September 27, 2024
It can be hard to tell whether you’re being contacted by your bank or a criminal
Bank impersonation scams...
Warn you about “fraudulent activity” on your account. Scammers, pretending to be security departments at banks, send out text messages, emails and robocalls that warn people of unusual, possibly fraudulent activity that requires immediate action. In reality, they’re trying to get the recipients to provide account numbers and login information, or to transfer their funds for safekeeping into accounts controlled by the criminals. In the process, they also may steal targets’ personal information, which can be used to commit identity fraud.
Ask you to verify large purchases charged to your account. Some fake bank notification texts warn the target that an account has been locked, while others ask the person to verify a large purchase that supposedly has been made at a store. If you reply "no", you'll get a call from someone claiming to be the bank.
Ask you to cut up your card. The FBI recently warned of scammers who call and tell you need to cut up your card due to fraudulent activity but ask you to leave the card chip intact. They then say they are sending a “bank representative” to pick up the card. They may try to get you to tell them your PIN number and then use that to empty your account.
Fake bank messages try to create a sense of urgency
Typically, a scammer on the phone will try to alarm the people being targeted, saying that they must take immediate action to protect their accounts from being emptied. Sometimes the scammers will guide targets to sophisticated replicas of actual bank websites.
How to protect yourself against bank text scams
- Never click on links. If you get an email or a text claiming to be from your bank, don’t click on the link it provides (even if you’ve signed up for text alerts). Instead, go to the bank’s website. Use the URL listed on your statements or that you’ve previously bookmarked, and check for any alerts on your account.
- Hang up. Then contact your bank in a way you know to be legitimate, either online or by calling the phone number on your statement or debit card.
- Never provide account data or personal info. As the American Bankers Association’s banksneveraskthat.com website reminds consumers, banks don’t ask for your account number, PIN or password during a phone call or in a text or email — and will never ask for a one-time login code. Never share such confidential details unless you’ve called the number on the back of your bank card.
- Don’t rely on caller ID. Scammers can use tricks to display actual bank phone numbers or even the name of the bank.
- Be wary of a message or caller insisting that you take immediate action. Scammers try to pressure you to act quickly, to make it more difficult for you to think clearly.
- When in doubt, seek assistance. If you’re unsure what to do in response to what appears to be an alert from your bank, stop and ask a trusted person — a friend, family member or coworker — to help you.
Reporting bank impersonation scams
- Notify your financial institution of the occurrence. Include a screenshot of the text. If you lose money to this scam, contact your bank immediately — they may be able to halt the transaction.
- File a police report. The documentation may be of value if there is some means of recouping your loss. For example, some home insurance providers offer fraud loss protection.
- File reports with the federal government. The FTC and the FBI’s Internet Crime Complaint Center use fraud reports to target their investigations. The more information they have, the better they can identify patterns, link cases and ultimately catch the criminals. Contact the FTC at reportfraud.ftc.gov and the FBI at IC3.gov.
Take action!
What can you do today to keep your First Bank & Trust accounts more secure online? Log in to your Digital Banking account and...
- Set up balance and transaction alerts.
- Check your balance and account activity regularly.
- Send and receive secure messages to/from our digital bankers.
- Do not share your Digital Banking credentials with anyone.