Banks are increasingly requiring you to set up accounts so that they can text you a verification code when you access your funds. Imagine a situation where a criminal has your bank or credit card login credentials and wants to commit theft.
A growing tactic these fraudsters use is to call you, posing as bank representatives, warning you about an issue with your account. The impersonator may inform you that they’re sending a “one-time passcode” via email or text, requesting you to read it aloud for “verification.”
In reality, their login attempt prompts your bank to dispatch this passcode. Giving it to them grants these scammers complete access to your finances.
To safeguard yourself: NEVER PROVIDE YOUR PASSCODE TO ANYONE WHO INITIATES A CALL WITH YOU!
If you receive a text, email, or fraud alert, either personally visit your bank or access their website, directly dialing their fraud department.
DO NOT CLICK ON LINKS IN EMAILS OR TEXTS. ALWAYS APPROACH THE BANK DIRECTLY.
Use the contact number found on the back of your bank card. Even if they employ the bank’s logo, remain skeptical.
If you ever find yourself susceptible to such scams, reach out to an elder law attorney like Martha Patterson. She can assist you with legal strategies tailored to shield you from these vulnerabilities. Such planning could entail a trusted child assuming control, with an obligation to report to other family members.
Don’t procrastinate until you’re defrauded of your entire savings; criminals are frequently eluding capture, and victims rarely recuperate their lost funds.
