With so much of our lives being digital and with more and more of our banking being done electronically, it is more important than EVER to make sure you don’t become a victim of fraud.
This month, we’re talking about a scam that has been very common in the last few months and has affected many people and banking institutions. This scam is the Fake Bank Call Scam.
This scam is one of the more infamous scams that I have seen in the last few months and in my opinion, the most successful for the scammers. This scam starts with a phone call from your banking institution; surprisingly, they can spoof your bank’s phone number. For example, you may get a call that will show on your caller ID as the bank’s phone number. Any average person would assume that their bank is calling them for a valid purpose, which is how they start earning your trust.
Once they have you on the phone, they will indicate that they are calling from “your financial institution” and ask if you authorized a transaction in a location you have not been to. For some reason, they tend to tell customers that the fraud occurred in New York City. If you hear this, this should raise an immediate red flag. Now, most people would be frustrated, anxious, or even scared. This is part of their plan to get them to trust you.
Next, they will ask you to confirm your debit card number, PIN, and Balance. Banks will never ever ask for your pin number (or online banking password). If anyone from a “financial institution” ever asks for a pin this is another red flag. Once they have your card number and pin, they can make a fake card and start charging purchases to your account. As soon as they have this info, it will be too late.
There are ways you can protect yourself from this scam.
- Be aware that this is happening; many people trust their bank, and if they don’t know this scam is happening, they are more likely to trust the individual on the phone.
- Listen closely for red flags; some examples are below:
- Asking for your pin
- Asking for an online banking password
- Saying you’ve “had fraud in New York City”
- Call a trusted bank representative
- Reach out to your local banker
- If you do not have a local banker you are familiar with, hang up IMMEDIATELY and call your financial institution to confirm the call.
Fraudsters are everywhere and are getting sneakier by the day. It’s more important than ever to make sure you are protected and your hard-earned money remains yours!
Vincent A Pircio
Branch Manager II
Rockland Trust
2995 Cranberry Highway
East Wareham, MA 02538
Phone (508) 295-6900
Fax (508) 295-7178
Vincent.Pircio@RocklandTrust.com
