9 Key Signs That ‘Bank Representative’ Is Actually a Scammer
Written by
Jami Farkas
Edited by
Ashleigh Ray
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The digital age has allowed Americans to transact business at their fingertips, from the comforts of their couch. Never has banking or shopping been more convenient — nor made us more vulnerable to the threat of fraudsters trying to steal our personal information. And our money.
You might have been on the receiving end of an email, text message or call from someone purporting to represent your bank, needing information to right a wrong with your account. It very likely wasn’t a bank representative, but rather a “phishing” scheme, which is a type of fraud designed to get you to spill personal details.
But how can you determine if it really is your bank trying to get in touch with you or whether a scammer is trying to access your confidential information? Read on for tips, including those from the American Banking Association, which runs its #BanksNeverAskThat campaign to help keep consumers safe.
What a Scammer Wants
The end goal of a phishing scheme is to ascertain enough of your personal or banking information to access your accounts. Synchrony Bank says identity thieves especially want this personal information:
- Social Security numbers, which can be used to claim your tax refund or open a line of credit in your name
- Contact information that third parties can use to confirm your identity
- Your driver’s license number and date of birth, which often are needed for new accounts
- Your security passwords, including your mother’s maiden name
- Usernames, passwords and personal identification numbers
- Other account numbers that could lead a scammer to access credit cards and investment accounts
Warning Signs of a Scam
The ABA says there are telltale signs that an email, text message or telephone call you receive could be the work of a scammer. Watch out for these red flags:
High-Pressure Messaging
Scammers want you to act quickly. Their communications with you could include high-pressure language, scare tactics or a “warning” that something will happen with your account — and funds — if you don’t take urgent action.
Scammers try to panic victims into rushed decisions by claiming your account is compromised or funds are at risk if you don’t act quickly. A real financial institution will give you time to confirm your identity and review any activity. Never let someone pressure you into immediate payments or account changes.
Thanks!
Asking for Personal Information
Before taking any action, think back on the communication you’ve had when calling bank representatives. They might ask you to confirm your name, address, last four digits of your Social Security number or to provide details of a recent transaction you’ve made.
They won’t ask you for passwords, your account PIN or a log-in code you’ve received by text. Scammers covet that information, though, so don’t give it. In fact, before sharing any information, it is wise to hang up or get off your device and contact your bank directly through a trusted phone number or drop into your local branch.
Diverting You From Legitimate Bank Contacts
If by phone, email or text you are asked to visit a website other than the bank’s official site or call a number that isn’t listed on the back of your debit card, don’t do it. Again, contact your bank through a number you have in your files or that you find on the bank’s website.
Spotting Unprofessional Communications
If you receive an email that includes typographical errors or incorrect grammar, contains links that look suspicious or is written unprofessionally, it’s likely the work of a scammer. Don’t reply or hit the links.
They Contact You First
If someone contacts you claiming to be from your bank, but you didn’t initiate the contact, proceed with extreme caution. Legitimate bank staff typically only contact customers regarding suspicious account activity or to follow up on a previous inquiry. They don’t cold call to “confirm” personal information. Any unsolicited contact should raise red flags.
They Request Unusual Payments
If a “bank representative” asks you to send money via wire transfer, gift cards, cryptocurrency or some other unusual format, it’s likely a scam. Banks generally only transmit funds via checks, electronic payments or direct withdrawals — never third parties. Refuse any odd payment requests.
They Ask For Passcodes Sent To You
Real bank staff will never ask for the passcodes or one-time passwords sent to your phone or email to confirm your identity or authorize transactions. Scammers try to trick victims into sharing these codes so they can access accounts. Never give out authentication codes sent to your personal devices.
Their Caller ID Is Suspicious
Scammers often spoof legitimate-looking phone numbers to convince victims they actually are the bank. But on closer inspection, the number typically doesn’t perfectly match. Be wary of slight deviations like extra digits or different area codes. Verify the number independently through the bank’s website or official documentation.
They Refuse In-Person Meetings
When pressed, most scammers will make excuses as to why they can only assist you over the phone, online or via money transfers. But legitimate financial institutions will allow you to follow up in person at local branches. The refusal to meet should signal a potential fraudster who only intends to steal remotely.
How To Prevent a Scam
Preventing a scam starts by taking steps to secure your online account, the ABA says. It takes just a few minutes, and the ABA recommends:
- Setting your account to require multifactor authentication on your bank log-in. With multifactor authentication, you’ll need to enter more than your password to access your account. It typically involves your bank sending you a text message or an email with a one-time password to verify your identity.
- Using a random or complex password for your online account.
- Installing the latest virus and malware protection on your device.
- Calling your bank directly or signing into your account to confirm a message or email you received. Don’t reply to an email directly.
The Bottom Line
If you have reason to question whether your bank truly is trying to contact you, listen to your instincts. Don’t respond to an email or a text message, open links or give out any personal information on the telephone — no matter how “urgent” you’re told the issue is to resolve. Instead, contact your bank directly. The bank’s representative will tell you whether you have any reasons for concern with your account, and you’ll know you can trust the source.
Laura Beck contributed to the reporting for this article.
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