The FBI’s Internet Crime Complaint Center recently issued a warning about a rise in payment scams. Victims appear to get a text message from a bank’s fraud alert department. The text asks if the customer initiated an instant money transfer using digital payment apps connected to a bank.
For example, a text may say- Bank Fraud Alert- Did you attempt an instant payment in the amount of $5,000? Reply, Yes or No, or 1 to stop alerts.
The payment amount and financial institution may vary from victim to victim. You may even receive different texts claiming to be from different banks because the crooks are hoping to guess your financial institution.
If the victim responds, they receive a phone call that appears to be from the bank’s legitimate 1-800 support number. The criminals may know a past address, your social security number, and the last four digits of your bank account. This information is used to convince you that the steps being requested are the financial institution’s legitimate process to stop that money transfer.
Once the fraudsters have you on the hook, here is how they steal your money. Using the bank’s legitimate website or application, the crook will instruct victims to remove your…
