Be vigilant with financial account security, even when advanced security features are enabled. According to Federal Trade Commission (FTC), “Consumers reported losing nearly $8.8 billion to fraud in 2022, an increase of more than 30 percent over the previous year.” One scam that uses social engineering can bypass advanced security measures, like security text codes, and wipe out your account.
A lady in California was “contacted by her bank” regarding fraudulent charges. The caller asked to verify her ID by reciting security codes that were sent to her phone. It turns out that it was not the bank calling her, but scammers. When she recited back the security codes, she gave them the authorization codes to deplete her bank account of $160,000.
Another recent scam resulted in thousands of dollars lost when a customer contacted a company for support but dialed the wrong number. Luckily, they were eventually able to get their money back.
Keep your accounts safe:
- Do not provide security or personally identifiable information to anyone who calls you.
- Familiarize yourself with your bank’s security protocols.
- Never click on a link in a text message. Instead, navigate directly to the official website.
- Ensure you have the correct number, then call your bank directly.