Brandon Lee
It is uncommon for banks to call their customers, and when they do, they will never ask for personal information. Scammers often pose as bank representatives and use fear tactics to pressure customers into divulging sensitive details like account numbers, PINs, or online banking logins. They may also manipulate caller IDs to make it look like the bank is calling, a technique called spoofing. To avoid scams, it is recommended to hang up and call the bank directly using a verified phone number or email address. It is also important to secure online connections and devices with trustworthy and regularly updated antivirus software.
| Characteristics | Values |
|---|---|
| Reasons for banks to call | To verify identity, alert about possible fraudulent charges, inform about suspicious activity, confirm unusual transactions |
| What banks will not ask for over the phone | Passwords, PIN, one-time passcode, other personal or banking information |
| What to do if you receive a suspicious call | Hang up, call back on a trusted number, use official means to verify the identity of the caller |
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What You'll Learn
Banks will never ask for personal information over the phone
Fraudsters often use fear tactics to pressure you into handing over sensitive details like your account number, PIN, or online banking login. They may also try to trick you into sharing one-time passcodes sent to your phone or email for two-factor authentication. Banks will never request this information over the phone. If a caller asks for a one-time passcode, assume they are a scammer.
Bank fraud departments will never ask for any information. They will only provide information that they should already know and ask for a yes or no answer. If a caller insists on keeping you on the line while taking financial actions, such as verifying information, resetting your password, or approving a transaction, end the call immediately.
If you think there is a legitimate problem with your account, take a moment to disconnect and use a trusted number or email address to contact your bank and confirm.
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Scammers use spoofing to make their number look legitimate
While banks may call you to verify your identity or to alert you to potential fraud, they will never ask you to disclose your personal information over the phone. Scammers, on the other hand, will try to get you to reveal personal information by pretending to be your bank. This is known as spoofing, and it involves deliberately falsifying the information transmitted to your caller ID display to disguise their identity. Scammers often use neighbour spoofing, which displays a phone number similar to your own, to increase the likelihood that you will answer the call. They may also use digital tech tools to change the display name on the caller ID, making it appear that the call is coming from a legitimate company or financial institution.
Spoofing is a common tactic used by fraudsters to gain personal information, such as account numbers, social security numbers, passwords, or other identifying information. They can quickly and cheaply obtain stolen data from dark web marketplaces or scan the web for poorly secured databases. With this information, they can then impersonate a trusted entity and trick victims into sharing sensitive data or money. According to the Federal Trade Commission (FTC), Americans lost nearly $700 million to phone scams in a single year.
To protect yourself from spoofing scams, it is important to be cautious when answering calls from unknown numbers. Do not assume that a call is legitimate just because the caller ID displays a familiar number or name. If you feel uncomfortable with the call or are being asked for sensitive information, hang up and call the company or bank directly using a verified phone number. You can also enable two-factor authentication and multi-factor authentication (MFA) on your accounts for added security. Additionally, regularly updating your passwords and creating complex and unique logins can help protect your personal information.
There are also tools available to help block and screen potential scam calls. For example, Nomorobo blocks robocalls and screens possible scammers, while Truecaller blocks spam calls and can reveal spoofed numbers. You can also use call blocking tools offered by your phone company or download apps that provide additional protection against spoofing and spam calls. By being vigilant and utilizing these tools, you can significantly reduce your risk of falling victim to spoofing scams.
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Scammers pressure you to act fast to prevent critical thinking
Banks rarely call their customers, and when they do, it is usually to verify an online transfer or to alert you of fraud. However, scammers often pose as bank employees and use pressure tactics to trick people into divulging sensitive information or transferring money. These scammers employ various psychological techniques to exploit human vulnerabilities and bypass rational thought, tapping into emotional responses.
Scammers create a sense of urgency to prevent their targets from assessing the situation logically or seeking advice. They may claim that your bank account is at risk of closure or that an offer is about to expire, prompting you to make rushed decisions. For example, they might say, "You have 24 hours to recover your account" or "Only the first 100 people can claim this offer." They combine these urgency cues with visceral influences, such as fear, excitement, or greed, to further impair judgement.
Scammers may also use authority figures and threaten legal consequences to pressure you into compliance. They exploit our natural tendency to look to others for guidance and lower our skepticism by faking social proof, reviews, testimonials, and social media presence. They might even threaten to arrest, sue, or deport you. Additionally, they may use deepfake technology to impersonate someone you know, such as your manager, making it challenging to verify their identity.
To protect yourself, remember that banks will never request that you move or withdraw money to protect yourself from fraud. They will also never ask you to disclose your passwords or PIN numbers over the phone. If you receive a suspicious call, hang up and contact the bank using a trusted phone number or email address. Do not call the number provided by the potential scammer or use the caller ID. Instead, look up the official contact information for the bank and reach out to them directly.
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Banks may call to verify unusual transactions
Banks will sometimes call to verify unusual transactions, but it is important to be vigilant as scammers may pose as bank employees. If you are unsure whether a call is legitimate, hang up and call the bank directly to verify.
If you receive a call from your bank, the caller should already know the information they are asking you to verify. For example, they may ask you to confirm your name, address, or date of birth. They may also ask simple yes or no questions. Banks will not ask you to disclose passwords or PIN numbers over the phone. If you are asked for this information, it is likely a scam.
Banks may also contact you by text to validate unusual activity. However, they will never ask you to transfer money or share codes to resolve fraud. If you receive a suspicious text, do not respond and contact your bank directly to verify.
It is important to keep your contact information up to date with your bank so that they can reach you reliably if needed. Additionally, consider enabling two-factor authentication and using complex and unique passwords to protect your accounts.
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If in doubt, hang up and call the bank directly
It is important to be vigilant and cautious when receiving an unexpected phone call from someone claiming to be your bank. Scammers have become increasingly sophisticated in their tactics, and they know how to make you panic and act without questioning. They may use spoofing technology to make it look like they are calling from your bank, and they may already have some information about you, so be wary of assuming that a call is legitimate just because they have some of your personal details.
If you are suspicious, the best thing to do is hang up and call your bank directly. Use a trusted number or email address to contact your bank, such as the one on their official website, your bank statement, or the number on the back of your card. Do not call the number that called you, as it could lead you back to the scammers. If there is a real issue with your account, your bank will confirm it through official means.
It is crucial to never give out your personal or banking information over the phone. A legitimate bank will never ask for this information, and if someone insists, it is a clear sign that you are dealing with a scam. They may try to pressure you into handing over sensitive details like your account number, PIN, or online banking login by claiming that your account is in immediate danger. They may also try to trick you into sharing a one-time passcode sent to your phone or email by claiming that they need it to verify your identity. However, banks will never request this information over the phone.
Remember to trust your instincts and take your time when dealing with unexpected phone calls. If something doesn't feel right, it is always better to hang up and verify the caller's identity before providing any personal information.
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Frequently asked questions
If you receive a call from someone claiming to be your bank, the safest thing to do is hang up and call them back on their official number. Do not call them back on the number that called you.
Scammers often use call spoofing technology to make it look like they are calling from your bank. They may also ask you to provide personal information such as your passwords, PIN, or one-time access codes, which banks will never request over the phone. They may also try to create a sense of urgency to prevent you from thinking critically.
Do not provide any personal or banking information. Hang up and report the call to your bank using the official number found on their website or your bank statement.
