Protect Yourself from Impersonation Scams

How These Scams Work

Here’s a typical scenario:

1. Fake Caller ID: Scammers spoof your bank's caller ID to make it look like a legitimate call.
2. Fraud Department Impersonation: The scammer claims to be from your bank’s fraud department, asking if you made a specific transaction.
3. Passcode Request: After you say "no," the scammer offers to "help" and asks for a one-time passcode that has been sent to your phone.
4. Transaction Approval Trick: The scammer initiates a transaction and instructs you to reply “YES” to a confirmation text, falsely assuring you it’s just a test.

By following these steps, the scammer successfully completes the transaction – and the funds are often unrecoverable.

How to Stay Safe

Protect yourself by remembering these key points:

• Never share your one-time passcode with anyone.
• Banks will never call and ask for your account details, passwords, or passcodes over the phone.
• Banks won’t call to verify transactions. Legitimate banks let you initiate contact using official channels.
• If you’re unsure about a call, hang up immediately and contact your bank using the number on their official website or your bank statement.

What to Do If You Suspect a Scam

If you’re ever unsure:

1. Disengage Immediately: End the call without providing any information.
2. Verify the Source: Use the official phone number from your bank's website to verify the legitimacy of the call.
3. Monitor Your Account: Regularly check your account for unauthorized transactions and report any suspicious activity promptly.

Staying vigilant and informed is your best defense against scams. Always trust your instincts – if something feels off, it probably is.