Pillar 7 · Financial security

Financial security: how to prevent and respond to fraud

The golden rule is simple: no legitimate institution will ask for your password, PIN or an OTP code. Here you’ll learn to recognize the most common scams, protect your accounts and what to do in the first hours if something has gone wrong.

security guides published (in Spanish)

steps to respond to fraud

signs to spot a scam

Complete guide

Financial security guide: how to protect your money from fraud and scams

Start here if you want to understand the topic from start to finish: concepts, examples, common mistakes and tools, in one read.

Read the guide

In short

Almost every financial scam follows the same script: they contact you out of the blue, create urgency and ask for data, money or access. To protect yourself, always verify through official channels, never share passwords or codes, turn on alerts with your bank and, if you’ve already fallen for it, block, keep evidence, file a written complaint and report it.

Remember: your bank will never ask for passwords, PINs or verification codes by phone call, SMS, WhatsApp, social media or email. If in doubt, hang up and contact the bank yourself through the official channels shown on your card or in the app.

Warning sign checker

Is it a scam? Check what's happening to you

Check the signs you recognize in the message, call or offer. We’ll tell you how risky it looks and what to do.

They ask for your password, PIN or an OTP code.There is urgency or threats (“your account will be blocked today”).They promise high, “guaranteed” returns.The link, page or app does not come from the official site.They ask you to pay upfront to release a loan or a prize.They ask to use your account to receive and move other people's money.The contact came without you asking for it (SMS, WhatsApp, social media or a call).They ask you to keep it secret or not to consult anyone.

Signs checked

No signs checked

Even so, always verify through your bank's official channels before paying or sharing information.

How to verify a legitimate banking website →

Reference and educational result: it does not replace verification with your financial institution or the authorities.

If it has already happened

What to do in the first hours after fraud

Time matters. Follow these five steps in order; the exact requirements depend on your country and your institution.

Step 1

Block

Block your card or online banking from the app or by calling your bank’s official number (the one on your card or its website).

Step 2

Change your access

Change passwords and PINs, close open sessions and make sure your email and phone line are still under your control.

Step 3

Keep evidence

Take screenshots of messages, numbers, links and receipts. Write down the dates, times and amounts of each transaction.

Step 4

Complain in writing

File a formal complaint with your institution and ask for a case number. If you’re not satisfied with the response, go to the supervisory body (in Ecuador, the Superintendency of Banks or the SEPS).

Step 5

Report it

File a report with the competent authority in your country (in Ecuador, the Attorney General’s Office) and warn your contacts if your identity was impersonated.

Step-by-step guides: unauthorized or suspicious charge · stolen phone with banking apps · banking identity theft · SIM swapping.

All security guides

Learn to recognize every type of fraud

25 articles organized by topic (in Spanish). Start with the one closest to what is happening to you.

Most common scams and tricks

Investments, loans and easy money

Protect your accounts and your phone

Cards, charges and identity

Useful tools

Review your transactions and avoid traps

Visual bank statement glossary

Learn to read every line and spot charges you don’t recognize.

Open tool →

Statement date planner

Organize your dates so you review transactions in time and avoid surprises.

Open tool →

Borrowing capacity

Before accepting an “easy” loan, work out how much you can really afford to pay.

Open tool →

Official sources in Ecuador

Superintendency of Banks: NON-authorized entities (2025-2026)Superintendency of Banks: public register Superintendency of Popular and Solidarity Economy (SEPS)Attorney General's Office

Official links reviewed on October 6, 2026. For other countries, check your country's financial regulator and prosecutor's office or police.

Reference and educational information. Banco.guru is only a guide: it is not a bank and does not sell financial products. Data, examples and results are for reference only and are not real; they depend on the country, the financial institution, taxes and current laws. Always confirm your case with an authorized financial institution before deciding. If you face fraud, always follow the instructions of your bank and the authorities.

Frequently asked questions

Common questions about fraud and security

Can my bank ask for my password or OTP code over the phone?

No. A legitimate bank will not ask for your password, PIN or verification codes (OTP) by phone call, SMS, WhatsApp or email. If someone does, hang up and call the official number on your card or in the app yourself. More details in why you should never share your OTP code.

What do I do if I already gave out my details or see a charge I don't recognize?

Act fast: block your card or online banking from the app or the bank's official number, change your passwords, keep screenshots and receipts and file a formal written complaint. Follow the step-by-step guide on unauthorized or suspicious charge.

How do I know if a financial institution is authorized in Ecuador?

Check the supervisory body's official registers: the Superintendency of Banks publishes its register of institutions and a list of non-authorized entities, and the SEPS supervises cooperatives and mutual societies. Learn how to verify a legitimate banking website.

Why shouldn't I lend my account to receive someone else's money?

Because you could end up unknowingly moving money from a fraud and face legal problems and trouble with your bank. We explain it in money mules: why you should never lend your account.

What are the signs of a fraudulent investment?

High, “guaranteed” returns, pressure to join quickly, payments for bringing in other people and little information about who manages the money. Review the warning signs of pyramid schemes and of crypto and fake trading scams.

Explore the other 7 topics

Security is one of Banco.guru’s 8 pillars. Keep learning about budgeting, cards, saving, business and taxes.