One day out of the blue you wake up to an email that looks like it’s from Bank of America, telling you there’s a problem with your account. That innocent-looking email could be the start of a Bank of America scam.
Wells Fargo and Chase Bank experience similar scams, but here we’ll look at Bank of America specifically.
Bank of America scams, ranging from phishing schemes to identity theft, exploit vulnerabilities within the banking system and target unsuspecting individuals who entrust their financial well-being to one of the largest banks in the United States.
In the light of these scams, the bank has implemented various security protocols, including two-factor authentication, enhanced encryption methods, and real-time fraud detection systems.
1) Alerts Asking You For ‘Verification’
A common Bank of America scam employs fake text messages, posing as legitimate alerts and urging you to “verify” your identity.
Fraudsters claim that your Bank of America account is at risk of being hacked or suspended. Various deceptive angles are used, with two common examples being:
- “Due to irregular activities, your Bank of America debit card has been disabled. Please log in and review recent transactions at {URL}. Failure to verify recent activities may result in account closure. Reply stop to opt-out of all BofA alerts.”
- “Alerts: Due to new online updates, your online banking has been temporarily blocked to stop fraudulent use. Please visit at {URL} to opt out of message alerts. Reply stop. Messages & data rates may apply.”
Exercise caution and refrain from trusting links in SMS messages. Log in to your Bank of America account exclusively through the official mobile app or the official BankofAmerica.com website.
Legitimate alerts will be reflected in your account information. Take immediate action by forwarding any suspicious text messages to Bank of America’s fraud department.
You can either email a screenshot of the text to [email protected] or forward the message to 7726, which spells SPAM.
2) Claims Of Account Compromise
Another prevalent BOA scam is a phone scam that involves deceptive calls warning you that your accounts are compromised.
Scammers employ tactics to pressure you into transferring your savings to a supposed “secure” account, which they control. They utilize advanced technology to manipulate their phone number, making it appear as if the call is genuinely coming from Bank of America.
The practice, known as spoofing, can mislead individuals by displaying the bank’s name on their caller ID. To add an extra layer of deceit, scammers may gather personal information about you online, such as your checking account number or the names of your family members.
If someone on the phone requests personal or account information, hang up immediately.
Bank of America employees will never call you asking for sensitive details like your card PIN, account password, credit card numbers, or Social Security Number (SSN). Avoid transferring money to another account based on a phone call, even if the caller claims it’s for security reasons
3) Fake “Check Verification” Scams
In recent times, a concerning rise in scams has targeted individuals through fake “check verification” text messages. Scammers use deceptive tactics, claiming to be from your bank and urging you to “verify” a check supposedly linked to your account.
The scheme starts with a fraudulent text message that prompts you to confirm or “verify” a check allegedly associated with your Bank of America account.
Responding negatively to the message triggers a request to call a provided phone number. Unbeknownst to the victim, this call connects them directly to the scammers.
To add a layer of apparent legitimacy, these fraudsters may include the first or last four digits of your bank account number in the text. This can be misleading, as such information is either available on the Dark Web or easily guessed.
For instance, some accounts from various banks might share common starting digits. It’s crucial to understand that legitimate checks do not require additional verification through text messages.
Bank of America explicitly states that they do not employ text messages to verify outgoing checks. If you receive such a message, it’s essential to forward it to [email protected] and allow the bank’s security measures to address the issue.
Enable Two-Factor Authentication (2FA) on your Bank of America account to enhance security. The fact that scammers possess your phone number and some basic details suggests a need for added protection.
2FA acts as a double layer of security, requiring both a password and a secondary verification method to access your account. On top of that, regularly update your account passwords to further protect your account.
How to Avoid Bank Of America Scams
Protecting yourself from scams, including those impersonating Bank of America, is crucial in the digital age. Here are some general tips to help you identify and protect yourself from Bank of America scams:
Verify communication channels – Bank of America communicates through secure channels, such as the official website, mobile app (Android and Apple), and secure email. Be cautious of unsolicited emails, phone calls, or messages claiming to be from the bank.
Check email authenticity – Verify the sender’s email address. Scammers often use email addresses that look similar to official ones but may contain misspellings or extra characters.
Use official websites and apps – Always access Bank of America’s services through the official website or the official mobile app. Avoid clicking on links in emails or messages, as they may lead to phishing sites.
Monitor your accounts – Regularly review your bank statements and account activity to spot any unauthorized transactions. Report any suspicious activity to Bank of America immediately.
Beware of unsolicited calls – Be cautious if someone calls claiming to be from Bank of America and asks for personal information. Legitimate banks usually do not make unsolicited calls asking for sensitive information.
Secure your personal information – Never share personal or financial information, such as account numbers, PINs, or passwords, with anyone who contacts you unsolicited. Legitimate institutions will not ask for this information over the phone or via email.
Enable two-factor authentication (2FA) – Whenever possible, enable two-factor authentication on your online banking account. This adds an extra layer of security by requiring a second form of verification in addition to your password.
Staying vigilant and informed is paramount when it comes to protecting yourself from Bank of America scams. As technology evolves, so do the tactics of fraudsters, making it crucial to be proactive in safeguarding your data.
By adhering to best practices we’ve shared in this article, you can significantly reduce the risk of falling victim to scams.
On top of that, taking advantage of security features that the Bank of America provides, such as two-factor authentication, protects you further against unauthorized access.
