Tax season and transitional periods, such as bank mergers, provide the opportunity for an unfortunate rise in financial scams. Fraudsters often take advantage of potential distractions and times of transition to target unsuspecting individuals and businesses. Protecting yourself and your financial accounts is critical, especially during moments when you are more likely to be caught off guard.

This article will walk you through three common financial scams you need to be aware of: tax-related scams, scams targeting clients during bank mergers, and imposter scams. We’ll also provide practical tips to help you avoid becoming a victim.

1. Tax Scams


Tax scams are especially prevalent as tax filing deadlines loom. Fraudsters capitalize on this opportunity to exploit individuals and business owners.

How tax scams work:
  • Phishing emails and fake IRS notifications: Scammers send emails or texts disguised as official IRS communications. These messages often claim there are issues with your tax return or demand immediate payment to avoid penalties.
  • Fake preparer services: Fraudsters pose as tax preparation professionals, gaining access to your sensitive financial information when you're attempting to file your taxes.
How to identify and avoid tax scams:

2. Scams During Mergers and Acquisitions

When companies merge—such as CrossFirst Bank's upcoming integration with Busey Bank—fraudsters may use this transition as an opportunity to deceive clients.

How these scams work:
  • Scammers impersonate representatives from one of the merging banks, contacting clients to request account details, personal information, or payments under the guise of a "transition process."
  • Fake websites or emails may appear, mimicking official communications and asking you to log in through fraudulent links.
How to identify and avoid scams during a merger:
  • Confirm legitimacy: Use official channels to verify requests. Reach out directly to your banker or the bank’s official customer service number if you're contacted unexpectedly.
  • Be cautious of urgency: Banks will never pressure you to make immediate updates to account information during a merger.
  • Avoid clicking links: Always type the bank’s URL directly into your browser or use your existing bookmarks to access your account or contact details.
In the normal course of communications during a bank merger, you will receive information regarding transition timeframes and other general information. If you’re uncertain about any communication, call your bank to confirm its validity. For CrossFirst Bank, you can always contact your banker or contact us here.

3. Bank Phone or Imposter Scams

Fraudulent phone calls from scammers pretending to represent your bank continue to be one of the most widespread forms of financial fraud. These fraudsters aim to steal sensitive financial information or gain access to your digital banking account.

How these scams work:
  • You receive a call from someone claiming to be from your bank’s fraud or customer service department. They might warn you of “suspicious activity” on your account and ask for your account details, login credentials, or verification codes.
  • Often, they’ll mask their caller ID to make it appear as though the call is coming from your bank.
How to identify and avoid bank phone scams:
  • Don’t share your information: Your bank will never ask for your passwords, PINs, or verification codes over the phone.
  • Beware of scare tactics: Scammers often use urgency or fear to pressure swift action. Hang up and call your bank directly if you feel uncomfortable.
  • Verify the call: If you suspect the call may be legitimate, hang up and call your bank’s official customer service number directly.
If you receive a call of this nature claiming to be from CrossFirst Bank, please hang up and call CrossFirst Client Care at (844) 261-2548. 

Tips to Stay Safe Year-Round
  • Enable account alerts: Set up text or email alerts for transaction activity, helping you detect unusual behavior immediately.
  • Use strong passwords: Create strong, unique passwords for each account you own. We recommend using passphrases instead of passwords. These are longer, easier to remember, and harder to crack.
  • Enable Multi-Factor Authentication (MFA): Ensure this additional layer of protection is activated whenever available and NEVER share Secure Access Codes with anyone.

Conclusion

Data security is a vital part of our client commitment. We recognize that there are certain moments in time that could be considered disruptive opportunities for scammers, including account transition periods, when additional careful planning and oversight is imperative. CrossFirst and Busey will never contact you and ask for personal account information or details, including account numbers, social security numbers, passwords, or secure access codes.