In the digital age, phone banking scams have become a growing threat to people’s financial security.
Scammers are using increasingly sophisticated tactics to trick users into gaining access to their personal information and bank accounts.
There are common phone banking scams and we will provide practical advice on how to spot and protect yourself.
1. Phone banking scams
Phishing by phone
This scam involves receiving a call in which the scammer is posing as a representative of your banking institution.
The goal is to obtain sensitive information, such as account numbers, passwords, or security codes.
Scammers use persuasive tactics to trick victims into divulging their personal information.
Money Transfer Scams
In this modality, scammers convince victims to make money transfers to fraudulent accounts.
They may pose as relatives in distress or bank employees who require account “verifications”.
These scams can result in the loss of large sums of money.
Prize Scams and Sweepstakes
In this type of scam, scammers call to inform the victim that they have won a prize or sweepstakes.
They then ask for personal information and sometimes even ask for payments or deposits in order to claim the prize.
In reality, there is no prize and the intent is to trick people into obtaining money or personal information.
2. How to spot bank scams over the phone
Don’t trust spam calls
Most bank phone scams start with an unsolicited call.
Be skeptical of any call purporting to be from your bank, and avoid providing sensitive information over the phone unless you are sure of the legitimacy of the call.
Verify the identity of the interlocutor
If you receive a call purporting to be from your bank, ask the caller to provide verification information, such as their full name, employee number, and account details.
Then hang up and call your bank’s official customer service line directly to verify the authenticity of the call.
Do not disclose personal information
Banks will never ask for sensitive information such as account numbers, passwords or security codes over the phone.
If someone asks you for this information, hang up immediately and report the incident to your bank.
Be wary of unexpected rewards
If you are told that you have won a prize or sweepstakes, please remain calm and cautious.
Please independently investigate the authenticity of the contest and avoid providing any personal information or making payments to claim a prize.
stay informed
Be aware of the latest banking scams and the tactics used by scammers.
Banks and financial security organizations often post information about current scams on their websites and social media.
Staying informed will help you recognize and avoid potential scams.
Additional protection measures
Set alerts and notifications
Set up alerts and notifications on your bank account to receive real-time updates on suspicious transactions and activity.
Regularly update your passwords
Change your bank passwords regularly and make sure you use secure combinations of characters, including letters, numbers and symbols.
Avoid using obvious passwords or easily identifiable personal information.
Use two-factor authentication
Turn on two-factor authentication on your bank account, if available.
This will add an extra layer of security by requiring an additional verification code, which will be sent to your mobile phone, when making transactions or accessing your account.
* This note was written with the help of artificial intelligence