Most of us have received a suspicious phone call, text message, or email at some point. While many are easy to ignore, others are carefully designed to look and sound legitimate. These are known as imposter scams, and they often target older adults by pretending to be trusted organizations, a government agency, law enforcement, or even a family member in need. Knowing how these scams work is one of the best ways to protect yourself and your finances.

Scammers often target older adults because they’ve built up savings over a lifetime, are more likely to answer the phone, and tend to trust someone who sounds knowledgeable or authoritative. They also know many people were raised to be polite and helpful—even when something feels a little off. Those assumptions are exactly what scammers count on.

The good news? No matter how sophisticated these scams become, they often share the same warning signs. By learning what to watch for, you can feel more confident recognizing an imposter scam before it has a chance to succeed. 

Imposter scams rely on one thing: convincing you to act before you have time to think.

A scammer may call, text, email, or even contact you through social media. They often sound professional and may already know personal information about you. Some even use technology to make it appear that they’re calling from a legitimate phone number.

For older adults, these scams often involve someone pretending to be from a trusted organization like a bank, Medicare, Social Security, the IRS, or local law enforcement. Others impersonate a grandchild or family member in an emergency, hoping to create enough panic that you’ll send money before verifying the story.

Their goal is simple—to create urgency so you’ll act without verifying who they really are. According to the Federal Trade Commission, imposter scams were among the most commonly reported scams in 2025, resulting in billions of dollars in reported losses.

While every scam is different, most imposter scams involve one or more of these warning signs:

1. They pressure you to act immediately.
2. They tell you to keep the conversation secret.
3. They threaten arrest, legal action, or suspension of benefits.
4. They ask you to move your money to a “safe” account.
5. They request payment through gift cards, cryptocurrency, wire transfers, or payment apps.
6. They ask for online banking passwords, security codes, or personal information.
7. They contact you through an unexpected phone call, text, or email.

If any of these happen, pause. A legitimate organization wants you to make informed decisions—not rushed ones.

One of the easiest ways to recognize an imposter scam is to know what trusted organizations simply don’t do.

Your bank, government agencies, and law enforcement will never:

• Tell you to move your money to “protect” it.
• Demand immediate payment using gift cards or cryptocurrency.
• Ask you to lie to your banker about why you’re withdrawing money.
• Request your online banking password or one-time security code.
• Threaten immediate arrest simply because you hung up the phone.
• Pressure you to stay on the phone while withdrawing cash.

If someone makes any of these requests, it’s a strong indication you’re dealing with a scammer. (Federal Trade Commission)

Remember: If someone claims to represent your bank, don’t use the phone number, email, or click on any link they provide. Hang up and call the number printed on the back of your debit or credit card, your bank statement, or listed on the bank’s official website. That simple step can prevent many imposter scams.

A few simple habits can dramatically reduce your risk.

Slow down.

Scammers succeed by creating panic. Give yourself permission to stop and think.

Verify independently.

If someone claims to represent your bank, the IRS, Medicare, Social Security, or another organization, end the conversation and contact that organization using a trusted phone number.

Talk to someone you trust.

Before sending money or sharing personal information, discuss the situation with a family member, trusted friend, or your banker.

Never share security information.

Passwords, verification codes, and online banking credentials should stay private.

Trust your instincts.

If something feels unusual or too urgent, it probably deserves another look.

Don’t let anyone isolate you.

Scammers often insist that you keep the situation confidential or stay on the phone while you withdraw money. A legitimate organization will never discourage you from talking with your family or your banker.

If you believe you’ve shared personal information, sent money to a scammer, or given someone access to your financial accounts, don’t wait to take action. Acting quickly may help limit further financial loss.

