Stay Diligent and Prevent Structuring Scams

Structuring is when larger cash transactions are broken down into smaller transactions to avoid reporting requirements. Fraudsters know these requirements and often require their victims to engage in structuring to avoid bank detection. Structuring is often combined with gift card and cryptocurrency scams.

How to identify a scam involving structuring:

• An individual states they are from your bank, and your money is in jeopardy. They will ask you to withdraw cash amounts less than the reportable limit multiple times for fictitious reasons, and to deposit it into a cryptocurrency ATM to “protect” your money.
• An individual states you can lower your monthly service bill by paying with gift cards. The individual will ask you to withdraw cash over multiple transactions below the reportable limit, purchase gift cards and provide them with the gift card information.

By avoiding requests to move money in unusual ways on behalf of others, and discussing these requests with your bank, you can prevent fraud and protect your assets. No bank or legitimate business will ever ask you to engage in secretive or deceptive behavior. It is important to follow bank guidelines, keep personal and banking information secure, and report any suspicious activity immediately.