With all of the fraud in the world, Citizens Savings Bank wants to make available all the resources we have to educate you about common scams and threats. Some may be links to other resources, downloadable documents, or videos. The resources may range from phishing scams, elder abuse, check scams, identity theft, etc. However, if there is a specific resource that you are looking for and cannot find here, please reach out to us at 563-562-3674, and we will help you find what you are looking for.
Common Scams:
Computer Tech Support Scams occur when con artists pose as technical support employees calling to request remote access to your computer to fix a virus or download software to improve your computer. They use the access to steal personal information or cause damage. They then can charge you a fee for “fixing” your computer.
Grandparent Scams are used to coerce money from older folks by con artists who pretend to be a grandchild calling from a foreign country in desperate need of money to get out of jail or some other urgent trouble.
Romance Scams occur when con artists strike up romantic relationships, often through social media or online dating sites, to coerce money from victims, often for travel expenses to visit the victim or for hardships the perpetrators claim they are going through.
Home Repair Scams are common when there has been a damaging weather event, such as a flood or tornado. Scammers pretending to be contractors or home repair specialists selling home evaluations and repairs in affected areas before disappearing without providing the services that were paid for.
Identity Theft occurs when someone uses your personal information to open accounts, file taxes, or make purchases. As of July 2018, you can now freeze your credit.
Imposter Calls are robocalls that claim the IRS, other government entity, or a business is filing suit against you for owed taxes or threatening to send police to your residence if you don’t pay a specific amount using prepaid cards. Remember, the IRS and other government entities will notify you by mail if it is transferring an outstanding debt to a private collection agency.
Lottery and Sweepstakes Scams occur when fraudsters charge an entry fee for sweepstakes or contests, or con artists sell international or out-of-state lottery tickets. They typically seek advance payment of taxes or fees before they send a prize that never arrives or a check that bounces. If you have to pay a fee to receive your winnings, it’s a scam.
Counterfeit Check Scams occur when con artists send you a check and ask you to cash it and wire the money back to them. Often referred to as Nigerian check scams, the scammer might offer to let you keep some of the money from cashing the check. These checks bounce because they are fake, and you’re held responsible for the funds withdrawn.
Ponzi or Pyramid Schemes promise high returns, often “guaranteed” for investors, but collapse when new investors can’t be found. These schemes use funds from new investors to pay off the initial investors. Each group of new investors is used to pay off an earlier, smaller group of investors, while the majority of the money disappears into the scammer’s pocket at the top of the pyramid.
High-Yield Investment Products are peddled by scammers claiming to have access to the world’s leading financial institutions or banks. The scammers promise high returns at little or no risk to you by enrolling you in an elite or secret investment venture, often called a prime bank investment.
Cryptocurrency is a digital or virtual currency not regulated by a bank or financial institution and may be used for purchases or investments. Many cryptocurrency investment opportunities are promoted through popular social media sites by individuals claiming to be experts. Often, legitimate cryptocurrency purchases are made by victims and transferred, unknowingly, to the scammers.
Common Scam Tactics:
Phantom Riches - The prospect of wealth is behind many common scams, and the criminal’s goal is to pressure the target into believing that a large bounty awaits. Fake lottery winnings and surefire investment schemes commonly use the phantom riches technique to coerce targets. Criminals create legitimate-looking shopping sites online and even create faux versions of the online stores of well-known retailers. If you are told you’ve won a sweepstakes or a lottery, but you just need to pay some fees upfront to claim your winnings, it is a scam.
Profiling - The profiling tactic involves the criminal gathering key pieces of information about the target and using that information to establish credibility and elicit an emotional response. The goal is to get the target to act quickly to address an “urgent” situation. For example, today’s scammer may peruse social media accounts to gather enough information to impersonate a family member in trouble. Be careful what you are sharing on social media and don’t give out any personal information to someone you don’t know!
Fear and Intimidation - Criminals commonly use fear and intimidation to get their targets. Many cases we hear about begin with inducing immediate fear, such as telling you your grandson is in danger, the police have a warrant for your arrest, or your computer has a deadly virus. And we’ve heard from victims that criminals will harass them, calling dozens of times a day and leaving threats on their voicemails.
Scarcity - Criminals use the human impulse to stockpile limited supplies, alleging scarcity to convince us to act before it’s too late. The early months of the coronavirus pandemic were replete with fake ads for much-desired personal protective equipment, while later it was about jumping the line to get the vaccine or quick access to in-demand testing.
Source Credibility - Impostor scams rely on getting the target to believe the contact is coming from a credible source — often a government agency, bank, or major business. Common social media scams involve fake profiles that appear to be celebrities, or new “friends” with profiles that are a mix of invented and stolen information.
Fraud Prevention Tips:
• Don’t respond to urgent pleas for money by phone, even if the caller sounds like a family member. Call that relative at a number you know to verify his or her situation.
• Be wary of people who show up at your door and seek upfront payment.
• Don’t send money to someone you’ve never met in person, no matter how well you think you know him or her.
• Don’t give unsolicited “support representatives” access to your computer. Always contact a known computer expert first.
• Always double check that the person selling you investments is licensed and the product they are selling is a registered investment product.
• Do your research! Use an open source to check on the seller, the product, and any related companies associated with the investment.
• Consult with your current financial advisor and/or talk to a trusted family member or friend about the investment opportunity.
• Document everything you’re told regarding the investment and any transactional history if you decide to invest.
Resource Links: Documents:
American Bankers Association Anatomy of a Scam Email
Consumer Financial Protection Bureau (CFPB) Avoid the Holiday Hangover Financial Resolutions for 2025
Federal Bureau of Investigation (FBI) Check Safety Guide
Federal Deposit Insurance Corporation (FDIC) Consumer Protection Basics
Federal Trade Commission (FTC) Fraud Fighters Workbook
Iowa Bankers Association FTC Free Credit Reports
Iowa Fraud Fighters Phishing Scam Tips
Banks Never Ask That Campaign Phishing Text Messages
Practice Safe Checks Campaign Rising Deepfake Scams Targeting Consumers
Strengthen Your Digital Financial Literacy in 2025
Tips to Protect Against Fraud During Tax Season
Videos: