It’s not unusual to get a call from your bank now and then, but if someone claiming to be from Bank of America is calling you and reporting that you’ve been a victim of fraud, then be careful: it might be a scam. Why? Well, in this article we’ll be looking at the most recent version of the Bank of America scam, how to spot it, and how to protect yourself.
Anatomy of the Scam
While there have been many scams tied to Bank of America, we’re looking at the latest incarnation. The Bank of America text scam begins with a phone call. Someone purporting to be from the bank tells the victim that there have been fraudulent transactions involving large sums of money, taken from their account by legitimate companies or stores. These charges are allegedly tied to the victim’s credit card.
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The scammer claims the victim’s card has been canceled, and a new one will be shipped to their address, which may be a legitimate scenario that the scammer obtained through data breaches, data brokers, or other illicit means, adding to the call’s authenticity. They then ask the victim for their “old” credit card details in order to resolve the fraudulent activity, and that failing to do so will lead to the transactions going through. If the victim indicates they want to call the bank directly or visit a branch, the scammer will do their utmost to steer them away from doing so.
Once the card number and CVV are given, the scammer hangs up, having “resolved” the fraudulent activity and gained access to a credit card to abuse.
Warning Signs of the Bank of America Scam
This particular form of bank fraud isn’t unique to Bank of America. Often the scammer can sound quite knowledgeable and authoritative, so you have to rely on other red flags to detect this scam. Here are some big ones:
- Unsolicited calling – More of a pink flag; contact from your bank can happen, but the occasions are rarer. What makes it red is what follows next.
- Asking for card details – Your bank will NEVER ask for your card or CVV details over the phone. The same is true for bank OTPs as well. If an unexpected caller claims to be from the bank and is asking for account information, it’s possibly a scam.
- Time pressure – A staple of all scams. Being pressured to act quickly ensures the victim has no time to think things over and will therefore respond emotionally rather than rationally.
Beware Numbers and Personal Details
Often a victim may be suspicious of the call, but the scammer knowing their home address or Caller ID listing the bank’s official number sets their mind at ease. Don’t believe it. Numbers and personal information can be illegally obtained – from data breaches, for example – and phone numbers can all too easily be spoofed. It’s better to look out for the red flags above, regardless of what the caller knows or appears to know.
Guarding Against This Scam
If you are confronted with a call about fraud on your credit card, out of the blue, here’s what you can do:
- Contact the bank – Don’t be afraid to hang up and contact Bank of America directly. Either visit a branch or call them. Don’t use any numbers provided by the caller. If there is an issue, the bank will be able to verify it independently of the call.
- Check the app – If you’ve downloaded the Bank of America app, check for any alerts concerning fraud there. Don’t believe claims that the transactions “haven’t shown up.” If there’s activity, your app will list it.
- Walk away – Don’t be afraid to put the phone down. It’s hard to do with the pressure of money loss and threat of action, but if the caller is legitimate, they will persist even if you hang up.
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When my sweet old grandmother got caught up in an Amazon gift card scam, I decided then and there that I needed to do whatever I could to inform as many people as possible about the grifters of the world. That’s what I do here – writing about modern scams so you don’t get caught out.
