It is not unusual for your bank to try to contact you. However, some of those emails and phone calls are simply scammers taking advantage of your trust in your bank to scam you. In general, you should be extremely sceptical of any unexpected messages.
Modus operandi
You receive a phone call claiming to be from your bank informing you of a problem with your account. This is typically used for security purposes, such as informing you when someone is unlawfully accessing your account or has stolen your identity.
Their response is to ask you to transfer all funds to a safe account' while the problem is resolved. The problem is that no one is attempting to access your account, and you are sending money directly to the crooks. The funds are then moved swiftly to other accounts around the world.
Additionally, bank transfer scams might be the most common telephone, or vishing, scam, but they are far from the only one. Others may attempt to gain remote control of your computer by claiming there is a problem with your internet connection or that you have a virus.
In reality, they use this time to install malware on your computer and steal your personal information. Another strategy is to claim you're eligible for a refund or compensation but have received too much. You will then be asked to return the difference.
How to detect a scam
Urgency: Fraudulent mails can generate a sense of urgency or mislead you into acting quickly. They may warn you about account termination, blocking your ATM card, or missing out on a limited-time promotion. Be wary of messages that urge you to take immediate action.
Sender information: Legitimate banks usually send messages from certain phone numbers or email addresses. Be wary of messages from unknown phones or addresses that use generic greetings such as "Dear Customer" instead of your name.
Personal data: Real banks would never request critical information such as your password, CVV code, OTP (One Time Password), or entire account number over SMS or email. If a message prompts you to update or verify such information, do not answer and instead contact your bank immediately.
Grammatical errors: Legitimate bank messages are usually well-written and formatted. Typos, grammatical errors, and unprofessional language can all be indicators of a fake message.
Verify: If you are unsure regarding a message, always contact your bank immediately using their official contact information (phone number or website) to enquire about its legality.
Better safe than sorry
The Federal Trade Commission reports that last year, fraud cost consumers over $12.5 billion. You can take measures to make it difficult for a bad actor to leave with anything, even though it could be simple for them to contact you by email, text, or social media. It's wise to use caution when dealing with something as important as your finances.
