Financial Institution Impersonation Scams

Scammers are hard at work. Leveraging technology, they target unsuspecting consumers with one goal: to steal your money and private account information, including PINs, passwords, and one-time access codes.

In a financial institution impersonation scam, fraudsters pose as representatives from a bank, credit union, or government agency to trick victims into giving them access to their accounts.

How does it work?
Scammers use a technique called spoofing to make their phone number or text message appear legitimate on your caller ID.

The scam starts when the caller or a text message claims there are suspicious charges on your account and asks you to confirm them. When you deny the charges, they pretend to help but insist on "verifying your identity" first. To gain your trust, they may reference personal information they’ve obtained, like parts of your debit card or Social Security number.

They’ll ask for your private account information and might even send you a link to a fake website that looks like your bank or credit union. In reality, the site is designed to steal your username and password.

Once they have your private account information, the scammer logs into the financial institution’s website or app and attempts to activate a new device on your account. To complete the setup, they ask you to share the verification code sent to your phone or email. By giving them the code, you unknowingly grant the scammer access to your account on their device, giving them full control.

How to Protect Yourself

Don’t Trust Caller ID: Scammers can easily spoof phone numbers to make it look like they’re calling from a legitimate company. Don’t rely on what you see on your screen.
Keep Account Information Private: Legitimate financial institutions will never ask for your online banking credentials, card information, or verification codes. If someone asks for this information, hang up immediately.
Never Send Money: You’ll never need to send money to fix a fraudulent issue or “protect” your funds. Requests like this are a major red flag.
Ignore Unrequested Codes: If you receive a one-time access code you didn’t request, don’t share it with anyone. These codes are for your use only and should remain private.
Don’t Click Links or Download Apps: Avoid clicking on links or downloading apps sent to you in unsolicited texts or emails. Scammers often use fake links or apps to steal your information. Always navigate directly to the official website or app store when accessing your financial institution.
When in Doubt, Hang Up: If something feels off, trust your instincts—hang up the call or ignore the text. To verify any claims, contact your financial institution directly using a trusted phone number from their official website or statement. Scammers can spoof incoming calls but cannot redirect outgoing ones, making this the safest way to check.

By staying cautious and following these steps, you can protect yourself against these sophisticated impersonation scams.

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Impersonation Scams

Financial Institution Impersonation Scams

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Impersonation Scams

Financial Institution Impersonation Scams

Only The Best For Your Children

O Bee Mobile

Only The Best
For Your Children