Could That Call Really Be From Your Bank

When someone calls saying there's a problem with your bank account, it's natural to pay attention.

Maybe they mention a pending ACH transfer. Maybe they say a check won't clear your account. They may even tell you there's suspicious activity and that they need to verify some information before they can protect your money.

The call may look legitimate. The caller may know your name, your bank and even some details about your account.

And the phone number on your caller ID may appear to be your bank's actual number.

But that doesn't mean the person on the other end of the phone is who they say they are.

Scammers can impersonate financial institutions and spoof phone numbers to make unexpected calls appear to come from a legitimate bank. These scams can target anyone - including individuals, families and businesses.

The most important thing to remember is simple: If an unexpected communication involves your money, account or personal information, stop and verify it through a trusted channel before taking action.

A Scam Can Look Very Real

Scammers know that people are more likely to respond when a message involves their money.

They may create a sense of urgency by telling you:

• A suspicious ACH transfer is pending.
• A check may not clear your account.
• Your account has been compromised.
• A transaction needs to be reversed.
• Your money needs to be moved to a "safe" or "secure" account.
• You need to verify your identity immediately.

The goal is often to get you to act before you have time to think.

And today's scams aren't necessarily filled with obvious red flags. A scammer may know your name, address, phone number, email address, financial institution or even the last four digits of an account or card. That information could have come from a data breach, compromised account, social media, public records or a previous scam.

The fact that someone knows information about you does not prove they work for your bank.

It Can Happen to Consumers and Businesses

Bank impersonation scams aren't just a personal banking concern.

For consumers, a scammer may claim there's an unauthorized payment or suspicious activity on a checking or savings account.

For businesses, the stakes can involve payroll, vendor payments, ACH transactions, checks or other significant transfers. A caller who sounds like a bank employee may try to convince a business owner or employee that an urgent transaction needs to be stopped, verified or reversed.

The details may change, but the tactic is similar: create a believable problem, add urgency and convince you to take action.

That's why the same basic rule applies whether you're managing your household finances or your business accounts: don't let an unexpected caller rush you into a financial decision.

Don't Trust Caller ID Alone

One of the most convincing parts of these scams is the phone number.

A scammer can make a call appear to come from your financial institution's actual telephone number. The bank's name may even appear on your screen.

But caller ID can be spoofed.

If you receive an unexpected call about your account, don't use the number displayed on your phone to decide whether the call is legitimate. Instead, end the call and contact your bank yourself using a phone number or other contact method you already trust.

Don't Give Out a Verification Code

A scammer may tell you that they need a code that was just sent to your phone or email to verify your identity or stop fraudulent activity.

Don't provide it.

One-time verification codes can be used to authenticate a login, reset a password or approve another protected account action. If you didn't initiate the request, don't give the code to someone else.

The same goes for your online banking username, password or PIN. A legitimate bank caller will never ask for these credentials to protect your account.

Never Move Money Because Someone Tells You To

One particularly important warning sign is a request to move your money.

A scammer may claim your account has been compromised and tell you to transfer your money to a "safe account," "secure account" or temporary holding account.

You may be told the transfer is necessary to protect your funds.

Don't do it.

If there really is a problem with your account, independently contact your financial institution and follow instructions obtained through a verified channel.

And be cautious if someone tells you to send another payment to "reverse" a fraudulent transaction. That new transaction could actually send your money directly to the scammer.

What Should You Do If You Get a Suspicious Call?

You don't have to figure out whether the caller is legitimate while you're still on the phone.

In fact, you shouldn't.

Instead:

1. Stop.
   Don't let a caller's urgency pressure you into making a decision.
2. End the communication.
   If the call, text or email was unexpected, don't continue the conversation just because the person says it's important.
3. Contact your bank yourself.
   Use the phone number on the back of your debit or credit card, a trusted account statement, the bank's official mobile app or a website address you already know. Don't use a number or link provided in the suspicious communication.
4. Ask whether there is actually a problem.
   Your bank can help you determine whether the transaction, alert or request is legitimate.
5. Only act after you've verified what's happening.
   A legitimate concern with your account can wait long enough for you to confirm it.

What If You've Already Responded?

If you provided information, approved a transaction or sent money before realizing something wasn't right, don't be embarrassed and don't wait to see what happens.

Act quickly.

Contact your bank and explain exactly what happened and what information you provided. If a payment or transfer was involved, ask whether it can be stopped, recalled or otherwise recovered. Recovery isn't guaranteed, but acting quickly can be important.

You should also:

• Change affected passwords using a trusted device.
• Review your accounts for unfamiliar transactions or changes.
• Enable multifactor authentication when available.
• Contact any payment provider involved.
• Save emails, text messages, phone numbers, screenshots and transaction information.
• Report suspected fraud to the Federal Trade Commission at ReportFraud.ftc.gov.
• Consider reporting significant internet-enabled fraud to the FBI's Internet Crime Complaint Center at IC3.gov.

When in Doubt, Verify

Scammers don't always sound suspicious.

They may have your name. They may know where you bank. They may reference a real transaction. Their message may look professional. And their phone number may appear to belong to your financial institution.

That's what makes these scams so convincing.

You don't need to determine whether a communication is real on the spot.

Stop. Hang up. Open your bank's official app or use a phone number you already trust. Then verify what's happening.

Whether you're protecting your personal finances or managing your business accounts, taking a few extra minutes to verify can help keep a convincing scam from becoming a costly one.

When it comes to your money, it's always okay to pause and make sure you're talking to the right person.