Rising Scam Alert: Fraudsters Posing as Bank Fraud Teams

Banks are reporting a surge in social engineering scams involving caller ID spoofing, where criminals impersonate a bank’s fraud department to trick businesses into revealing online banking credentials.

Here’s how the scam works: Fraudsters call companies using a spoofed caller ID that appears to be from the bank. They claim there’s suspicious activity on your account and ask to “review” recent transactions. To seem legitimate, they may use the name of an actual bank employee or reference real transactions. Once trust is established, they send a text or email link – which, if clicked, allows them to capture your login information and initiate fraudulent ACH transfers from your account.

If you receive a call like this:

• Hang up immediately.
• Call your bank directly using a known, verified phone number. Do not use the phone number provided in the suspicious call or message.
• Report the incident to your bank’s fraud department.

Remember:

• Banks will not call and ask for your online banking credentials or existing account details.
• Banks will not send login links by text or email.

Please share this information with all employees who have access to your company’s online banking. Staying vigilant is the best defense against these sophisticated scams.