October brings spooky fun, like haunted houses and ghosts, but there’s something even scarier you should pay attention to: financial scams. October is also Cybersecurity Month—a time designated to remind us all to stay alert when it comes to our online activity, including banking.
At TFNB, we’re dedicated to protecting our customers from cybercrime, identity theft, and fraud. We invest in a wide range of products and services to provide a secure banking environment, but combating fraud is a shared responsibility. That is why we have joined the American Bankers Association through the #BanksNeverAskThat campaign to give you the tools to spot scammers and stop them in their tracks.
We’re breaking down common red flags to look out for and steps you can take to safeguard your information all year round.
The Statistics
If your “bank” called out of the blue and asked for your account number and pin, you’d probably just hang up, right? Because it’s a scam! While that might seem like a simple scenario to stop a scammer in their tracks, cybercrime is still on the rise and scammers are finding new ways to trick you into providing confidential information.
Every day, thousands of people fall victim to fraudulent communication from scammers posing as their bank. In fact, the Federal Trade Commission’s report on fraud estimates that American consumers lost a staggering $5.8 billion to phishing scams and other fraud in 2021—an increase of more than 70 percent over 2020.
What Do Banks Never Ask?
There are a series of questions a bank representative might ask you when you reach out to them directly. Let’s repeat that again. When you reach out to them directly. You may be asked to verify confidential information if you call your bank, but rarely the other way around.
Banks communicate with their customers in a few ways, however, it’s highly unusual for them to send an email or text message or call you asking you for account information, to call or to click on a link to avoid any account issues.
Here are some examples of questions you could receive from fraudsters through a phone call, text, or email that your bank would never ask.
- Text Message: A text message from someone claiming to be your bank asking you to sign in, or offer up your personal information.
- Email: Emails that pressures you to click a suspicious link or provide personal information.
- Phone Call: A call asking you to verify your account number or other sensitive information.
- Payment Apps: A text message or phone call from someone posing as a representative or someone you know claiming that something is wrong with your account or that you owe them money.
If you receive any form of communication from your “bank” asking for any of the information above, it’s a definite red flag that a scammer is trying to trick you. When in doubt, delete the email, or text message, and hang up the phone. Instead, contact your financial institution directly and talk to a real employee to verify the information.
How Can You Prevent a Scam?
Scammers are working full-time to steal your money and your information. Luckily, there are some steps you can take to stay one step ahead of them.
- Set up multi-factor authentication on your bank and email login.
- Use random or complex passwords.
- Call your bank directly, or log in to your account, to verify messages or emails received.
- Keep your browser up-to-date with the latest defenses, like virus protection and malware alerts.
More Resources to Protect Yourself
At TFNB, we’re committed to giving our customers the tools they need to protect themselves against scams. For more information regarding cybersecurity, online banking scams, and how to stop fraudsters in their tracks, visit our knowledge center. Then, check out our easy-to-digest, interactive Identity Protection Module for actionable tips on how to spot signs of fraud and keep your identity safe.
If you have any questions or would like to know more about our banking solutions, contact us at 254-840-2836
