Those trying to separate you from your money did not take a break for the holiday season. One young single mother in Panguitch had her bank account nearly drained by scammers using unusual tactics.
It seems that most criminals are trying to make a big hit and then disappear. In this case the culprit took a longer term approach. Although there is no way of telling who the thief was or how they got her bank account information, they very effectively depleted her account a little at a time. By taking $60.00 one day and $40.00 the next, they were able to steal a lot of money without raising an alarm that the bank would have investigated immediately had they withdrawn hundreds or thousands at a time. This type of criminal is almost impossible to catch and all she could do was close the account before what little bit that was left was gone.
The Rise of Scam and Fraud
Zions Bank just sent out an email to their customers encouraging them to help fight fraud. They have a short online tutorial on how to keep your identity safe. In this tutorial they give you knowledge and explain what you can do to stop phishing attempts. Most of them are trying to get your login or credit card information.
According to the American Bankers Association, phishing attempts have increased 500% since the beginning of the COVID-19 pandemic. Every day thousands of people fall for fraudulent phone calls, texts, or email messages from criminals pretending to be the bank.
What Banks Will Never Do
In order to safeguard personal information, it is important to know that banks will never call you and ask you for sensitive information over the phone. Scammers will ask you for your account number, your debit or credit card number, your CVV, your PIN, or your banking password. Do not give out this information over the phone if someone contacts you. Tell them you will have to call them back, then call your local bank to talk to someone you trust.
Another thing that banks will not ask you to do is to enter your personal information on a linked website. This is a large red flag and should be an alert to you that you are not talking to your bank. It is especially dangerous if they pressure you by telling you that your account could be closed. If the communication seems suspicious, hang up. Do not respond to a text that asks for personal information.
Scammers may call and tell you your account has been hacked and ask you to set up a new account, but the bank will not do this. The new account they set up for you is their account, and if you transfer your money to this account it is then theirs. Bank employees will never ask you to do this, especially under pressure. If you feel pressured at all, hang up immediately.
Banks will never ask you to download your information to a banking app with a provided link. Remember that if your bank creates a new app, it will be available through app stores that vet programs protection for malware.
Catching Scammers in the Act
If you have given out any personal information, call your bank and they will help you set up new login information immediately. Banks want to protect you and your finances. An alert will be sent out to all bureaus.
Protect yourself and your finances.
Zions Bank has a fantastic group of workers whose only job is to detect fraud. This writer can vouch for their great work as they saved us when our credit card number was stolen and reproduced. They were fast and efficient. Our card was canceled quickly and their insurance covered the cost of things already bought with the card.
St. George News reported that they met a scammer going by the name of “Alexander,” who called their offices pretending to be from Rocky Mountain Power. He indicated that their power would be shut off in 30 minutes for delinquent payment.
As St. George News had reported similar scams in the past, of course they recognized what was happening and did not fall for the fake call.
According to the News, Rocky Mountain power does not and has never issued 30-minute shut off notices over the phone.
Don’t be scammed by a caller from any company. Be wise and check out any request for money before paying. Never give out personal information, especially credit card information when someone calls you requesting it.
– The Byway
Feature image caption: A senior woman giving credit card details on the phone. Courtesy Getty Images.