Convincing bank text scam could cost you thousands
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One of a scammer’s favorite methods to get your money is impersonation. They pretend to be a company or organization you trust and hope you fall for it. They can be pretty convincing.
A new text message scam involves crooks impersonating your bank and employing scare tactics to get you to send them money. Here’s what to watch out for.
Here’s the backstory
The Better Business Bureau has been getting reports of a new texting scam. Victims receive messages like “Bank Fraud Alert – Did you approve a transaction for $1,000? Reply YES or NO.” That’s enough to scare anyone.
Next, you’ll get a call from your bank. At least, that’s what the caller ID indicates. The person on the other end says they work for the bank and are here to help. If you want to stop the fraudulent charges, just send some money to yourself using a payment app.
The helpful caller will even assist in connecting your payment app of choice to your bank account if you haven’t already done so. They’ll ask you to verify the connection by giving them the authentication code you receive from your bank.
It seems simple enough. But the entire thing is an elaborate scheme. Here’s why:
- Replying to that first message lets the sender know you’re taking the bait. It tells them they have reached an active number.
- The “bank representative” is a scammer.
- When you give them your code, they can set up an account with your contact information and tie it to their bank account.
- When you send money to yourself, you’re actually sending money to the scammer’s account.
- Good luck disputing the charges — many payment apps make you assume the risk. Plus, you approved the transaction.
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Wells Fargo fraud
One victim reported their experience to BBB Scam Tracker. They received two texts from the Wells Fargo fraud department asking about a Zelle transfer. The victim replied “No” and got this text: “Thank you, no further action is needed, a representative will call you from 800-869-3556.”
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