Banks Never Ask That!

October 21, 2022

October is recognized by the American Bankers Association as “#BanksNeverAskThat month with the presentation of actions, preventions, and fraud schemes that have been apparent in today’s society. So, this article following is highlighting the term coined “Banks Never Ask That” to bring to light the amount of people who fall victim to ‘Bank Employee Impersonation’ Fraud each and every day.

First off, what is Bank Employee Impersonation fraud? This is a type of fraud scheme where the perpetrator imposes as a bank employee, claiming to be in your best interest. Sometimes they have monitored your internet actions and know information that would be characteristic of a bank employee. However, this month we recognize that Banks Never Ask That!

For example : You get a call from a number that you do not recognize.

(Side note : a perk of banking at a small community bank is the fact that normally you know your personal banker, and know who to ask if something is out of the ordinary!)

The person on the other line is questioning your identity, your activity, and asking questions that a bank employee would already have access to.

Think of a stranger asking to confirm your account number over the phone and how much you have in that account. You would never give them this information.

Now think of a bank employee calling and asking you to confirm your account number over the phone. The first thought should be, shouldn’t a bank employee have my account number and information? The answer to that question is yes! They do have that information!

Banks Never Ask That! Nor do they ask for your passwords, debit card numbers, or security question answers. Your personal banker, and real bank employees already have this information and should not ask you to confirm them over the phone.

Also, to be noted, real bank employees are trained on security measures for over the phone conversations. They are trained to ask you security questions that only you should know, as well as confirm your identity before giving out information to just anyone that calls into the bank.

These scams can be prevalent as well over text message and email with someone posing as a bank employee asking for passwords, accounts numbers, or requiring a link to be clicked. Most of the time, this link is encrypted and can then hack your computer and gain access to your information, which can lead to scams and fraudulent activity.

There are not many preventative measures that can be taken when it comes to Bank Employee Impersonation Fraud. But there is, however, the defensive strategy of being knowledgeable and aware of situations that may arise, that way you are prepared when faced with this situation.

Think about the questions being asked.

Do not be afraid to ask the person on the other line to identify themselves.

If you suspect that the call is from a fraudster, hang up, and call your personal banker directly.

At Williamstown Bank, we strive to keep our customers safe, protected, and educated. Please contact us if you have any questions or concerns. Remember, be aware, hang up, and report!