Here are a few important first steps:

1. Contact your bank immediately. If your accounts or debit card may have been compromised, let your bank know right away so they can help protect your accounts and discuss your options.
2. Change your passwords for your online banking, email, and any other affected accounts.
3. Monitor your accounts. Watch for unauthorized transactions and report anything suspicious as soon as possible.
4. Report the scam. Report fraud to the Federal Trade Commission at ReportFraud.ftc.gov⁠. Your report helps law enforcement track scam trends and may help prevent others from becoming victims.
5. Talk to someone you trust. If you’re unsure what to do next, don’t hesitate to reach out to a trusted family member, friend, or your local banker.

Remember, anyone can become the target of a scam. Reporting it quickly and taking prompt action can make a meaningful difference.

At First State Bank, protecting your financial well-being goes beyond safeguarding your accounts—it means helping you recognize fraud before it happens.

If you ever receive a suspicious phone call, text message, email, or request involving your finances, don’t hesitate to contact us before taking action. 

If something doesn’t feel right—even if you’re worried it might be a silly question—give us a call or stop by your local branch. We’d much rather help you verify a suspicious request than help you recover from a scam after the fact. Sometimes a five-minute conversation is all it takes to prevent a lifetime of savings from ending up in the wrong hands.

When in doubt, give us a call. We’re always happy to help.

Whether your college student is living on campus or commuting from home, one of the first things they’ll need is a checking account to receive direct deposit, pay bills*, send money with Zelle^®*, and manage everyday expenses. But a checking account is only one way to prepare financially for college. Use our college financial checklist below to help your family get ready for one of life’s biggest milestones.

A checking account is one of the first financial tools every college student should have. Whether they’re working a part-time job, buying textbooks, paying rent, or grabbing dinner with friends, having a checking account makes everyday money management much easier.

Students commonly use checking accounts to:

• Receive paychecks through direct deposit
• Make purchases with a debit card
• Pay rent and utilities
• Set up automatic payments
• Transfer money to and from friends and family
• Manage everyday spending

First State Bank’s Next Generation Checking account was designed specifically for customers ages 16–26. It includes a free debit card, free Digital Banking, and mobile check deposit. Plus, students 18 and over can access online bill pay*, and enroll in Zelle^®*, giving them convenient ways to manage their money wherever college takes them.

For students balancing classes with part-time or seasonal jobs, setting up direct deposit allows their paychecks to be deposited automatically into their checking account, giving them quick access to their earnings while making it easier to budget, save, and pay recurring expenses.

Unexpected expenses are part of college life. A flat tire. A last-minute textbook purchase. Replacing a damaged laptop charger. Traveling home unexpectedly. Having even a modest emergency fund can help students handle life’s surprises without relying on high-interest credit cards.

Opening a Next Generation Savings account alongside a checking account can make it easier to separate spending money from emergency savings while developing healthy financial habits that last well beyond graduation.

One of the best money habits students can develop is following a simple monthly budget.

Start by making a list of income and expenses:

• Track income from employment, scholarships, or family support
• Housing costs
• Groceries and meal expenses
• Transportation
• School supplies
• Entertainment
• Savings goals

Reviewing spending regularly helps students stay in control of their budget before small spending habits become bigger problems.

No two college budgets are exactly alike. One of the biggest factors is where a student lives.

Living On Campus

Dorms or Residence Halls

Students living in residence halls often have fewer recurring bills, but they should still budget for:

• Textbooks

• Laundry

• Snacks and meals outside their meal plan

• Transportation home during breaks

• Campus activities

• Personal care items

• Dorm room essentials

Keeping a small emergency fund can help cover unexpected expenses throughout the semester.

Living Off Campus

Off-Campus Apartments or Houses

Students renting an apartment or house often take on additional expenses, including:

• Rent

• Utilities

• Internet

• Groceries

• Renter’s insurance

• Parking fees

• Household supplies and furnishings

Setting up automatic payments and account alerts through Digital Banking can make managing recurring bills much easier.

