BBB recently released a report about the latest in online scams featuring an increase in impostor-type scams. Over half of survey respondents stated they honestly believed the individual contacting them was from an institution they had either dealt with before or was one they could trust.
The scenario unfolds with a text message that looks like a fraud alert from the bank regarding unusual activity on an account. The text asks if the account holder made a purchase at a particular merchant and includes a dollar amount. What happens next is up to the account owner.
If a response is sent, the scammer is now engaged and will likely make a call from a number that appears to be from a bank where the account is held.
They’ll act as if they are a representative from the bank offering to help stop the alleged fraud by asking the account holder to send money to themselves with a peer-to-peer app.
Once the one-time code is verbally provided from the app to the scammer, they’ll use it to enroll their own bank account using the account holder’s email or phone number and will have the ability to receive money directly to that account. That’s cash that was intended for you.
BBB offers the following tips on how to avoid this scheme:
• Understand that under no circumstances will a bank call or text to verify information on a transaction.
• When in doubt, check it out. Using an unrelated link, log into the account to make sure there aren’t any suspicious charges showing up. If there are, follow the banking institution’s directions on how to dispute them and get a new card.
• Don’t believe everything. Scammers are great at mimicking official seals, fonts and other details. Just because a website or email looks official does not mean it is.
• Know who money is being sent to or received from. Peer-to-peer apps such as Venmo or Zelle® encourage users to only use the platforms with people they know. When strange text or email messages appear, report them immediately.
In the unlikely event there is a problem with a P2P balance or a scam is suspected, report it to BBB scamtracker with as much detail as possible.
For more information, visit www.bbb.org.
BBB Cincinnati