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Keeping a bank account: A fearful, challenging process for some on Long Island

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A lack of bank accounts often costs low-income people, the FDIC said. Unbanked people are more likely to turn to pawn shop loans, money orders or check cashing services, which have fees. Moreover, the money can be stolen without recourse, whereas deposits in FDIC-insured banks are covered up to $250,000.
The article from Newsday discusses a significant increase in bank account fraud on Long Island, where victims are losing thousands of dollars to sophisticated scams. Scammers are using various tactics such as phishing emails, fake bank websites, and even impersonating bank officials to gain access to personal information and bank accounts. Local law enforcement and banks are stepping up efforts to educate the public on how to protect themselves, advising residents to be wary of unsolicited communications, to regularly monitor their accounts, and to use two-factor authentication. The article highlights specific cases where individuals were defrauded, emphasizing the emotional and financial toll on victims. It also notes that while banks are working to reimburse affected customers, the recovery process can be lengthy and not all losses are covered, underscoring the importance of vigilance and preventive measures in the digital age.

Read the Full Newsday Article at:
[ https://www.newsday.com/long-island/bank-account-long-island-lq8vn3p7 ]