Recently, the banking industry has “sounded the alarm” for account-holders on the significant increase in sophisticated banking fraud. We pass along this information for the benefit of those who regularly utilize online banking for their business accounts.
Fraudulent communications targeting the banking industry continue to intensify and evolve, as technology evolves. These scams often involve phone calls, emails, or text messages from individuals impersonating your bank employee(s). Their goal is to trick you into sharing sensitive information or authorizing transactions outside of your normal course of business.
As it pertains to online transactions, your bank should never send you a link requesting your online banking credentials. If you receive such an email, delete it immediately and inform your bank.
As it pertains to verbal communications, criminals may use spoofed phone numbers to make it appear as though calls are coming from your bank. Do not rely on caller ID to verify the accuracy of a banking call. If you receive a suspicious communication, or an unsolicited phone call from your bank requesting any banking information, it is recommended that you do the following:
- Hang up immediately.
- Do not share any codes, passwords, or account details via phone, text, or email.
- Contact your banking manager directly using a trusted phone number you already have on file. Do not utilize a new phone number transmitted in an email correspondence as that phone number may be spoofed.
As with wire fraud, there are usually signs of online banking fraud that can be detected. Unsolicited phone calls, or emails seeking your banking information. Unsolicited electronic communications seeking a change in account status. Some sort of change in the status quo is usually a tip-off that someone is trying to fraudulently access your account. If you remain vigilant, and take extra precautions, your business can avoid falling victim to these increasingly sophisticated scams.
