SCAM ALERT: How to Avoid Banking And Other Trending Scams; Know The Red Flags

From the good folks at Bank of America:

Be Aware Of A Trending Zelle® Payment Scam

Beware of scammers impersonating banks and fraud departments. By spoofing legitimate phone numbers to call or text you, the requests can be very convincing. While Bank of America may send you a text to validate unusual activity, we will never contact you to request that you send money using Zelle® to anyone, including yourself or to share a code to resolve fraud.

Here's What Happens:

• You receive a text that looks like a Bank of America suspicious activity alert.
  
  
• If you respond to the text, you've engaged the scammer and will receive a call from a number that appears to be from a bank.
  
  
• The “representative” or scammer will offer to help stop the alleged fraud by asking you to send money to yourself with Zelle®.
  
  
• Then, they ask you for a one time code you just received from a bank. If you give them that code, they will use it to enroll their bank account with Zelle® using your email or phone number.
  
  
• The scammer now has the ability to receive your money in their account.

Being vigilant is your first line of defense; here's how to help stay protected:

• Don't be pressured to act immediately — this is what scammers want you to do.
  
  
• Don't trust caller ID — it's not always who it says it is.
  
  
• Don't share codes based on a call you receive.

To learn more, watch this educational video layer from Zelle®

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Know The Scams That May Follow A Natural Disaster

Watch out for fake contractors. Following a disaster, unlicensed contractors will canvas the impacted areas promising to get clean up or repairs done quickly. They may ask for payment up front and not show up to do the work, or have you sign a contract that redirects insurance payouts to them and not you.

• Do your research; get multiple quotes for comparison, and make sure the contractors are licensed.
  
  
• Use caution if you're pressured to pay up front for the job or sign over the insurance claim. Contractors may try to offer special deals that seem too good to be true.
  

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highly informative Bank of America article.

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