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Yes, this is possible. Identity theft was the number one reported type of fraud in 2020 , according to the FTC. When scammers gain access to your personal information by phishing, for example, they can do one or more of the following: Gain access to your bank account and spend or transfer all your money.

For example, there might be spelling mistakes, or the text might address you as 'Sir' or 'Madam'. Real messages from these companies will usually address you by your full name. You can also look at the phone number it's been sent from. First, it won't be the same as the one on your bank card.

Generally, with bill discounting fraud, the fraudster opens a business account at the bank. Then, the ?business owner? convinces the bank to start collecting bills from the business's clients. The so-called clients are part of the scam, so they always pay the bills.

Identity thieves can take out loans or obtain credit cards and even driver's licenses in your name. They can do damage to your financial history and personal reputation that can take years to unravel. But if you understand how to protect yourself, you can help stop this crime.

In this growing type of fraud, criminals open accounts at financial institutions only to one day max out credit lines and cash advances before disappearing. Account opening fraud allows criminals to launder money and scam banks out of large sums of money without ever being detected.

The stolen IDs tend to come from the usual sources: data breaches, phishing, and even the ID records of children, unbanked or homeless people, the deceased, or incarcerated individuals. Fake job ads and online scams are also a good source of phishing IDs.

Scammers are sending text messages with phoney fraud alerts stating there has been a request to withdraw or transfer a large amount of money from your bank account. These texts may appear legitimate and contain the name of a bank you do business with.