Got a call about fraud activity on your bank account? It could be a scammer (2024)

FAQs

Got a call about fraud activity on your bank account? It could be a scammer? ›

Never move or transfer your money to “protect it.” Your money is fine where it is, no matter what they say or how urgently they say it. Someone who says you have to move your money to protect it is a scammer. Period. Never share a verification code.

It's not uncommon for your bank to try and contact you. But sometimes those emails and phone calls are just scammers using the trust you have in your bank to con you out of your money.

Don't engage.

One way to stop yourself from saying more than you should is to just let a phone call from an unknown number go to voicemail. That way, you have more time to assess if it's legitimate. McGovern said that she does not recommend trying to talk with someone you suspect is a scammer.

By answering a spam call and speaking to the scammer, scammers can record your voice and use it for vishing attacks. Vishing is a type of phishing that uses voice calls to trick people into doing something. Often, cybercriminals try to impersonate a familiar voice to a victim to gain their trust.

The easiest way to become a victim of a bank scam is to share your banking info — e.g., account numbers, PIN codes, social security number — with someone you don't know well and trust. If someone asks for sensitive banking details, proceed with caution.

Money Laundering using investment related transactions

buying and selling of a security with no discernible purpose or in circ*mstances which appear unusual.

Scam artists spoof calls to make them appear to be from a local telephone number. Even if a number appears to be local, it is best to avoid calls from numbers with which you are not familiar. Hang up. If you answer a call that seems suspicious, hang up.

You'll be targeted by even more scam calls

As a result, scammers may target you with more calls in an effort to defraud you. Here's how to reduce scam calls: Refuse to engage with unsolicited callers. If you answer, take a guarded approach, or hang up immediately.

Can you get hacked by answering a phone call? It's impossible to get hacked by simply answering a phone call made through your network service provider. But that doesn't mean a phone call can't be exploited to compromise your security via a social engineering attack.

Scammers use auto-dialers and spoofed area codes to trick people into picking up the phone. From there, it's a numbers game. The scammers want to get as much personal information from the call recipient as possible. That can include anything from names and birth dates to credit card numbers.

Can you be tracked if you answer a phone call? ›

In most instances, the last incoming call you received — whether or not it was answered and even if it was forwarded — is traceable.

If you answer the call, your number is considered 'good' by the scammers, even if you don't necessarily fall for the scam. They will try again because they know someone on the other side is a potential victim of fraud. The less you answer, the fewer robocalls you will receive.

If someone contacts you claiming to be from your bank, but you didn't initiate the contact, proceed with extreme caution. Legitimate bank staff typically only contact customers regarding suspicious account activity or to follow up on a previous inquiry. They don't cold call to “confirm” personal information.

The SAR is filed by the financial institution that observes suspicious activity in an account. The report is filed with the Financial Crimes Enforcement Network, or FinCEN, who will then investigate the incident.

Suspicious transactions are any event within a financial institution that could be possibly related to fraud, money laundering, terrorist financing, or other illegal activities. Suspicious transactions are flagged to be investigated, but many suspicious transactions are simply false positives.

Bank accounts are typically frozen for suspected illegal activity, a creditor seeking payment, or by government request. A frozen account may also be a sign that you've been a victim of identity theft. Each situation requires specific actions to unfreeze the account.