How to protect yourself from bank scams called ‘spoofing’
If you are like me, you are receiving multiple emails, texts, and phone calls weekly from your “bank.” All of them are scams. Most of them are easier to spot than others because they come from crazy numbers or email addresses. The good ones, though, look legitimate. Those are spoofing you.
Spoofing is where the number or email seem real. Your caller ID will say the bank name. Logos in emails are real which just means they copied it off the Internet. Across the financial services industry, there is currently an uptick in fraudsters using spoofed phone numbers and email accounts to imitate trusted sources in an effort to collect personal information, access customer accounts and initiate transactions.
Statistics provided by our partner, the Better Business Bureau show we have had 126 reports of this or something similar (various bank and credit card imposters) in our area with a reported loss of $36,340 reported to Scamtracker. People made 18 of these reports totaling $4,280 in losses in the last month.
The scammers know that anytime we think we are hearing from our bank, credit union, or credit card company we get nervous because they are talking about our money. They prey on that by creating a sense of urgency in their texts, emails, and phone calls. Don’t fall for it.
The following can help you avoid becoming a victim
h Your bank, credit union, or credit card company will NEVER text you to communicate unless you have specifically signed up for text alerts.
h Don’t reply to suspicious texts. Ignore any instructions to reply yes or no if you receive an unsolicited, suspicious text message. If you reply to a scammer, they could save your number as “active” and target you with future scams.
h Your bank or credit union will NEVER ask you to send money to yourself. If someone tries to convince you otherwise, it’s a scam.
h Watch out for fake caller IDS. Scammers can spoof caller ID names and numbers to make you think you are receiving a call from a reputable source. If you weren’t expecting to be contacted by your bank, it’s best to avoid answering. Instead, call the number on the back of your Atm/debit card to confirm that there is an issue.
h Never share one-time passcodes.
Scammers can use one-time passcodes from your bank or any other company to access your accounts and change information. Don’t share them with anyone, no exceptions.
h Contact your financial institution if you suspect a scam. If you receive an unsolicited call, text, or email that you suspect is a scam, contact your financial institution immediately to let them know. They want to stop these scams even more than you do.
Our goal with Wallet Warnings remains the same - to help you safeguard your money. If you have any questions or need any additional information about anything discussed here, please call (901) 222-0206. We are happy to help you avoid scams, fraud and predatory lenders. You work hard for your money, and we want to make sure you keep it.
Regina Morrison Newman is the Shelby County Trustee