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Text and Phone Bank Fraud Scam

  • December 3, 2021
  • By Erin Palmer

    Erin Palmer

    Content Marketing Specialist

    Erin Palmer is a content marketing specialist for Suncoast Credit Union. She has written articles for numerous publications and websites, including the Chicago Tribune and Huffington Post. Erin is happiest when curled up with a book, trying a new restaurant or playing with her dogs.

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Scams come in so many forms, from text and phone scams to email and web scams. But there are also times where scammers combine methods in an effort to trick people into falling for fraud.

Some scammers are committing bank fraud by combining text messages and a phone call to gain access to bank information.

How the Text/Phone Scam Works

Here is what to expect from a bank fraud attempt that uses both text messages and a phone call.

First, scammers send a text that claims to be from your financial institution. The text will ask a yes or no question about a recent transaction. Since the text does not include a link, it may not seem suspicious at first.

Text and Bank Fraud Scam

Scammers know that people are likely to respond if they think something is going on with their bank account. Once they get a “NO” response back, they follow up with an immediate phone call.

The call looks like it is coming from your financial institution. This is a key part of the scam, because they want to trick you into answering the call and trusting that they are from your bank or credit union.

The scammer will claim to be from the financial institution’s fraud department. They trick you into providing your bank information by saying they need to confirm your identity before they can secure your account.

How to Protect Yourself

To protect yourself from scammers, you should always have your scam radar on. If any text, call or email seems suspicious, do not engage. If it is a text or an email, do not click the links. If it is a phone call, hang up.

When a scammer is impersonating your bank, credit union or another legitimate business, your best bet is to end the call and reach out to the company directly using their verified contact information

Go to the company’s website, find their legitimate contact information and then reach out to confirm any activity. Remember, it’s always better to be safe than to risk losing your hard-earned money!

 

Protect Your Identity! Get identity monitoring, credit monitoring, recovery/resolution services, and so much more to help you stay safe from fraud or recover after facing identity theft.


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