Imagine receiving a call from what appears to be your bank. The caller says they’ve detected suspicious activity on your account and need to verify your information to protect your money. The number looks familiar, and the caller sounds convincing but is the call legitimate?
Scammers can use a technique called caller ID spoofing to make their phone number appear to belong to a trusted organization, including your bank. Knowing how these scams work can help you protect your personal and financial information.
A scammer may claim to be from your bank’s fraud department and warn you about an unfamiliar transaction or suspicious login. They may pressure you to act immediately, hoping you’ll respond before questioning the call.
Watch for these warning signs:
If you receive an unexpected call about your account, take these steps:
You can also report suspected scams to the Federal Trade Commission at ReportFraud.ftc.gov.
Scammers rely on urgency and trust to make fraudulent calls seem legitimate. Remember, a familiar phone number doesn’t guarantee the caller is who they claim to be.
If someone unexpectedly contacts you about your bank account, hang up and verify the situation directly with your financial institution. A few extra moments can help protect your money and personal information.
Scammers can use a technique called caller ID spoofing to make their phone number appear to belong to a trusted organization, including your bank. Knowing how these scams work can help you protect your personal and financial information.
How do these scams work?
A scammer may claim to be from your bank’s fraud department and warn you about an unfamiliar transaction or suspicious login. They may pressure you to act immediately, hoping you’ll respond before questioning the call.Watch for these warning signs:
- Urgent demands: the caller insists you must act immediately to protect your money.
- Requests for sensitive information: they ask for your password, banking credentials or verification code.
- Instructions to transfer money: they tell you to move funds to another account to keep them safe.
- A familiar phone number: the caller ID looks legitimate, but the number alone cannot verify their identity.
What should you do if your bank calls?
If you receive an unexpected call about your account, take these steps:
- Pause before responding. Don’t share sensitive information or follow instructions you’re unsure about.
- Hang up. You don’t need to resolve the issue during the call.
- Contact your bank directly. Use the phone number on the back of your debit card or on the bank’s official website. Don’t rely on the caller ID or the number the caller provides.
- Check your account. Review recent transactions and report anything suspicious to your bank promptly.
What if you’ve already shared information?
Contact your bank immediately using a trusted phone number and explain what happened. Follow the instructions they provide you to secure your account. If you shared a password, change it promptly, including on any other accounts where you reused it.You can also report suspected scams to the Federal Trade Commission at ReportFraud.ftc.gov.
Stay alert and verify before you trust.
Scammers rely on urgency and trust to make fraudulent calls seem legitimate. Remember, a familiar phone number doesn’t guarantee the caller is who they claim to be.If someone unexpectedly contacts you about your bank account, hang up and verify the situation directly with your financial institution. A few extra moments can help protect your money and personal information.