How to Know if Your Bank is Contacting You or an Online Scammer

This guide will show you how to know whether it’s your bank that is contacting you or a scammer. Many people are looking for how to know if someone is scamming you online. A scam can be on Facebook, Instagram, Chatrooms, Online dating sites, goods delivery, banking etc.

Therefore, the aim of this topic is to help you check if something is not right. And if you don’t feel right, it’s definitely a scam. Why would I say that? It’s simply because we currently live in really desperate times. People are trying to gain your trust online so that they can steal from you. But how do you tell if you’re talking to a scammer online?

Let’s talk about how to Spot the scam signs immediately. The digital age has made many people to prefer to do business at their fingertips, and from the comforts of their couch other than walk into a banking hall. Never a time has banking or shopping been more convenient. Secondly, banking has made us more vulnerable to the threat from ravaging fraudsters trying to steal our personal information and money.

You might have been on the receiving end of an email, text message or call from someone who supposedly is a representative from your bank. They will contact you, asking for information to right a wrong with your account. It is very likely it was not a bank representative, but rather a scheme or scam. It can be a type of fraud designed to get you to divulge your personal details.

This educative article is made to help you know whether a scammer is trying to access your confidential information. Invariably, Read on for tips, including those from the American Banking Association, which runs its #BanksNeverAskThat campaign to help keep consumers safe.

What does a Scammer Wants?

The end goal of a phishing scheme is to ascertain enough of your personal or banking information to gain access your accounts. Synchrony Bank says these identity thieves especially want the following personal information:

  1. Social Security numbers, which can be used to claim your tax refund or open a line of credit in your name
  2. Contact information that third parties can use to confirm your identity
  3. Your driver’s license number and date of birth, which often are needed for new accounts
  4. Your security passwords, including your mother’s maiden name
  5. Usernames, passwords and personal identification numbers
  6. Other account numbers that could lead a scammer to access credit cards and investment accounts

Warning Signs of a Scam

The American Banking Association (ABA) says there are visible signs that an email, text message or even telephone call you receive could be the work of a scammer. Carefully watch out for these red flags. Then, Spot the scam signs with these four reasons below;

High-Pressure Messaging

Scammers want you to act almost immediately. Their communication language with you will include high-pressure language, scare tactics or even “warnings” that something will happen with your account and money if you refuse to take urgent action as they ask you to.

Asking for Personal Information

Do not be in a haste to reveal your personal details to anyone. Incidentally, before taking any action, think back on the communication you have had when calling bank representatives. They might ask you to confirm your name, address, last four digits of your Social Security number or to provide details of a recent transaction you have made.

They usually will not ask you for passwords, your account PIN or a log-in code you have received by text. Scammers desire and greatly covet that information, though, so make sure you do not give it up. In fact, before sharing any information, it will be safe and wise to hang up or get off your device and contact your bank directly through a trusted phone number or drop into your local branch immediately.

Diverting You From Legitimate Bank Contacts

If by phone, email or text you are asked to visit a website other than the bank’s official site or call a number that is not on the back of your debit card, do not do it. However, do well to contact your bank through a number you have in your files or that you find on the bank’s official website.

Spotting Unprofessional Communications

If you receive an email that includes typographical errors or incorrect grammar, or contains links that look suspicious or is written incorrectly or unprofessionally, it is most likely the work of a scammer. Do not reply or hit the links, just ignore it and delete it immediately.

How to Prevent a Scam

Preventing a scam starts by taking steps to secure your online account. It basically takes just a few minutes. Also, banking and finance experts recommends the following quick and easy steps:

  1. First is to set your account to require multi-factor authentication on your bank log-in. With multi-factor authentication, you’ll need to enter more than your password to access your account. It typically involves your bank sending you a text message or an email with a one-time password to verify your identity.
  2. Secondly, making use of a random or complex password for your online account.
  3. Thirdly, installing the latest virus and malware protection on your device.
  4. Lastly, calling your bank directly or signing into your account, to confirm a message or email you received. Don’t reply to an email directly. Be wise.

The best bet is to Prevent Yourself from Falling into Charity Scam & Fraud This Holiday Season. You have to be careful as well as being at alert.

The Bottom Line

However, if you have any reason to question whether your bank truly is trying to contact you, listen attentively to your instincts. Do not respond to an email or a text message, open links in your mail. Do not give out any personal information on the telephone no matter how “urgent” you are told the issue is to be resolved. Instead, contact your local bank directly. Lastly, the bank’s representative will tell you whether or not you have any reasons for concerns with your account, and you will know you can trust the source of the information. Checkout How to know if it’s Your Bank Contacting You — or an Online Scammer, read and find out how to spot a scam.

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