Get Smart About Scams – Compromised Bank Account Scam

Intro – What is the scam?

What would you do if, in a moment, you received a phone call from someone insisting your bank account was hacked, and your money was at risk? A sense of urgency is often used to make people panic. It’s a hallmark trait of a new scam we are beginning to see more called the “compromised bank account” scam. The scam goes like this: you receive a phone call from someone claiming to be from a legitimate organization like the FTC or a financial institution. The caller says your bank account has been hacked, and only they can help you solve the situation or else you will lose your hard-earned money. They will ask you to move your money to a “safe account” elsewhere. In actuality, it’s their own bank account.

Red flags to look out for.

Some common red flags to help you identify this type of scam are:

1. The caller creates urgency, saying that your account and money are in imminent danger.
2. They may insist that you don’t speak to anyone else about the situation because of legal implications.
3. If you try to hang up, they may become threatening or desperate.
4. A caller pretending to be your financial may ask you for information your financial already has or does not need. This includes Online Banking credentials, account numbers, card information or PINs.
5. A caller pretending to be an FTC agent claims that your financial institution is in on the fraud and that you shouldn’t trust them.
6. They may ask you to move your money in unusual ways, such as to an outside account or cryptocurrency platform.
7. Common questions that we receive regarding this scam

Most financials will reach out to you if they find suspected fraud in your account. So, how can you tell the difference between a legitimate call about fraud from a scam call?

• While most financials will reach out to you if they detect suspected fraud in your account, Educators will never call you to ask for information such as your login credentials, account numbers, card information or PIN.
• Educators staff members will never rush you into any decisions. If you ever suspect that you may be speaking with a scammer, Educators staff will encourage you to call your financial directly at the phone number on their website.
• Finally, Educators staff will never ask you to move your money into an account with a different financial or “government account.”
• Remember: slow down the process if you can. A compromised financial account is a very serious situation that needs to be resolved in a timely manner. However, no reputable organization is going to demand you move large sums of money or create new accounts right away.

Outro

At Educators Credit Union, we’re committed to ensuring the safety of our members’ accounts. If you suspect you may have fallen victim to fraud, we are here to assist our members every step of the way. Please give us a call at 262.886.5900. Take care and stay safe. Insured by NCUA. Membership eligibility required.