BBB Scam Alert: Responding to that phony bank text message could cost
you thousands
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[October 19, 2022]
One of scammers' favorite tactics is impersonating a
person or organization you know and trust. That's the premise of
this new text message scam, which has been popping up in recent BBB
Scam Tracker reports. This time, con artists are impersonating your
bank.
How the scam works
You receive a text message that looks like a fraud alert from your
bank. It claims there is some unusual activity in your account. It
may read: "Bank Fraud Alert – Did you approve a transaction for
$1,000? Reply YES or NO." If you reply to the text, the scammer now
knows they have an active number – and a person to scam.
The scam doesn't end there. The scammer will call you to follow up,
and the number will appear in the caller ID as coming from your
bank. When you answer, the caller claims to be a bank representative
who can help stop the fraudulent charges. To do so, you need to send
money to yourself using Zelle or another digital wallet app. The
caller walks you through the process of connecting the app to your
bank account. Then, they ask you to verify the connection by sharing
the code your bank sent.
Don't do it! If you give the scammer your verification code, the
scammer can set up an account with your phone number and email – but
their bank account information. If that happens, when you send money
to "yourself," you're actually sending money to the scammer.
Disputing the charges will be difficult because the scammer has
tricked you into approving the transaction. Sending money through a
digital wallet app is like using cash, making it very hard to get
your money back.
One consumer reported this experience to BBB Scam Tracker: "I
received two texts stating it was the Wells Fargo Fraud Department
wanting to know if I had made a Zelle transfer… I responded no and
immediately got another text stating, 'Thank you, no further action
is needed, a representative will call you from 800-869-3556.' Within
a few minutes, I got a call from an individual stating they were
with the Wells Fargo fraud department. The caller ID on my phone
said Wells Fargo, and the person said they could reverse the
transaction if I sign into my online account and open the Zelle app.
I did this and the caller asked if I saw my name. I told him I saw
my name in two places. It looked like I would be sending money to
myself. The caller said everything was fine and the money would come
back to my account. After the call ended, I got two texts stating
funds for $2,500 and $1,000 would be deposited in my Wells Fargo
account. I went back into my account and there was no evidence of
any deposits. What I did see was $3,500 taken out of my account and
a zero account balance."
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How to avoid bank fraud scams
*Understand your bank's policies. Know that your bank will never ask
you to send money to yourself. If someone tries to convince you
otherwise, it's a scam.
*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 card to confirm that there is an issue.
*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.
![](http://archives.lincolndailynews.com/2022/Oct/18/images/ads/current/castlemanor_sda_FINANCIAL_2017.png)
*Contact your bank if you suspect a scam. If you receive an
unsolicited call, text, or email that you suspect is a scam, contact
your bank immediately and let them know.
*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.
For More Information
See the related BBB Scam Alert about phony banking texts and calls
and review the BBB Tip on avoiding impostor scams.
If you spot a scam, report it to BBB Scam Tracker. Your report can
help others avoid falling victim to similar scams.
About BBB Scam Tracker
BBB Scam Tracker (BBB.org/ScamTracker)
is an online platform that enables consumers and businesses to
report attempted and successful acts of fraud. The platform also
enables people to search the scam reports to help determine if they
are being targeted by a scam.
[Jessica Tharp, President/CEO] |