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Scammers are always finding new ways to trick people, and three common schemes to be aware of are bank impersonator calls, fake investment opportunities, and utility scams. These tactics can cost you time, money, and your peace of mind. Keep reading to learn how to spot the signs and protect yourself from becoming a victim.
Bank impersonation calls and texts are an increasingly reported scam, especially this time of year as people are reviewing their finances from holiday spending. Here’s how they work.
According to a data spotlight from the FTC, it ranks bank impersonation texts as the most common form of text message scams.
Whether by phone or text, scammers impersonate banks, including BankSouth, often claiming there’s suspicious activity on your account and that they need to verify transactions. They use fear and urgency to pressure you into sharing personal information, like account numbers, login credentials, security codes, and sometimes even your phone passcode. Once they have this information, they can do some real financial damage.
This type of scam preys on trust and quick decision-making. It’s effective because scammers spoof the bank’s phone number to make the call seem legitimate.
What BankSouth WON’T Ask For:
Your PIN
CVV on the back of your debit card
Online banking credentials
Security code to login
To transfer moneyWhat BankSouth WILL Ask For:
Last four digits of your SSN
Your address
Your birthday
The BBB has received over 4,000 reports of investment scams since 2020. Investment schemes, whether they’re old or new, are designed to trick people into giving away money under the guise of a profitable investment opportunity. Scammers typically offer high returns with little or no risk — that’s a big red flag.
These scams can take form in many different ways. They can be offered as fake stocks, cryptocurrency, Ponzi schemes, or “too good to be true” scams.
In most cases, the scammers use tactics that make you feel pressured to make decisions quick. The worst part, once the money is sent, it’s often very difficult to recover, and can target anyone.
We don’t have to tell you, with two snow storms this month, that temperatures have been low. So that means scammers are turning up the heat on their deceptive tactics. Victims lose $500 on average to utility scams.
If you get a call from the “utility company” with a threat to turn off your service, hang up. The goal of the scammers is to create a sense of panic, making it difficult to logically think and verify their claim, so you’ll send them the “payment”.
To avoid this scam, contact your provider using a trusted communication channel — odds are you’re up to date.
Source of this month’s scam information:
https://www.aarp.org/money/scams-fraud/info-2019/utility.html
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