I had a talk with my father-in-law yesterday and this topic came up. The following happened to him.
You get a call from your bank informing you that you are the victim of a fraudulent charge. The person on the phone has a caller ID stating that it’s your bank calling. They have your account number and a whole host of personal information about you which comes out as you speak with them. During the course of the call, you also get a text message from them identified as being from your bank. The bank even connects you to a police officer that is helping with a police report. Talk about service. After a while, you are instructed to log into your bank account and make charges to stop the fraudulent charges. If you keep going, then the next thing you know, your bank account is emptied.
When it came time to make changes to your bank account, my father-in-law terminated the phone call.
Today, there is a story about this very scam on Fox News.
Imagine getting a phone call from your bank. The bank’s name is listed on the caller ID with the correct phone number. They know key details about you — your name, your account numbers, maybe even your Social Security number or mother’s maiden name.
They warn you that you have fallen victim to a financial scam. But the plot twist is that they are the scammers!
This is happening across the country at an alarming rate.
Technology can help increase our productivity, but it can also boost scammers by enabling increasingly sophisticated tactics that allow them to impersonate companies, access sensitive information and create a panic that causes even the savviest people to unwittingly help them complete their scams.
Scammers are coming for your money. Here’s the one thing you must never do
Scammers are “spoofing” phone numbers so that the phone number shows up on your phone with the name of a big company even though they are not affiliated with it. Sometimes, it even shows the correct phone number even though they are calling from another number.
If you don’t answer your phone, you take away a huge tool for scammers: their ability to create urgency and panic. When you are told that you are the subject of fraud, that your money is at risk, or something similar, and you need to take action, you panic.
In a state of panic, you do not think clearly, and this can lead you to take actions that you would never undertake in a calm state.
Fox has some suggestions and a few more gems about such scams. I’ve copied much of the relevant sections below.
Don’t Answer Any Calls You Aren’t Expecting
If you see your bank, credit card company, Amazon, Microsoft or any other company with whom you do business calling, and you aren’t immediately expecting that call, do not answer your phone.
Scammers are “spoofing” phone numbers so that the phone number shows up on your phone with the name of a big company even though they are not affiliated with it. Sometimes, it even shows the correct phone number even though they are calling from another number.
Only Contact Companies Using a Trusted Phone Number or Touchpoint
For banks, credit card companies and other financial providers, find their phone number on the back of your bank card or on an old paper statement that you know is legitimate.
You can also go to their website and look for a phone number or customer service email address.
Don’t Give Out Sensitive Information
If you do let a text or phone call break through (and you shouldn’t, but I know it happens), do not respond or give out sensitive information in response to their requests.
For example, they may send you a text and ask for a security code sent to your phone.
Again, this is them trying to scam you, not help you. Giving up codes like this could help them drain your bank account.
Don’t Fall for Urgency
Creating urgency is key for scammers. They make you worried. As noted above, you get into a state of panic, and you take action without thinking.
If you are asked to take any urgent action, such as going to a bank immediately, withdrawing or moving funds, buying gift cards, immediately giving out information or anything else, stop and take a beat.
The same goes for secrecy. If they tell you not to contact the police or not to tell the bank teller what is going on because they might be in on it, do not listen. You are not James Bond, and you are not caught up in an international stakeout — you are simply a person whom a fraudster is trying to trick.
Have a Family Code Phrase
Finally, with AI technology, even voices are being spoofed. Have a family code phrase among your family members that isn’t published anywhere. Then, if someone calls using your loved one’s voice as part of a scam, you can ask for the code phrase. If it isn’t given, you will know it is not your family member.
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