How Fraudsters Get You To Do the Work For Them

While there are several tried-and-true best practices for keeping your account secure, fraudsters and scammers are unfortunately always thinking of new ways to try and gain access to your personal information. 

While we normally associate financial fraud with someone going into your account and depleting your funds, fraudsters can also try and get you to do the heavy lifting for them—by impersonating your bank or employer.

Let’s explore this scenario so you know what to look for and how to prevent it from happening to you.

How Fraudsters Impersonate Financial Institutions and Workplaces

Fraudsters can impersonate financial institutions—or even your employer—to get their requests to sound legitimate. They may use a fake caller ID that shows up as that institution and claim that you’ve had fraudulent transactions take place. They may also ask you to verify personal information they obtained online or through your social media. There are a few directions they may go next, including these scenarios: 

Scenario 1: Asking you to take action—urgently

Naturally, hearing that your account has somehow been compromised will make someone concerned—and want to take action as quickly as possible. Unfortunately, fraudsters know this; they’re preying on your fear by creating a sense of urgency. Getting people to act quickly will often prevent them from pausing and taking the time to verify requests. The fraudsters might ask you to take action within your own account, either by transferring funds elsewhere or making a payment to reverse the fraud and “protect your account.” Of course, when they ask you to do this, they’re actually having you send money to them. 

They may also suggest that after transferring your funds to an external account you will receive some payback or reward for this action—which, naturally, never arrives. 

Scenario 2: Asking for your personal information

Bad actors may also ask for personal information such as your social security number or a one-time passcode in order to verify your account or protect its security. Then, once they have access to your account using this sensitive data, they will deplete the account themselves, transfer funds, or make transactions.

Tips to Identify Fraudsters

Fortunately, there are things you can do to spot fraudsters before they can take advantage of you. Here are a few quick tips:

• If you ever find yourself questioning a call from a financial institution, hang up the phone and dial the number on the back of your card instead. This will allow you to speak with support to see if the inquiry is actually legitimate.
   
• If you receive an unexpected call from your employer or an organization you work with requesting you to apply for a bank account or send money, hang up and contact your employer or workplace directly.
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• And if you’re ever unsure of what information Branch will ask of you, or when we will contact you, remember:
   
  
  • Branch Support will only contact you if you requested a contact from us directly; for example, if you reached out to us with a question about your account. 
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  • Branch will never ask for your PIN or any security codes, or to access your account remotely.

When in doubt, contact Branch Support through the number on the back of your card or by opening an in-app support chat. We’re here to help!

Check out this Fraud Prevention Checklist for more tips to stay safe and keep your hard earned money where it belongs—in your account.