Scammers are constantly trying new tactics to get your money. One that has become more common is calling or texting using the bank’s name and number on the caller ID. This tactic, called spoofing, makes it falsely appear that the bank is trying to reach you. If by phone, the scammer introduces themselves as a member of the bank’s fraud or technology department and goes to work trying to trick you into providing sensitive information they need to compromise your account. If the scammer reaches you by text, they may advise you to access a link to verify your customer credentials. If you access the link and take action, the scammer has the information needed to compromise your account. Be Fraud Smart! Hang up the phone or delete these types of texts.
How does this happen?
Example 1
A scammer calls you stating there is fraud on your account and they need to verify some things to protect you. They sound convincing and start providing detailed information about your business or personal life. Once your guard is down, they take two critical steps needed to access your accounts. 1. They gather enough personal information to figure out your online banking username. 2. After they have your username, they use the forgot password function to send a code to your phone, claiming it was sent by them to verify your identity. After you read the code back, the scammer logs into your account, transfers money out of your account, and finishes by resetting your password so can’t log back in.
Example 2
You receive a text that lists your bank name as the sender. It includes a link that asks you to click to verify your client credentials. You click the link and complete the information, which is used to access your accounts. They take it a step further to access your mobile phone carrier (AT&T, Verizon, etc.) credentials. Finally, they use all of the information they’ve stolen to hack into your mobile carrier service and forward your calls to them, leaving you extremely vulnerable as the scammer takes all your money.
What can I do to protect myself?
The first line of defense is to always be suspicious, even of realistic looking or sounding calls, texts or emails. If you receive a call or text that appears to be from your bank, states there is a problem with your account and asks for personal information or codes, HANG UP and DON’T CLICK! We encourage you to call our publicly listed phone number directly. The Customer Care Team can then help to verify any potential fraud and assist you with next steps to assure your account is secure.
As my bank, will you ever call or text about fraudulent activity on my account?
German American Bank has sophisticated fraud prevention tools in place to safeguard your finances like data encryption, secure technology, and validation checks. One of these safeguards is card monitoring. If unusual purchases are made using your account, you will receive a call or text to verify that you made those purchases. These calls and texts ask for a simple YES or NO response. They do not offer a link for you to access and complete information. If you experience fraud on your account, call us directly.
See below for some scammer red flags!
Spot the Scammer
What bank impersonators say. | What impersonators really mean. | Will German American say this? |
“The only way to protect your money is to provide the code I just texted you.” | “I’m going to use the code I texted to hack into your account and steal your money.” | NO! |
“You have to trust me because I am from the bank and if you don’t you’ll lose all your money!” | “I’m trying to create urgency to manipulate you into trusting me so I can steal your money.” | NO! |
“Click the link I just texted to provide client credential verification so we can protect you.” | “Once you click the link, I will hack into your phone to gain access to additional confidential information.” | NO! |
“Allow remote access to your computer and we can quickly fix the issue for you” | “Give me a free ticket to steal all of the information on your computer.” | NO! |
What if I think I already gave my information to a scammer?
Call our Customer Care Team immediately to report any suspected fraud. They are prepared to help you take the next steps to protect your account and prevent further fraudulent activity. They may connect you with our fraud specialists to learn more.
Be Fraud Smart! Protect your personal information, protect your money and share fraud smart tips with your family and friends!
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