In honor of my Caught Dead in Wyoming mystery series, my assistant Gabriella Samuels is writing for my newsletter and blog a series of consumer tips inspired by TV reporter Elizabeth Margaret Danniher.
A trend has emerged, with scammers impersonating bank employees to steal personal information, money, and access accounts. The sophistication of these scams is growing, leading to more unsuspecting victims. Impersonation scams, including bank impersonation scams, have resulted in over $1 billion in losses, according to the FTC.
Scammers often contact people by phone, email, or text, pretending to be from their bank. They may begin by mentioning “suspicious activity” on your account or claiming they need to verify your information for “security reasons.” To build trust, a scammer might even use official jargon or offer a fake employee ID number.
They primarily rely on creating a sense of urgency. You might be told that your account is at risk of being locked or that unauthorized activity has been detected. They want you to act impulsively, without considering the consequences, at the moment when you are most vulnerable.
To protect yourself, remember these simple guidelines:
Ignore caller id. Scammers can create phone numbers and websites designed to deceive you. Don’t answer suspicious calls.
When in doubt, hang up. Be wary of unsolicited communications, especially if they pressure you for immediate action. Hang up immediately and directly call your bank’s official number.
Avoid sharing private data. A bank should never ask for your PIN or password. Never give out account details, PINs, or passwords unsolicited.
Do not click on any links sent to you. Scammers will send links that claim to “reverse a transaction.” These links can be used to steal your information.
Reach out to your bank and the police immediately if you suspect you’ve been scammed or contacted by a scammer. Report any fraud you encounter at ReportFraud.ftc.gov.