Why You Should Never Accept Incoming Phone Calls From Your Bank

If you are a person alive today, chances are that you have a bank account. We use banks to manage our money so that we don’t have to worry about storing cash, so our money is safely insured, and so we can get the amazing rewards that come with some of the fancier credit cards. Working with a bank is necessary for enjoying the wonders of direct deposit and any of those mobile payments like Apple Pay. The benefits of banking in general are numerous, but they also come with a specific kind of risk. Most people know what it is like to be hit with fraud. For a lot of us, it is a matter of simply calling the bank and asking for the charges to be reversed. However, today’s genius fraudsters are now relying on your expectation of being stolen from to convince you to let them steal more. Though there are plenty of reasons why you might get a call from your bank, we are here to tell you why you should always hang up immediately.

A new phone scam that is taking place around the globe is people impersonating banks. While the impersonation of a bank is not necessarily new to the phone scam world, the evolution of the process and story behind it is. Rather than merely calling pretending to be a bank to harass you, new age scammers are calling to inform you that you have been hit with fraud. They will ask you to confirm a bunch of information for “security” purposes to ensure that it really is you that they are speaking with, and then they will inform you that you have been hit with attempted fraud and that the charges have been reversed and your account is now secure. These individuals have generally obtained old credit card information or know the last few digits of your bank account, which is what makes their declarations so compelling. They will ask you if you have been hit with a charge that you of course did not make, and then they will likely continue to ask you for information under the guise of handling the problem. This is a frighteningly effective phone scam because it impersonates a person you should trust, collects your information, and confirms existing information regarding the account. More importantly, people generally don’t call their bank about the supposed fraud because they believe that it has already been handled. This means the individuals have all of your information and you have freely confirmed more details for them, which makes them well equipped to target you for identity theft.

In the event that you ever receive a call from a bank or credit card company, the safest route will always be to hang up and call back on a number provided on their website. This ensures that you are able to confirm that you are speaking with someone legitimate, and also means that you will have the legal protection of a recorded line. Fraudsters are counting on you believing them because they have your information, but in this day and age it is always best to assume that even the bad guys have it and act accordingly. No matter how legitimate they sound, you can never confirm who is on the other line of a call. People who have fallen for this scam have been surprised to eventually learn that there was no fraud on the account and they had freely given their information out to a stranger.

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