An Enncrave compilation

Protecting against scams is a team effort. We’re here to help with tips and information about new scams

Toll ScamsWhats trending

Scammers are sending out emails and/or texts acting as toll companies and advising of an unpaid toll. The messages often include a link taking the recipient to a screen where they’re asked to enter their card information which the scammer may use to provision the card with a mobile wallet provider.

Red Flag: You’re being pressured to click on a link and provide information which the scammer may use to steal your money.

Social media-based investment scams

Be aware of “buy this stock – get rich quick” schemes via social media. Scammers may send you a link containing malware that allows them to get enough information so they can access your account or open a new one in your name. The scammer may place multiple trades in an investment account to “pump” up the price of a thinly traded stock. Then, they “dump” shares of the stock by selling their own shares at the inflated price before selling the stock at a loss in the ID theft/ATO account.

Red Flag: If someone on social media unexpectedly contacts you about a “get rich quick” scheme that sounds too good to be true, it probably is.

Real Estate and Vehicle Scams

Scammers may misrepresent a large purchase such as property, lease or a vehicle to trick you into sending them money. They’ll often copy the descriptions of online listings and replace the agent’s contact information with their own.

Red Flag: You’re asked to pay in less common ways such as wire transfers, gift cards for a property or vehicle rental or purchase. Research the listing; look at the URL and domain name to make sure that you’re not on a fake site.

Pause. Verify. Help prevent scams.

  1. Pause. Don’t let anyone rush you into a decision, especially if it involves money or sharing personal information or codes. Take time to evaluate any requests especially if asked to pay in less common ways.
  2. Verify. Confirm who the person really is. Does the story or request make sense? Contact the supposed family member, organization or bank using a phone number you trust, such as a number from a statement or the back of your card. You can’t always trust numbers found online.
  3. Help prevent scams. Know what to look for. Keep up with scammers’ latest tactics and talk to friends and family about scams so they can help protect themselves.

Know how to spot an imposter

Imposters may pose as a trusted figure. They claim there’s an issue and urge you to act quickly to resolve it.

What to watch out for:

  1. Initial Contact: Scammers may reach out through various methods (social media, text, email, phone call, computer pop-up) and may claim:
    • There’s fraud on your account, and you need to move or withdraw your money
    • They’re an online romantic interest who needs money to resolve a crisis
    • It’s the IRS and you have an unexpected overdue tax payment or are owed taxes
    • There was a failed package delivery attempt
    • Your computer has an issue that they can help fix
    • A job application needs personal details, like Social Security number, account number or PIN
    • There’s an unexpected monthly fee for financial aid or tuition reimbursement
    • A company you do business with is providing a refund for overpayment
  2. Deceptive instructions: If they tell you to do any of the following, pause and ask yourself, “Does what they’re asking make sense?”
    • Withdraw cash and deposit it into your “new” account (which they provide the number for) via ATM, or in a digital currency ATM, like Bitcoin
    • Move money to your digital wallet and then move it to your “new” account number to resolve fraud
    • Click a link or download an attachment to provide your payment information
    • Share your personal identification number (PIN) or security code
    • Ignore warning messages as you follow their instructions
    • Say the bank is “in on” the fraud
    • Provide remote access to a device or download an app
    • Type a code into your device beginning with special characters (such as *72 or **21)
  3. The scammer wins: If you follow their instructions
    • You’ll have moved your money into the scammer’s account (not your “new” account) where it’s unlikely to be recovered
    • The scammer can use your personal and financial information to steal your money
    • They may install malware on your devices to steal information
    • Your incoming calls and texts may forward to the scammer if you typed *72 or **21 plus a number into your phone
    • They may demand money to restore access to your accounts or devices or to stop them from releasing your personal information
  4. Bank of America will never ask you to move or withdraw money or pay anyone, including yourself.
  5. Never ignore scam warnings, even if you’re told to do so.
  6. Verify any requests for money through legitimate sources.
  7. Don’t open unfamiliar links for payment or personal information.
  8. Be cautious about granting device access or downloading unfamiliar apps to fix issues. Run a full system virus and spyware scan and power off your device.

Check out layer more examples of scams and tips to help you be more secure

Know the red flags that signal a scam

Scammers are constantly reinventing new ways to trick people. While their stories may change, their tactics remain the same. Being aware of these red flags should make you pause, verify, and help stay protected:

Read how to stay safe from Cybercrime layerYou’re contacted out the blue

  • Contacted unexpectedly by phone, email, text, direct message or pop-up with a request for personal information or money. Bank of America will never text, email, call, or visit you at your home asking for personal or account information. Remember, never click a link or download an attachment from someone you don’t know.

You’re pressured to act immediately

  • Pressured to act immediately with an alarming phone call, email or text that plays with your emotions. Scammers may pose as an employee from a familiar organization, such as Bank of America and say there’s a problem that needs immediate attention. Do not act unless you have verified the person who has contacted you and the story or request is legitimate.

You’re asked to pay in unusual way

  • Asked to pay in an unusual way, like gift cards, bitcoin, prepaid debit cards or digital currency, including Zelle® to resolve fraud. Bank of America will never ask you to transfer money to anyone, including yourself and will never ask you to transfer money because we detected fraud on your account.

You’re asked to provide personal or account information

  • Asked to provide personal or account information, such as an account verification code, bank account number or PIN. When in doubt, don’t give it out. Bank of America will never text, email or call you asking for an account authorization code.

It seems too good to be true

  • Offered a free product or ‘get rich quick’ opportunity that seems too good to be true? If something sounds too good to be true, it probably is. Never cash a check for someone you don’t know.

If you authorize a transfer or send money to a scammer, there’s often little we can do to help get your money back.

Read our tip sheet on talking to friends and family about fraud, scams and cyber security.

Parents, Caregivers and Older Adults

Learn how scammers may target those you love.

Parents

  • Review a quick infographic with your kids to teach them about how they can help avoid being scammed
  • Read how you can help protect young adults in your life from scams

Caregivers and Older Adults

Check out the resources below that can help protect you and the loved ones from Fraud and Scams

Additional Resources

 Best practices when using QR codes or clicking on links