I’ve warned you about this: SIM-swapping scams are brutal. Ask Justin Chan from Carlsbad, California. Someone took control of his phone number and then his bank account. They stole $38,000 he’d saved to help his mom. Bank of America denied his fraud claim. Safety step: Call your cell provider and request a PIN on your account right now.
Bank fraud is rising – How to protect yourself
The scams don’t stop — and here’s another one you need to know about. Your phone rings. It’s a rep from your bank, and they’re warning your account has been compromised. You’re smart, so you immediately suspect it’s a scam.
Then, the guy on the other end reads off your Social Security number and account info. Only your bank could know that, right?
Some 300,000 people in the U.S. thought the same last year. People lost their life savings; one Virginia woman had a whopping $700,000 wired out of her Wells Fargo account, and another in Los Angeles lost $100,000 in minutes.
📈 Why banking scams are rising
Bank scams used to be a niche operation. Now, anyone can buy the tools to con you for a few bucks on the Dark Web. There are even guides to make a phone number look like it’s from your bank, including phony customer service reps to answer all your questions.
Pro scammers rely on social engineering, too. That’s the fancy name for mind games to gain your trust. They love jumping on video calls because seeing a face makes you more trusting. They’ll keep chatting with you so you miss the security alerts warning you to stop.
The big banks lost interest
Last year, the banks reimbursed scam victims at pitiful rates. JPMorgan Chase reimbursed 2% of transactions disputed as scams, while Wells Fargo reimbursed 4% of scam claims. Bank of America, meanwhile, reimbursed 24% of its scam dispute transactions.
Federal law requires banks to reimburse you only under certain circumstances, like if someone steals your phone and accesses your account. But if you’re the one to sign a wire form or agree to an online transfer and you find out it’s a scam, you’re screwed.
💰 Keep your money safe
- Slow down: If a caller claims to be from your bank or asks for your account details, hang up. Call the bank yourself. Do not Google your bank’s number; find it on their official website or the back of your card.
- Beware of transfer scams: Never send money via wire transfer, crypto or gift cards in response to unsolicited calls or emails. Your bank or the government will never ask you to transfer funds to a “safe” account.
- Don’t follow links: If you’re told to visit a website, download an app or click a link, it’s a phishing site or malware installation.
- Use a virtual phone number: I bet your real one has been leaked in a couple of data breaches this year. Use a virtual number tied to your finances scammers don’t know.
- Set up alerts: In your banking app, you can turn on alerts for transactions over a certain amount or made in a foreign country, as well as notifications about suspicious activity like attempted logins from a new browser. I have all this set up. Some banks let you set transaction limits on withdrawals or purchases, too.
🫡 This is serious stuff. I don’t want to be a Debbie Downer, but if I can save one person from losing their life savings, I’m doing my job. Share this important intel using the icons below with someone you know who needs this warning. You can make a difference.
Check your phone! Your bank is the target
I’ve got some urgent news you need to pay attention to. The nefarious Xenomorph Android malware I told you about in February is back in full force — and it’s targeting a whopping 100+ banking and crypto apps. Yeah, that’s just about all the major ones.
Bank apps — How they know you are YOU
Strong, unique passwords are the least you can do to protect online accounts. Here’s a primer to get you started. While two-factor authentication (2FA) is becoming a common security step for apps and services, some industries have yet to adopt it.
Watch out for this malware that can hijack your email threads
New malware presents a headache for security researchers, as teams often rush to find ways to block them. This would involve reverse-engineering the malware to figure out how it works, its capabilities and dangers to the public.
🚨 PSA: Slow down: A 65-year-old woman in Maine lost $23,000 to a scammer posing as Bank of America. The thief tricked her by saying they needed her to share her screen to stop an unauthorized transaction, then they had her complete a wire transfer to “protect” her money. If you get one of these “act now” calls, don’t bite. Hang up and call your bank.
This doesn’t make cents: Jeff Drobman got a slew of urgent-sounding Bank of America text messages. The Los Angeles man tried to call the bank but had no signal. He’d been SIM swapped, and hackers stole $21,000 from his BofA account. PSA: Choose facial recognition over 2FA in your banking app, and contact your carrier immediately if your signal suddenly drops.
New rankings: Top 25 companies to work for in the US
The pandemic has changed the way we work. While people have been going back to the office, some jobs have become permanently remote. Offices have moved into smaller spaces and most meetings are still taking place virtually.
Beware of this convincing banking scam coming after your password
There’s no doubt in anybody’s mind that phishing scams are on the rise. But as more people become aware of the tactics these scammers are using, the scams themselves become more complicated and harder to detect.
For a perfect example, look no further than the sheer volume of COVID-19 and stimulus scams circulating the web right now. These topical subjects make great bait for victims, and unless you’re paying close attention, it’s easy to get tricked into signing away your personal data. Tap or click here to see how to avoid COVID-19 phishing scams.
Bank of America data breach - was your info exposed?
Of all the institutions that could be hit by a data breach, a bank is undoubtedly one of the worst. Not only are they finance hubs for millions of account-holders, but they also contain sensitive data like loan applications, Social Security numbers and taxpayer information.