Scenario: You’re a business owner with accounts at Core Bank. One afternoon, you get a call from a number you recognize is Core Bank’s number. You pick up. They say they’re part of Core Bank’s treasury team and need personal information to confirm a payment to an account.
Stop right there – what you do next is imperative.
Number Spoofing is when a caller deliberately changes the information on their caller ID display to disguise their identity. For example, even if their true phone number is entirely different from your bank’s, they can change it to display your bank’s number when they call you.
Number Spoofing is becoming more prevalent in cases across the country. The FTC received fraud reports from 2.6 million consumers last year, with imposter scams being the most common.
It’s one thing to be waiting to receive a call back concerning an unresolved issue. However, if a call from your bank is out of the blue and they start asking you to give out sensitive information… stay skeptical and safe by hanging up and calling them back. You can find a bank’s number on their official website or on the back of your bank card.
“Banks Never Ask That”
The American Bankers Association launched the “Banks Never Ask That” campaign in 2020 to spread awareness to different methods of fraud. The campaign is aimed to help people identify fraud attempts, as there are many pieces of information that your bank will never ask you to give.
Banks will rarely ask you for your account number, PIN, or password during a phone call, and NEVER for a one-time login code. These are huge red flags, and one of the most imperative things you can do is to not give in to fear tactics during these calls.
Examples:
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“Hi, I’m calling to notify you that your card information was breached. Before we begin, can you please verify your identity with your name, address, and card number?” Scammers will start with shocking information to put you in a state of panic, knowing that your fear response makes you more likely to give out sensitive information quickly in hopes of fixing the situation.
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A text message saying “URGENT! Core Bank needs to verify your information. Please login to your account below to verify your identity. Your account will be closed if you do not complete in 24 hours (insert link).” Banks rarely – if ever – send links via text. Don’t click them! Instead verify the message by visiting your bank’s official website or calling the number on the back of your card. And again, use caution if you are being pressured for information immediately.
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“Hello, your vendor has accidentally overpaid you and requests a refund of the excess amount. Please provide your account details so we can send the excess back to them.” Be skeptical if you receive a notification of overpayment – this is a classic scam tactic. If you are genuinely worried, hang up and call your bank’s number.
Banks Never Ask That! Is a great resource for everyone – check out their website for more great up-to-date resources and tips to prevent scams.
Untraceable Payments – Requests to Be Wary Of
Untraceable payment methods are extremely difficult to track, helping the scammer get away with fraudulent activity. If you are asked over the phone to pay someone using the following methods, it is likely a scam:
Cryptocurrency Scams: Scammers may ask for payment in Bitcoin or privacy coins like Monero. Crypto transactions are unregulated and do not come with legal protections of traditional currencies. Once sent, victims have almost no way to recover their money.
Wire Transfer Scams: Western Union and MoneyGram are favored by scammers because they are nearly instantaneous and difficult to reverse. Once a victim sends money, a scammer can pick it up in cash from any location worldwide. This makes it incredibly difficult for law enforcers to track whichever individual collected the money.
Gift Card Scams: A popular payment method for scammers because they function in the same way as cash – anonymous and cannot be traced to the person using them. Scammers frequently impersonate IRS agents or utility providers demanding payment to clear a debt or fake problem
Digital Payment Apps: Cashapp, Venmo, PayPal, Apple Pay and Google Pay – similar to wire transfers, digital transfers are almost instantaneous and make it easier for the scammer to quickly cash out and disappear.
Learn More – Contact Us!
If you are worried about scam attempts or have questions about how to keep your account safe, contact your banker, our Virtual Center, or your Core Bank point of contact. We are always happy to discuss options for securing your account, or help educate you on best practices to keep your accounts safe.
In addition, you can access free fraud education through the Banks Never Ask That! website, and through our Cybersecurity and Fraud Protection webpage on the Core Bank website.
