Keep Funds and Feelings Safe from Scams

At Pacific Premier Bank, your financial well-being is our top priority. Fraudulent scams are on the rise, and according to the Federal Trade Commission: During the first three quarters of 2023, Americans reported a loss of more than $7 billion due to fraud—up 5 percent from the same period in 2022.

As scammers get more creative, awareness is key to protecting you and your loved ones from fraudulent attacks. 

The Romance Scam

The romance scam, sometimes called the “sweetheart” scam, generally originates on dating apps or social media sites. People may think they have met someone great on a dating app or site, but instead of finding love, the scammer will eventually trick them into sending money.

Did you know?

In 2022, Americans reported losing $1.3 billion to romance scams, according to the Federal Trade Commission—and that number is likely higher due to underreporting by both men and women (i.e., not everyone reports their losses to the FTC).

Artificial intelligence has aided scammers by creating fake online profiles while appearing to be a legitimate person on these meeting sites. They get to know you and build rapport with you by messaging back and forth but will eventually request money. Most often, these payments will be through outlets that are harder to trace, such as gift card, Venmo, or Zelle. Some scammers may offer to help invest in cryptocurrency—a tactic that resulted in more monetary losses than gift card scams in 2022, according to the FTC.

Do's and Don’ts to Protect Yourself and Loved Ones from Romance Scams:

• Don’t disclose personal information in an email, DM, or text message.
• Don’t divulge sensitive information via social media.
• Do talk to your loved one if there are concerns about a new relationship (e.g., the relationship is moving too fast).
• Do report potential scammers (screenshot identifiable information) and/or financial losses to the FTC as soon as possible.

If you suspect your accounts have been compromised due to fraud, please contact Client Services immediately at 855.343.4070, Monday - Friday, 7:00 a.m. - 6:00 p.m. PT, and Saturday, 9:00 a.m. - 1:00 p.m. PT.

For more cybersecurity tips, visit Pacific Premier Bank’s Cybersecurity Center.

The information expressed is being provided for informational and educational purposes only. It is not intended to provide specific advice or recommendations for any individual or business. Pacific Premier Bank does not provide tax, legal, or accounting advice, and the information contained herein should not be construed as such. You should carefully consider your needs and objectives before making any decisions. For specific guidance on how this information should be applied to your situation or business, you should consult your own tax, legal, and accounting advisors before applying any recommendation. Pacific Premier Bank, Member FDIC, and Equal Housing Lender.

Pacific Premier Bank will not text, email, or call you asking for your online banking password or one-time security code. Make to verify the person who has contacted you before acting on any request.