Bank issues urgent Christmas fraud warning as purchase scams peak (2024)

FAQs

Do banks send text messages? ›

Will My Bank Contact Me Via Text? Yes, banks may use text messages to help protect accounts and provide convenient messages to customers. The utilization of text messaging varies from bank to bank, so it's important to understand how yours might reach out to you once you agree to receive texts from them.

Every year, thousands of people become victims of holiday scams. Scammers can rob you of hard-earned money, personal information, and, at the very least, a festive mood. Scams include: Non-delivery scams, where you pay for goods or services you find online, but you never receive your items.

Bank of America often sends messages from SMS short numbers for alerts, but we will never ask you for personal or financial information in a text message. Verify any phone number that appears in a text message.

Security Alerts are automatically sent to help you stay aware of changes and to stop potential fraud. Here's what to know about security alerts: They can be sent to your email, via text or push notification. You'll receive the alert no later than one business day from the time when an event triggers our system.

Low Balance

Be alerted when your bank account balance drops to a predetermined amount that you select, whether it is $10 or $500. This alert will help prevent you from overspending and incurring expensive overdraft fees.

In some cases, your bank may contact you by phone or leave you a voicemail if they suspect fraudulent activity on your accounts. As part of a legitimate conversation with your bank, you may be asked verification questions so the bank can ensure that they are speaking to the right person.

It's not uncommon for your bank to try and contact you. But sometimes those emails and phone calls are just scammers using the trust you have in your bank to con you out of your money.

Robocalls sometimes prompt you to take action, such as “press 1 to speak to a live representative” or “press 2 to unsubscribe” and so on. By following instructions, you confirm to the robocallers that you are a potential victim and invite further robocalls. Try to avoid taking any action.

WHAT IS IT? Holiday fraud is when a criminal impersonates trusted websites or creates fake adverts to trick you into booking a holiday through them, giving them your money or personal information. Most holiday scams take place online.

What is Xmas in cyber security? ›

What is Xmas scan in cybersecurity? Xmas scan is a type of port scan used to identify open ports on a system. It is also known as a Christmas tree scan because it sets several TCP flags high to resemble a lit-up Christmas tree. It is often used by attackers to identify potential vulnerabilities in a system.

'Tis the season for spending and shopping. The holidays might bring joy, but they also bring big credit card bills. Gifts, decorations, entertaining, travel - it all adds up. In fact, about a third of Americans take on debt every year to pay for the holidays.

You can opt in for alerts ¹ about your balance, deposits, transfers, or any unusual activity and more. Plus you'll be notified even when you are not logged in.

Your bank would never ask you to help with an investigation

One of the more common scams is known as the "Bank Investigator Scam" which typically involves the victim receiving a phone call from a fraudster posing as an employee of the fraud department at a bank.

The SMS banking channel also acts as the bank's means of alerting its customers, especially in an emergency situation; e.g. when there is an ATM fraud happening in the region, the bank can push a mass alert (although not subscribed by all customers) or automatically alert on an individual basis when a predefined ' ...

Payment authentification: With SMS, banking clients can quickly verify mobile banking payments and ensure that any security concerns are flagged in advance. Marketing and promotions: Financial institutions may use SMS to send promotional offers and special deals to customers.

If you are getting text messages of someone else's bank account transactions on your number, it is very evident that someone else has given your number to link his bank account. Please remember that no one would want his personal bank details to share with anyone else!

If you did interact with the text message at all, such as clicking a link or replying, be sure to call your bank's phone number for fraud or security issues ASAP. To report the phishing attempt to the FTC, simply forward the message to 7726 (SPAM). You can also report the scam using ReportFraudftc.gov.