When in doubt, just hang up!

Doing this could save you a big headache down the road!

But what if it is legit? If you have that thought and concern, look up the proper phone number and contact them yourself!

The best way to fight back, is to be cautious and protect yourself.

This practice can be applied to many phone scams today, but a classic scam appears to be making a comeback: getting a phone call from your bank!

The scam goes something like this: You get a phone call (or text) from your bank or credit union claiming that they have detected fraud or criminal activity on your account.

They offer to protect your assets (money, investments, retirement savings) by moving them.

Lady on the phone will bills while a Scam artist on a cell phone

The scammers are getting crafty, which can be hard to tell and even scary.

Offering verification codes, already knowing information about you (that is most likely public record), or even having a caller ID from a financial establishment.

When in doubt, just hang up!

What To Do If You Think You’re Interacting With A Scammer?

Never move or transfer your money in the hopes of “protecting it.”
Never share passwords, verification codes, or any extra information.

Look up the number for your bank, credit union, advisor and actually reach out and contact them. The phone number for them is usually on your statement.

Don’t call back the number on your caller ID or any phone number the scammer gives you.


It’s Okay, The Bank Will Protect Me! Right?

That is not always the case. If the fault is found to be the bank’s error, then yes, they will. If you lose your money by your own choice (by getting scammed), the bank will most likely not even lift a finger to help make things right.

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What Should I Do If I Screwed Up?

Contact your bank or credit union and see how they can help (e.g., freezing an account, stopping payments, etc.).

Contact local authorities, and if you haven’t already, look into identity theft protection.

Make a report to the Federal Trade Commission (FTC) at ReportFraud.tfc.gov.

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