It’s not just bogus calls and emails

January 6, 2025

By Kim Komando

Imagine getting a call from what looks like your bank’s number, warning you about suspicious activity on your account. The caller knows just enough to make you trust them. It’s all a lie, and you’re screwed if you don’t realize that soon enough.

Kay in Virginia didn’t, and the 80-year-old lost her life savings — tens of thousands of dollars drained from her Wells Fargo account from one phone call. Another woman just lost $56,000 to the same kind of scheme.

Cybercriminals are pros at making their tricks feel real, and their methods are constantly evolving. It’s not just calls. Here’s a breakdown of common scams they’re using right now and how to stay protected.

Fake banking apps

Scammers create counterfeit versions of popular banking apps, complete with realistic logos and interfaces. They send you the link, and you download it, thinking it’s the official version. Once you log in, they steal your credentials. 

✅ Stay safe: Always download apps directly from your bank’s official website or the app store. If there’s a suspiciously low number of downloads or reviews, move on.

Phony bank emails with verified logos

AI tools make it a breeze to create convincing emails with verified sender logos and signatures. These emails may even mimic your bank’s official communications. One such email fooled a woman in Cleveland out of $23,000 in just a few hours.

✅ Stay safe: If you’re ever unsure about an email, don’t click anything in it. Log in directly through your bank’s website, or call the number on the back of your card.

One-time passcode theft

This scam is especially sneaky. You receive a legitimate one-time passcode sent to your phone and are tricked into sharing it. Once you do, scammers can drain your account.

✅ Stay safe: Your bank will never ask for these codes. If you receive one you didn’t request, it could mean someone is trying to hack your account. Contact your bank immediately.

Social media ‘banking representatives’

Fraudsters posing as bank reps on social media platforms lure victims with fake customer service help. This often comes after posting a public complaint.

✅ Stay safe: Never share account details over social media or direct messages. Banks handle issues through official channels only.

QR code scams

Just because a QR code is in your bank’s parking lot or near their signage doesn’t mean it’s legitimate. Scanning random codes is just as dangerous as clicking an unverified link. A woman went viral on TikTok after she scanned a QR code from a phony brand manager’s badge at Walmart.

✅ Stay safe: Avoid scanning codes unless you’re absolutely sure they’re legitimate. When in doubt, access the bank’s website or app directly.

Scammers thrive on fear and urgency

They count on you to react quickly, especially when they create a sense of urgency. The best way to protect yourself? Slow down, think things through and take proactive steps like these to secure your finances:

• Review your transaction history every few days: The sooner you catch fraudulent activity, the better your chances of resolving it.
• Set up alerts: In your banking app, turn on alerts for transactions over a certain amount or made in a foreign country. Also, enable notifications about suspicious activity, like attempted logins from a new browser.
• Set limits: Some banks let you set transaction limits on withdrawals or purchases, too. Poke around in your bank’s app to check your settings.

✅ You’re here reading this warning. Go, you! Now, share these tips using the icons below with family and friends. Awareness is the best defense. Remember, a bank is a place that’ll lend you money only if you can prove you don’t need it.

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