A call from "your bank’s security team"

Cartoon

Meet Greg, Kate’s neighbor. He is 52, an engineer, and pretty good with gadgets. It’s evening, and Greg is watching the game.

The phone rings. The screen shows the bank’s name and even its real number. Crooks can fake the number you see.

The crook: Good evening, this is your bank’s security team. Someone is trying to take $480 from your card right now. Is that you? No? Then we need to protect your money right away.

Greg: Of course it’s not me! What do I do?

The crook: I’ve sent you a code to cancel the charge. Read it out to me. And the rest of your money should go to a protected bank account — I’ll give you the number.

Dana: Dad, hang up! A bank never asks for codes and never moves money to "protected accounts". There’s no such thing.

Dana: The code from a text is your signature on a payment. Whoever knows it controls your money. And the scare is there so you don’t have time to think.

Greg: I called the bank myself at the number on the back of my card. Nobody took anything from my card!

Hanging up is not rude. A real bank won’t mind, and the crook is left with nothing.

Exercise: who is calling?

Greg got six calls and messages. For each one, decide: is it dangerous or not?

• Call: "bank security team": «Your money is at risk. Move it to a protected bank account, and we will return it tomorrow.» — Dangerous. There are no "protected accounts". It’s the crook’s account. Hang up and call your bank yourself.
• Call: "the police": «We are catching criminals inside your bank. Help the investigation: take out cash and hand it to our officer.» — Dangerous. The police never ask you to take out cash and hand it over. It’s the same trick in a different mask.
• Harvest Bank app: «A $249 payment at TechMart was declined because it looked suspicious. If it was you, try the payment again.» — Safe. The bank stopped the payment itself and asks for nothing. If in doubt, call the number on your card.
• Call: "bank agent": «Tell me the code from the text message so we can cancel the suspicious transfer.» — Dangerous. A code doesn’t cancel anything, it approves. Say the code, and you give your money away yourself.
• Greg makes the call himself: «Could you tell me your date of birth, please, so I can make sure I’m speaking with the cardholder?» — Safe. You called the number on your card yourself, so it’s the bank. Your date of birth is fine to give, codes from text messages never.
• Call: "loan department": «Someone is taking out a loan in your name! To block it, take out a matching loan yourself and send the money to us.» — Dangerous. There is no such thing as a "matching loan" to block another one. After a call like this, people are left with a real debt.

What to remember

• The number on your screen can be faked. Even if it says "Bank", it may be a crook.
• A bank never asks for codes from text messages, passwords or card details over the phone.
• There are no "protected", "safe" or "backup" accounts. Never move money there.
• In doubt? Hang up and call back yourself at the number on the back of your card.

Questions

Your phone screen says "Harvest Bank" and shows its number. Does that mean the bank is calling?

• Yes, the number is right
• No, the number can be faked. Better hang up and call back yourself
• Yes, if the voice is polite

Crooks can show someone else’s number. Check by calling back yourself.

A "bank employee" asks you for the code from a text message. What do you do?

• Hang up: a bank never asks for codes
• Tell it, since the bank sent the code
• Tell only the first two digits

The code from a text is your signature on a payment. You never tell it to anyone.

Someone offers to move your money to a "protected bank account". This is…

• A normal bank service
• A good idea if the amount is large
• A scam: there are no such accounts, and the money goes to the crook

The bank protects your money itself, right in your own account. You don’t need to move it anywhere.

What’s the easiest way to check whether the bank really called?

• Call back the number that called you
• Call the number on the back of your card yourself, or look in your bank app
• Ask the caller for their name and job title

The number on your card surely goes to your bank. A crook can make up any name and job title.