It is reported that everyday thousands of people fall victim to fraudulent emails, text messages and phone calls from scammers pretending to be their bank? That is alarming! These scams are on the rise as the use of online banking has increased, but don’t just take our word for it – let’s hear from the experts. Data from February 2021 shows the Federal Trade Commission received 2.2 million fraud reports from consumers in 2020. Imposter scams remain the most common type of fraud reported to the agency while online shopping was the second-most common fraud category reported by consumers. Consumers reported losing more than $3.3 billion to fraud in 2020, up from $1.8 billion in 2019. That is a staggering increase.
The
American Bankers Association provides great information regarding information for which
“Banks Never Ask That”.
Questions Banks Would Never Ask
There are a series of questions that would make sense for your bank to ask you, but the threat of an intruder can be spotted by how you are contacted and the questions that are asked by the bank representative. Banks communicate with their customers in a few ways, however it’s not normal for them to send an email or text message that asks you for account information, to call them or to click on a link to avoid any account issues.
Watch Out for the Red Flags
If you receive an email, text or phone call from your bank for any of the information below, it’s a definite red flag. It’s better to be safe than sorry so end the call, delete the text, and trash the email, because Banks Never Ask That! You may be asked to verify confidential information if you call your bank, but never the other way around. If you receive an incoming call from someone claiming to be your bank, hang up and call the number on the back of your card.
Tips to Help Avoid Falling for these Scams
Beware of Links. Banks will never send you a text or email that asks you to click a link. If you receive this type of message, don’t respond – just delete it and call your bank to confirm they didn’t send it.
Beware of Scare Tactics. Some scams pressure or even threaten you to respond, but don’t! Instead, call your bank to see if it’s a scam or not.
Protect your Confidential Information. Your bank will never ask for your account number, social security number, name, address or password in an email or text message. They will only ask you to provide this information to verify your identity when you call them directly.
Call the Number on your Card. If you receive an email, text or call and you have suspicions, play it safe by calling the number on the back of your card to speak to someone at your bank about the message you received.
Watch for Misspelled Words. It’s very common to find typos in a fraudulent text or email. If you find one in the message, you know it’s a scam!
What to do if You Fall for a Scam
Contact your bank, financial institutions, creditors, and others. Speak with the fraud department and explain that your identity or personal data may have been compromised. Request to close or freeze any accounts that may have been targeted and immediately change your online login credentials, passwords, and PINs. Contact
ChexSystems at 888-478-6536 to place a security alert on the checking and savings accounts that have been impacted and report an identity theft incident to the
Federal Trade Commission at:
ftc.gov/idtheft or 877-438-4338.
Secure your email and other communication accounts. Many people use the same password for multiple accounts such as email and cell phone accounts. And even if you don’t, once one account is hacked it can be easy for a criminal to get into your other accounts. Immediately change any account passwords and, if you haven’t already done so, implement multi-factor authentication — a setting that prevents cybercriminals from accessing your accounts even if they know your password.
Check your credit reports and place a fraud alert on them. Get a free copy of your credit report from annualcreditreport.com or call 877-322-8228. Review your credit report to make sure unauthorized accounts have not been opened in your name and report any fraudulent accounts to the appropriate financial institutions. Place a fraud alert on your credit by contacting one of the three credit bureaus and that company will inform the other two.
File a report with your local law enforcement. Get a copy of the report to submit to your creditors and others that may require proof of the crime.
To do our part as your trusted financial partner, we will frequently share
content and
resources to help you become an expert scam-spotter! Together we can reduce the financial impact these crimes have on consumers and the banking industry
If you believe your personal information has been compromised or you think you are a victim of
identity theft, we’re here to help!
Contact us at 270.575.5700.