Beware of new bank fraud scams skyrocketing across the US... here's how to protect your money
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Your phone rings. It's a representative from your bank, and they're that warning your account has been compromised. You're smart, so you immediately suspect it's a scam. But the person on the other end of the line reads off your Social Security number and account info.
Only your bank could know that, right? Some 300,000 people in the US 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.
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. The folks are experts at exploiting fear, urgency and trust. When someone says your account is at risk, your brain shifts into panic mode, making it harder to think critically.
Bank scams are skyrocketing in the US. 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. These fraudsters are skilled at creating scenarios that seem believable, like referencing recent transactions or sharing bits of accurate personal information.
