How to Spot Bank Impersonation Scams
Your Bank is Calling-Or Is It?
Your phone rings and the caller says they are from your bank. They claim there is suspicious activity on your account and they need you to act right away. How can you tell if you are really talking to your bank or a scammer pretending to be one?
Bank impersonation scams are designed to create urgency and gain your trust. Know the warning signs to help protect your finances and personal information.
They Ask for a One Time Security Code
A scammer may tell you they are sending you a verification code via text or email and ask you to read it back to them. That code could be used to gain access to your online account. Never share a one time security or verification code with anyone.
They Pressure you to Act Immediately
Scammers often create a sense of panic. They may tell you that if you don't make a decision right away all of your money will be lost. Don't let urgency pressure you into giving out personal information or moving money.
They Ask You to Move Money to "Protect" It
Someone claiming they are from your bank may tell you to transfer money to another account, payment app or withdraw all the cash. This is a major warning sign and you should end the call and call your bank directly using a trusted number.
They Ask for Sensitive Information
Be suspicious of unexpected callers asking for information such as full debit card numbers, bank account numbers, or online banking passwords.
Even if the caller seems to know a lot of details about you that doesn't necessarily mean it is legitimate.
The Caller ID Information Looks Correct
Seeing your bank's name or telephone number on caller ID isn't proof the call is real. Scammers can manipulate caller ID information to make it appear to come from a trusted organization.
What Should You Do If You Are Unsure?
If something doesn't feel right, end the call. You do not have to speak to anyone you do not feel comfortable with. Contact your bank using a trusted phone number such as the number on the bank's official website.
If you believe you've shared sensitive information with a scammer, contact your bank immediately.
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