Police are warning the public about a new scam in which criminals pose as representatives from major US banks to trick victims into handing over their money.
Scammers are sending text messages that appear to come from institutions like Bank of America, PNC Bank, and Wells Fargo, claiming there’s an issue with the recipient’s account.
The message instructs the victim to either call a specific number or wait for an incoming call from someone posing as a bank representative.
When the call happens, the scammer appears to have access to the victim’s personal banking information, including recent transaction history, making the interaction seem legitimate.
Once trust is established, the fraudster instructs the victim to ‘secure’ their funds by withdrawing cash and either depositing it into a traditional or cryptocurrency ATM, or by purchasing gift cards.
The scammer then steals the deposited funds or gift card information.
In just one week, several victims in Maryland lost a combined $95,000 to the scheme.
Authorities in Washington and Pennsylvania have also received reports of similar fraudulent texts.
Police are urging the public not to respond to these messages or call any number provided.
Police are warning the public about a new scam in which criminals pose as representatives from major US banks to trick victims into handing over their money
Scammers are sending text messages that appear to come from institutions like Bank of America, PNC Bank, and Wells Fargo
Instead, victims should call their bank directly using the number listed on the back of your debit card, or go to the bank in person to verify that your account is safe and report the suspicious text.
One of the scam text messages received by victims in Maryland said: ‘Wells Fargo Alerts: We’ve received a request to transfer $730 via Zelle. Was this you?’
Users were then promoted to reply with ‘Yes,’ ‘No’ or ‘Stop’ to opt out of text alerts.
One victim replied no and was told their account was locked and a representative will call them shortly.
Other messages include some from Bank of America that warn users there is an issue with their account that needs to be addressed immediately.
Stephanie Zufall, of Hanover, Pennsylvania, told local 8WGAL that she was scammed out of thousands of dollars.
‘I received a text message from my bank – or I thought was my bank – Wells Fargo fraud center, asking me to verify a transaction from Apple Pay,’ she said.
The transaction was for $1,300, and Zufall replied ‘No’ to the message.
Within minutes, she got a call from someone claiming to be with the Wells Fargo fraud department who knew her purchase history.
The text messages claim there’s an issue with the recipient’s account
The message instructs the victim to either call a specific number or wait for an incoming call from someone posing as a bank representative
Zufall was told to withdraw all her money from Wells Fargo and transfer it to ‘a secured account was going to be set up for use.’
After transferring the funds, the man on the phone hung up and her money disappeared. She lost a total of $3,000.
Wells Fargo told Zufall that because she withdrew and transferred the money on her own, there was nothing it could do.
Another recent example of this scare tactic is E-Z Pass smishing texts.
The term ‘smishing’ is a combination of SMS (Short Message Service) and ‘phishing,’ and these messages aim to steal your passwords, credit card information or other sensitive details.
Over the last several weeks, people have reported text messages that appear to come from E-Z Pass or some other toll company saying: ‘Final Reminder: You owe an outstanding toll. Pay by March 31 to avoid additional fees or legal action.’
While it may look legitimate, this message was sent by a scammer trying to get their hands on your money.
But there are ways to identify a smishing scam before it’s too late.
First, it’s important to know that a bank will never ask you to move or withdraw money or pay anyone, including yourself.
If you get a text asking you to do so, this is a scam, even if it looks like it legitimately came from your bank.
Smishing texts often include links to click or phone numbers to call. Never click or call unless you have confirmed through a legitimate source that the text actually came from your bank.
And if the text asks you to send personal information such as your pin number, login credentials or social security number, this is a major red flag.
Do not send the information and report the incident immediately.
Knowing the telltale signs of a smishing scam is more important today than ever, as these schemes are on the rise in the US.
This article was originally published by a www.dailymail.co.uk . Read the Original article here. .