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Fraud Watch January 2024: Verify Your Links on ACH Payments

ach scams in 2024

Another year, another scam to report. Just when you want to make a fresh start, you find out there’s a new scam to be aware of. Don’t fret! We’re here with you with the latest scams that came with the new year and ways to prevent getting scammed.

Top 3 Ways to Keep Your Money Safe:

  1. Do not give your login credentials to anyone — including anyone claiming to be from BankSouth.
  2. Don’t share your personal information or account numbers. BankSouth and other financial institutions will never ask for your account number, personal information, or login credentials over the phone or email.
  3. Avoid clicking on any links in any unsolicited emails or text messages. When in doubt, don’t click.

ACH Scams Increasing

Companies receive an email for an invoice from a vendor that they have worked with in the past. Although the customer calls to confirm the amount and that the vendor has been paid in the past, they do not verify the link for the payment. After clicking the link, the customer is sent to an alternate payment hub that was setup by a fraudster who used the fake link to “intercept” the payment. Vendors emails are commonly being hacked and the fraudsters are intercepting the invoice emails from the vendor and changing the bank information that the payment needed to be made to and then deleting the email with the incorrect information to cover their tracks.

How to Avoid This Scam:

  • Contact the company through a trusted phone number — not the number or website link from the email. Any electronic communication will have possibly been compromised by the scammer.
  • ALWAYS verify the link is correct before submitting, even it’s embedded in the invoice.
  • Scrutinize all unsolicited messages, emails, or phone calls that you receive asking for financial information or ask you to click on links that are provided.

What if this Occurs?

You run the risk of losing thousands of dollars, or the amount of the ACH.

Delayed Action Prize Scam

delayed action prize scamIn an updated version of past prize winning scams where you’re asked to pay the taxes and fees before claiming your nonexistent prize, scammers say they will file everything with the IRS for you if you give them your financial information. Once they have your financial information, they either do a “smash and grab” or play a longer game. In the latter, they end up writing small checks from your account or charging small transactions to see if you notice the activity before making bigger moves such as applying for credit cards and loans..

How to Avoid This Scam:

Always go by the principle that if it’s too good to be true, it probably is. If you get a call or other unsolicited message claiming you’ve won a prize, it’s best to ignore it, and never give your personal information out.

Updated Grandparent Scam

updated grandparents scamIt’s now possible for scammers to take a recording of anyone’s voice and then use software to create an imitation (deepfake) to impersonate you or a loved one. The scammer uses the voice to pretend they are a family member or loved one who has been injured, in a legal jam, or other emergency, and needs thousands of dollars to help. Since the voice sounds like your loved one, it is very successful. So be on the lookout.

How to Avoid This Scam:

Verify all calls and texts. Calls and texts can now come in with your contact’s name on them even if the number is spoofed. Pose very specific questions to the caller or texter that only you and the both of you would know. This tactic can stop fraudsters right in their tracks.

Paris Olympics Scam

paris olympics scamsWith the summer Olympics in Paris quickly approaching, so are the scams. Fake ticket websites will be popping up soon (if they haven’t already), and spoofed Paris 2024 emails may end up in your inbox. To verify the validity of the sender, double check the senders address and look for a poorly formatted logo and graphics. During the games you may hear from someone you know claiming they lost their wallet while traveling and need you to send gift cards or send money via Zelle or Venmo.

How to Avoid This Scam:

  • Verify the sender of all Paris 2024 emails and go directly to the official Paris 2024 website for ticket information instead of clicking on email links.
  • Resist any urge to act quickly and find other means to verify anyone’s identity that claims to need money right away.

Stay Protected From Scams

We see fraud attempts almost every day. While we do our best to keep every customer protected, there are ways you can prevent fraud from happening to you.

Stay one step ahead and bookmark our help article on avoiding and reporting scams. We update this article regularly to keep you in the know of the latest scams.

  • Recently reported scams
  • Tips to avoid scams
  • How to report a scam
  • What we WILL and WILL NOT ask for to verify your identity

More tips to avoid fraud can be found here.

Source of scam information:

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