Submitted by Christopher S. Nudo on
Protecting Yourself from Fraudulent Calls
Bank robocall scams are on the rise — and they’re getting harder to spot. Scammers are impersonating fraud departments, investigators, security teams, and even bank wire representatives in order to trick unsuspecting customers into revealing sensitive information. Once they have access, it only takes moments to compromise your account.
According to the Federal Trade Commission (FTC), consumers reported losing more than $12.5 billion to fraud in 2024, a staggering 25% increase from the previous year. The most alarming trend is that more people are losing money: in 2023, only 27% of fraud reports involved a loss; by 2024, that number jumped to 38%.
Among all scams, imposter scams ranked second, with $2.95 billion in losses. Bank transfers and cryptocurrency accounted for more reported losses than all other payment methods combined — making vigilance more important than ever.
How to Spot a Bank Robocall Scam
Scammers often use the same tactics to trick their victims. Here’s what to watch for:
- Spoofed Caller ID: The call may appear to come from your bank, but phone numbers can easily be faked.
- Claims of Fraud: The caller might allege suspicious activity, unauthorized access, or a fake “pending charge.”
- Urgency: Scammers create panic, hoping you’ll act fast without verifying.
- Requests for Credentials: No legitimate bank will ever ask for your password, security answers, or login details.
- Takeover Attempts: Once they have your information, scammers may lock you out and drain your accounts.
What to Do if You Receive a Suspicious Call
Hang Up Immediately. Don’t engage or provide any information.
- Call Your Bank Directly. Use the phone number on your bank’s website or debit card — not the number that called you.*
- *Monitor Your Accounts Daily. Especially after suspicious calls or texts.
- Update Your Passwords. Reset your online banking credentials and enable two-factor authentication where possible.
Remember
Banks and financial institutions will never ask for your password over the phone. If you call them, representatives may ask security questions to verify your identity — but only to ensure they are speaking with you and not an imposter.
Stay alert, share these reminders with friends and family, and help stop scammers before they succeed.
