Ring Ring: Beware of Telephone Fraud

Today we see a lot of text message fraud, email fraud, and other digital forms of phishing for personal information. It is important that we don’t forget about the old standard, telephone fraud.

With many digital safeguards in place and information on how to prevent digital fraud, criminals are reverting back to the tried-and-true method of calling and asking for your information by claiming to be a representative from your financial institution. Here are some tips to help keep you vigilant against fraudsters.

• Spoofed phone numbers. Fraudsters will use digital tech tools to copy phone numbers to trick or spoof caller ID into displaying a known and trusted phone number. This is illegal but happens often.
• Gain your trust. The fraudster will impersonate someone at your financial institution and will use urgency to gain your trust by stating there has been fraudulent activity on your account and you must act quickly.
• Personal information. Your financial institution would not ask for your username or your password for online and mobile banking. A new scam we have seen will ask for your username. The fraudster will then enter your username on their computer and select Forgot Password. They will then ask for the code you receive either by text or by email. DO NOT COMPLY.
• The Scam. Once they have access to your account, the fraudster will then change your login information and setup transfers from your accounts to theirs as seemingly legitimate transactions.