bank employees, trusted organizations, government agencies, delivery services, or family members. These messages may reference account issues, missed payments, or suspicious activity to prompt immediate action.
Many scams instruct victims to send funds using payment methods that are fast and difficult to reverse. Once payment is sent, recovering funds may not be possible.
Businesses of all sizes are increasingly targeted, particularly those that handle invoices, vendor payments, or payroll.
A frequent threat is Business Email Compromise (BEC), in which criminals impersonate a company executive, vendor, or partner to redirect payments or request urgent transfers. These messages are often timed to coincide with real transactions or routine workflows.
Other common business-focused scams include:
These scams often appear legitimate and succeed when standard verification steps are bypassed.
Bankwell will never ask you to:
If something feels off, pause and contact Bankwell directly using a trusted phone number or by visiting a branch.
Both consumers and businesses should be cautious of payment requests that:
A good rule of thumb: pause, verify, and use a trusted contact method—not the information provided in the message.
For individuals:
For businesses:
Early action can sometimes help stop funds from misuse.
If you receive an unexpected call, text, email, or message claiming to be from Bankwell and requesting payment, account access, sensitive information, or urgent action, pause before responding. Caller ID and message details can be manipulated to appear legitimate. Contact Bankwell directly using a known phone number, the number on your card or statement, a local branch, or the “Let’s Talk” chat button on the Bankwell website—not a number or link provided during the call or message.
If you believe you’ve been targeted or affected:
Reporting helps law enforcement identify patterns and protect others—even if funds cannot always be recovered.
Payment scams are becoming more common, more sophisticated, and more costly. Criminals increasingly rely on persuasion—not technical hacking—to trick people into sending money or sharing sensitive information. Understanding how these scams work is one of the most effective ways to stop them before money leaves your account.
According to data from U.S. government agencies, reported fraud losses continue to rise each year, driven largely by scams involving real‑time or hard‑to‑reverse payment methods. Both individuals and businesses are being targeted, often through messages and requests that appear routine or urgent.
A payment scam occurs when someone is deceived into voluntarily sending money or payment information to a criminal. Unlike stolen-card fraud, many payment scams succeed because the request appears legitimate and pressures the victim to act quickly.
Common characteristics include:
Government agencies consistently note that scammers succeed by manipulating trust and urgency, not by breaking into systems.
Consumers are often targeted through everyday channels such as email, text messages, phone calls, and social media.
One of the most common types is the imposter scam, where criminals pose as bank employees, trusted organizations, government agencies, delivery services, or family members. These messages may reference account issues, missed payments, or suspicious activity to prompt immediate action.
Many scams instruct victims to send funds using payment methods that are fast and difficult to reverse. Once payment is sent, recovering funds may not be possible.
Businesses of all sizes are increasingly targeted, particularly those that handle invoices, vendor payments, or payroll.
A frequent threat is Business Email Compromise (BEC), in which criminals impersonate a company executive, vendor, or partner to redirect payments or request urgent transfers. These messages are often timed to coincide with real transactions or routine workflows.
Other common business-focused scams include:
These scams often appear legitimate and succeed when standard verification steps are bypassed.
Bankwell will never ask you to:
If something feels off, pause and contact Bankwell directly using a trusted phone number or by visiting a branch.
Both consumers and businesses should be cautious of payment requests that:
A good rule of thumb: pause, verify, and use a trusted contact method—not the information provided in the message.
For individuals:
For businesses:
Early action can sometimes help stop funds from misuse.
If you believe you’ve been targeted or affected:
Reporting helps law enforcement identify patterns and protect others—even if funds cannot always be recovered.
