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 it here, please reach out to us at 563-562-3674, and we will help you find what you are looking for.
Identifying & Reporting Fraud & Scams
Common Scams:
Check Washing & Check Theft Scams occur when someone steals paper checks sent through the mail. They use chemicals to "wash" the check allowing them to change the amount or make themselves the payee.
Check Washing & Check Theft Scam
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.
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 These checks bounce because they are fake, and you’re held responsible for the funds withdrawn.
It is also important to understand that con artists can make counterfeit checks using your account information. They tend to target businesses, but consumers can be targets as well. They may intercept outbound or inbound mail containing checks, recruit "insiders" to gain access to account information, obtain legitimate checks in order to duplicate the banking details onto counterfeit checks, or purchase account details through online forums. In any case, it is very important to look at your account activity on a daily basis and report any unauthorized checks to your Bank immediately in order to reduce any monetary losses.
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.
Cryptocurrency Investment Scams
Deepfake is when artificial intelligence (AI) is used to create fake images, audio, or videos for the purpose of deceiving others.
Rising Deepfake Scams Targeting Consumers
Elder Financial Exploitation is the illegal or improper use of an older person's funds, property, or assets. The perpetrators of elder financial exploitation can be family members, friends, neighbors, caregivers, health care providers, or strangers.
Elder Financial Abuse Red Flags
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.
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.
Investment Scams are peddled by scammers claiming to have access to high-yield investment products from 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.
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.
Money Mules are people who criminals use to transfer and launder illegally acquired money. They try to recruit people through online job ads, social media, enticing investment opportunities, prize offers, or dating websites.
Online Shopping Scams occur when someone pays for products or services online, but never receives them. This can also happen when sellers ship goods sold online or provide online services, but never receive payment.
Mobile Payment Apps and Services
Phishing is when you get emails, texts, or calls that seem to be from companies or people you know, but they're actually from scammers. They want you to click a link or give personal information so that they can steal your money or identity, and maybe get access to your computer.
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.
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.
Common Scam Tactics:
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.
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!
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.
- End the conversation if something sounds "too good to be true", you're pressured to act quickly, you're required to pay a specific way (ex. gift card, wire transfer, or bitcoin), the contact was unsolicited, and/or you are told not to talk to others.
- 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.
Consumer Fraud Losses:
According to the Federal Trade Commission (FTC) consumers reported losing more than $12.5 billion to fraud in 2024, representing a 25% increase over the previous year.
"The FTC received fraud reports from 2.6 million consumers last year, which was roughly the same as the year before. However, the percentage of people who reported losing money to fraud or scams increased from 27% in 2023 to 38% in 2024.
Investment scams accounted for the most fraud losses at $5.7 billion, representing a 24% increase over the previous year. The second highest reported loss amount came from imposter scams at $2.95 billion. Imposter scams were also the most commonly reported scam, with losses to scammers posing as government officials rising from $171 million in 2023 to $789 million in 2024.
Consumers reported losing more money to scams where they paid with bank transfers or cryptocurrency than all other payment methods combined, according to the FTC. Email was the most common way that consumers reported being contacted by scammers. Phone calls were the second most commonly reported contact method for fraud, followed by text messages."
FTC: Consumer Fraud Losses Article
Resource Links: Documents:
American Bankers Association Consumer Resources Avoid the Holiday Hangover Financial Resolutions for 2025
American Bankers Association Elder Financial Exploitation Consumer Protection Basics
Better Business Bureau Scam Prevention Guide Fraud Fighters Workbook
Better Business Bureau Scam Survival Toolkit FTC Free Credit Reports
Consumer Financial Protection Bureau (CFPB) How Scammers Steal Your Life Savings
Department of Justice (DOJ) Scammers Target Everyone
Federal Bureau of Investigation (FBI) Strengthen Your Digital Financial Literacy in 2025
Federal Deposit Insurance Corporation (FDIC) Tips to Protect Against Fraud During Tax Season
Federal Trade Commission (FTC)
Internet Crime Complaint Center (IC3)
Iowa Health & Human Services (HHS)
National Adult Protective Services Association
National Center on Elder Abuse
Social Security Administration (SSA)
Videos: