Greg's Corner

Victim loses $25K to disturbing bank scam

By Greg Collier

A woman from Waco, Texas, recently lost $25,000 to scammers who were posing as her bank’s fraud department. The victim was asked by the caller if she had made a $25,000 advance from her account. The victim replied she hadn’t and was given instructions on how to move the $25,000 to keep the money from being lost. What the victim actually did was move the money from her account into the account of the scammer. Some may ask, why would anybody allow their money to be taken like that? When you see how the scammers convinced the victim to do so, you may then think that anyone could have fallen for this scam.

The scammers convinced the victim that they were calling from the bank by reciting the victim’s transaction history to her. According to the victim, she didn’t give the scammers any personal information. The scammers were said to have already been in possession of the victim’s account number. We wondered how the scammers were able to obtain the victim’s account number and transaction history like that. According to security experts, scammers can spoof the victim’s phone number when calling the victim’s bank. This allows the scammers to get the victim’s account number and partial transaction history without needing any additional authentication. When a scammer is armed with that kind of information, it wouldn’t be difficult to get almost anyone to fall for that scam.

The best way to protect yourself from such a scam is to end the call, and then calling your bank’s customer service number on the back of your debit card. Even if the caller ID said the call was coming from your bank, don’t take it at face value. Scammers often spoof the bank’s phone number to make the call seem more convincing. Also keep in mind that if there had been fraudulent activity on your bank account, your bank can usually correct the matter on their end. They typically don’t have you close an account and open a new one to protect you from fraud. That is fraud in itself.