A phone call from your bank warning about suspicious activity might seem like something you should handle immediately. Unfortunately, scammers are taking advantage of that reaction by posing as bank employees and convincing people to hand over information—or even their money.
The scam often begins with a call or text claiming that an unusual purchase or withdrawal has been detected. The caller may know your name and could even make the bank’s real phone number appear on your caller ID, a technique known as “spoofing.”
Next comes the pressure. The supposed bank representative may ask you to provide a verification code sent to your phone, disclose account information, or move money to a “safe” account. In reality, a verification code could help the criminal gain access to your account, while money transferred to a supposed safe account may go directly to the scammer.
If you receive an unexpected fraud alert, don’t rely on caller ID as proof that the contact is legitimate. Hang up and contact your financial institution yourself using the number printed on your bank card, statement, or its official website or app.
Never provide passwords, PINs, or one-time security codes to an unexpected caller. Be especially suspicious of anyone pressuring you to transfer money immediately.
A genuine fraud warning deserves attention—but you don’t have to handle it through the person who contacted you. Taking a moment to independently contact your bank can help you determine whether there’s really a problem before a scammer creates one.
