What everyone should know

It's easy to feel secure about the money you deposit with a bank you've come to trust. After all, most banks and credit unions offer certain levels of protection against fraudulent transactions.

Banks, however, won't protect you against all types of fraud.

Here's a look at the protections that banks and credit unions usually provide to their customers - and which situations where you'll likely be on your own.

When a Bank Usually Protects You

For credit cards, banks usually provide zero liability on any unauthorized charges.

Debit cards also provide protection against fraudulent purchases, but there may be limitations depending on which financial institution issued your card. According to federal law, here is the maximum amount of fraudulent transactions you'll be responsible for depending on when you notify your bank that your card is lost or stolen:

• Immediately notify your bank before any unauthorized charges are made: Zero liability
• Within two business days: Up to $50
• After two business days but within 60 days: Up to $500
• Fail to notify within 60 days: Unlimited

When a Bank Usually WON'T Protect You

Unfortunately, there are many types of scams that banks won't reimburse you for if someone steals your money. Here are some of the more common scams:

• You are scammed into moving money out of your account and into another person's account.
• A hacker uses lies to convince you to make a bank transfer into a cryptocurrency wallet.
• You liquidate your retirement funds and send the money to someone else for any reason, even if you were conned into it.
• You make a person-to-person transfer to another individual using an online payment app, and that transfer doesn't come with any type of purchase protection.

How to Protect Yourself from Common Banking Scams

Here's how to protect yourself from getting scammed:

• Don't communicate about your accounts unless you initiate the conversation. If someone calls about your bank account, hang up and call the financial institution directly using your normal means of contact.
• Never share your information. Don't share account details or personal information online or over the phone, especially if you were asked to share these details in a phone call you didn't initiate or via email.
• Tell someone. Scammers try to isolate you from family members and friends. If you're unsure about a banking transaction you plan to make, or you wonder if you're being victimized, tell someone you trust about the situation.
• Ask your bank for help. Bank tellers are trained to spot the early signs of fraudulent transactions. If you're making a bank transfer and feel unsure about the situation, explain it to a teller or bank representative and ask for their help.
• Report the incident. Whether you unfortunately got scammed or you spotted the attempted scam before withdrawing any money, submit a report of the situation by visiting ReportFraud.ftc.gov