Online scams continue to permeate into our daily lives. It may be an email with an invoice you don’t remember with a callback number to get a “refund,” or a random caller asking for your Online Banking login information to confirm a transaction. No matter the scenario, it always ends the same way: Your personal information is leaked, while the scammers steal from your bank accounts.
The first step of avoiding a scam is understanding the signs and avoiding them altogether. If you find yourself hearing one of these five phrases, it’s time to pause and evaluate if you are being targeted by a scammer.
“I Need You to Connect to the Secure Server…”
When a caller asks you to connect to their “secure server,” it’s usually anything but safe. Instead, the scammer on the other end often wants to watch while you type in everything from your personal information to your Online Banking username and password. With access, they can use your information to commit fraud or even drain your bank accounts with no warning.
If you get a call from a financial institution asking you to connect to their computer, don’t do it. Hang up and do not engage further with the caller. If you did connect to their “secure server” in the past, disconnect from the Internet until you or a trusted computer repair service can remove any software they installed.
“I Will Send You a Secure Code…”
As part of multi-factor authentication, Online Banking and other applications may send you a code by text message or through an authentication app to verify your identity. If a scammer or bad actor were to get your login credentials, they could attempt to login to your accounts as you, while impersonating a trusted agent to get the code to access all your personal information.
Your financial institution will never call to request a secure code from your text messages or authentication app. If someone asks for one, hang up on them immediately and change your Online Banking app password to a long passphrase. The best passphrases are multiple words, incorporate upper- and lower-case numbers along with numbers, and is memorable only to you.
“You Need to Move Money to a Secure Account…”
A common scam involves telling potential victims that their financial accounts have been hacked, giving someone else access to all your money. Another version claims you are in legal trouble and need to move an amount to cover a fine to a government-backed secure account. In either situation, the money is anything but secure – the scammer steals it, leaving you without your money.
While your financial institution may call you if they see irregular spending, they won’t call to tell you to move your money. Government agencies will also never demand a money transfer to satisfy a fine or other attack. If you believe your accounts have been compromised, the best course of action is to call your financial institution directly or make an appointment at the nearest branch to go over all the options available.
“You Will Need to Buy Gift Cards…”
Often seen in overpayment scams, a scammer might demand some sort of payment using a “Secured Card.” That secured card is usually a gift card available at your local retailer or grocery store. However, that overpayment is always fake. Instead, you end up paying real funds out of your account, and the scammers sell the gift cards for cash.
Government agencies, financial institutions, or computer repair companies will never accept a gift card for returning excessive refunds, services rendered, or even fines. Don’t use your money to buy a gift card to satisfy a debt. Unless you plan on spending it directly with that retailer, those gift cards will only result in a big loss to your cash holdings.
“You Must Withdraw Cash…”
In certain situations, instead of buying gift cards or transferring money, scammers will demand their targets withdraw cash and send it to them, hand it off to a courier, or take it to a crypto ATM to transfer Bitcoin or other cryptocurrencies. Receiving cash or cryptocurrency is sometimes preferred because it’s harder to trace, giving scammers an easier getaway with your money.
If you are offered a refund and “accidentally” get paid too much, or receive a check for too much money, you will never need to pay a company back with cash. Never offer to send cash or cryptocurrency as any kind of settlement to a scammer. If you have questions or need to identify a scam, turn to your financial service provider for additional help.
Although it seems like there are more scams out there, staying on guard and identifying the most common signs can help you stay safe. Through being vigilant, you can avoid these problems and keep your assets in your account – where they belong.