COMPLEX FRAUD SCAM TARGETING FINANCIAL INSTITUTION CUSTOMERS    scam-alert-logo-01-(3).png
Learn the signs of this complex fraud scheme to help better protect your finances. 

THE SCAM: 

  1. A text is sent to the customer asking them to verify a made-up transaction. 
  2. When customers respond back "No, they did not authorize the transaction," another text is sent telling them someone from the fraud department will be calling. 
  3. The call will look like it comes from the financial institution they bank with. 
  4. the "fraud expert" will read a list of additional made-up transactions, which customers will confirm they did not make.
  5. The the fraudsters will either: 
    1. Tell the customer their online banking has been compromised and send a password reset request with a password they would like them to use. They will also communicate their online banking platform will not be in use for 24-48 hours, using that time to transfer money from the account. 
    2. Ask customer to verify 8 to 10 digits of their debit card number and proceed to make fraudulent transactions using the card. 
If you receive a call regarding possible fraud activity, do not respond directly. Instead, visit cbtc.com or your financial institution website and look up the direct number of the bank or fraud department. Dial this number directly into your phone. 
 
Are you a small business owner? Take steps to protect your business with these great tips from the FTC. 

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Looking for more resources to protect your finances? The American Bankers Association provides great articles and tips to keeping your money secure.