Commuting From Home

Living at home can significantly reduce housing costs, but commuters still have expenses to plan for, including:

• Gas

• Vehicle maintenance

• Car insurance and payments

• Parking permits

• Meals between classes

• School supplies

• Entertainment

Students who commute often have a great opportunity to save more aggressively while still enjoying greater financial independence.

College life gets busy quickly. Before classes begin, encourage your student to become familiar with digital banking tools.

With First State Bank’s Digital Banking platform, you can:

• Check balances

• Deposit checks

• Send and receive money with Zelle^®*

• Pay bills online*

• Make cashless payments using your digital wallet

• Track spending and set up account alerts

• Monitor their credit using My Credit Score

Learning these tools before arriving on campus can make managing money much easier throughout the school year.

Gather Important Documents

Before leaving for school, make sure your student has access to important financial information and documents.

These may include:

• Debit card and PIN

• Bank account information

• Routing and account numbers for direct deposit

• Driver’s license or state-issued ID

• Student ID

• Health insurance card

• Auto insurance information

• Financial aid or scholarship paperwork

• Emergency contact information

Remember to keep secure digital copies available in case originals are lost.

Understand Credit Before You Need It

Many students receive their first credit card offers during college. Understanding how credit works before opening new accounts can help students make smarter financial decisions.

Students should understand:

• How credit scores are calculated and how to read a credit report

• The importance of building a credit history

• Why paying bills on time matters and what happens when you don’t

• How carrying large balances affects credit

• Why good credit can help when renting an apartment, financing a car loan, or applying for certain jobs

Customers can monitor their credit through My Credit Score within Digital Banking, making it easy to keep an eye on their credit health over time.

College students are common targets for scams. Never share your passwords, verification codes, or debit card information. Be cautious of unexpected emails or text messages requesting payment, and contact your bank directly if something doesn’t seem right.

College is an ideal time to gradually shift financial responsibility rather than handing it over all at once. Every family’s financial arrangement looks a little different. Some parents pay tuition while students cover books or groceries. Others split rent, utilities, insurance, or transportation costs.

Before the first day of school, consider discussing:

• Who is responsible for which expenses?

• What monthly budget is realistic?

• How should unexpected expenses be handled?

• When should parents be contacted before making a large purchase?

• What happens if a debit card is lost?

• How often should you check in about finances?

Having these conversations early helps build confidence while reducing misunderstandings later.

Student loans can be a valuable tool for paying for college, but it’s important to understand how borrowing today may affect your finances after graduation.

Before accepting a student loan, take time to:

• Understand how much you’re borrowing and whether the loan is federal or private.

• Review interest rates, repayment terms, and when repayment begins.

• Borrow only what you need to help cover qualified education expenses.

• Consider scholarships, grants, savings, and other funding sources before taking on additional debt.

• Ask questions if you don’t understand the terms of your loan.

For many students, federal loans may offer borrower protections and repayment options that differ from private loans. Understanding those differences can help you make informed decisions about financing your education.

While many families use student loans to help pay for college, they aren’t the only financing option. Depending on your financial situation, you may want to explore other ways to help cover qualified education expenses—including using savings, payment plans, or, for some homeowners, a cash-out refinance.

A cash-out refinance may allow eligible homeowners to:

• Access your home’s equity to help cover qualified education expenses.

• Reduce the need for higher-interest private student loans.

• Consolidate education costs into one convenient monthly mortgage payment.

• Explore competitive rates and flexible loan options.

Every family’s financial goals are different. First State Bank’s experienced mortgage loan officers will work one-on-one with you to determine whether a cash-out refinance aligns with your needs and long-term financial goals.

College isn’t just an academic journey—it’s one of life’s first major financial milestones.

By opening the right accounts, building savings, creating a budget, understanding credit, recognizing scams, and having honest conversations about money, students can begin college with greater confidence and independence.

Whether you’re preparing for your student’s first semester or helping them return for another year, First State Bank is here to provide trusted guidance, modern banking tools, and personalized financial solutions to help your family prepare financially for college.