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What do fake phone calls have to do with bank fraud?

On Behalf of | Sep 3, 2022 | Fraud

If you receive a call from your bank saying there is an issue with your account, you probably would not question it, especially if the number showing up belongs to your financial institution. Unfortunately, scammers have learned how to fake phone numbers so that they can make it look as if they are calling from your bank.

That means any call you receive may not be the real deal. You could be under attack from a scammer.

How the scam works

Malwarebytes Labs explains that software exists that allows a caller to send a different number of their choice to your phone. That is how they get your bank’s phone number to show up on your caller display. The scammer will then have some information about you that he or she can use to convince you that it is your bank. If you question them, they will usually refer you to the phone number as proof they are legit.

What can happen

If you fall for the scam, the caller will likely ask you for information about your bank accounts. If you provide details, such as your account number, the scammer can then use it to make purchases. If you give them your Social Security number or other security details, they could steal your identity.

Most financial institutions will not call you about problems. Even if they do call you, they will not ask for details about your account or personal information over the phone. Typically, if there is a real issue, you will need to handle it in person.