Multi-step scams

Scammers are now combining multiple scam types by taking a phased approach to try to gain your trust and make scams even more convincing.

• Step 1: Tech support scam - The impersonator claims to be from a legitimate tech support company and claims your computer has been hacked. They'll ask you to call a number and download software allowing them remote access to your computer to resolve the "issue". Then they'll ask you to log into Online Banking and look for fraudulent charges.


• Step 2: Bank imposter - Next, you'll receive a call from an imposter claiming to be from your bank, saying fraud is happening on your account. They'll tell you to electronically move money to a "safe account", such as one with the Federal Reserve or another U.S. government agency.


• Step 3: Government imposter - Then, you'll receive a third call from another imposter claiming to be a government official who is confirming the transaction. They may even send you an email or letter to make the scam look more legitimate.

Tip: Don't download software or provide remote access to anyone you don't know. Bank of America will never call you to request that you move money to protect yourself from fraud.

Imposter

Scammers may pose as businesses or people you know — like your bank, utility company, phone provider or even a friend or relative. They'll spoof legitimate phone numbers to call or text and tell you to send funds to yourself or others using online or mobile banking. They may even tell you to ignore or bypass scam warnings and alerts. If you share information, they may access your banking information and enroll in new products or services in your name.

Tip: Stop and verify. While Bank of America may send you a text to validate unusual activity, we will never contact you to request you share a code over the phone or send us or anyone else money, including through Zelle^®. Read about social engineering.

Threat of harm scams

"They threatened to do harm if I didn't send them money immediately"

How it works:

1. Initial Contact: Scammers reach out claiming to have access to you or someone in your family.
2. Deceptive instructions: They claim that you or your family are in danger. You're told if you don't send money, you or your family member will be hurt.
3. Impersonation: Scammers may use technology to impersonate your loved one's voice to manipulate you and convince you to transfer funds.

Help protect yourself and your money
Consider using a "safe word" that only you and your family members know, to validate the scenario and any request to authorize instant money transfers. Contact your bank to report the event, and law enforcement if you feel you are in immediate danger.

Social Media

Cyber criminals are actively using social media platforms and design posts or craft messaging that lures you into sharing personal information or scam you out of money.

Tip: Be mindful about sharing personal information and what you see on social media. If something seems too good to be true, its most likely a scam. Read about social media scams.

Issues with package delivery

You receive an email or text indicating there's an issue with your package or a failed delivery attempt. You'll be asked to click a link to pay a small fee or provide personal information.

Tip: Do not open unfamiliar links for payment or personal information, this may be a phishing attempt. Read more about phishing.

Donating money to a cause

Use caution if asked to donate money in person, or to a cause, using your phone. You'll be told to log into your banking app but then told to hand over your phone for the "representative" to input the charity's information and complete the transaction for you - but the scammer is sometimes actually sending money to themselves.

Tip: Don't hand over your device to anyone to complete a transaction and never ignore bank warning messages.

Investment

Be wary if you are contacted by "investment managers" or receive an unsolicited request (via social media, pop-up, text, email or phone call) that presents a "great investment opportunity." Offers that promise guaranteed returns, or the chance to get rich quick or double your money are likely a scam.

Tip: Always validate requests for money, research investment managers/offers and use caution if asked to provide personal or financial information, especially if asked to send money through digital currency/crypto currency or instant money transfers.

Tech support

If you get an unsolicited request to remotely access your computer or mobile device, it's probably a scam - and you could lose money. Scammers often pose as employees of familiar companies and ask you to provide remote access or download an app. They may call, use pop-up screens or email to convince you that your device has a virus or that you're owed money.

Tip: No matter what reason you're given, never grant device access or download any app, without confirming their identity by calling a verified phone number (not one they provide to you). Read more about tech scams.

Compromise scams

Scammers may try to target you through a fake business, social media or email account. The cyber criminal may use a hacked or fake account that looks legitimate to trick you into sending funds.

Tip: Never trust unknown individuals. Verify everything. Give all requests for funds a second look. If an email looks strange, look up the sender and email or call them (don't use the number they provide). Invest in antivirus software that can flag suspicious emails and websites. Learn more.

Natural Disaster scams

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.

Tip: 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. Ask for proof of ID and remember, if you're asked for financial information, it could be a scam.

Artificial Intelligence (AI)

Scammers may use AI to impersonate a loved one or someone you know, claiming they are in danger and need money immediately.

Tip: Consider using a "safe word" that only you and your family members know and stay vigilant about requests to send money through untraceable means. Read how this may impact elders layer.

Romance Scams

Romance scammers who've established a relationship with you online make an emotional plea asking you to transfer money. Typically, through a payment app, wire transfer or gift cards.

Tip: Be vigilant about requests for money from someone you recently met, especially if being asked to send via untraceable means. Read more on Romance Scams.

Tax Season Scams

Scammers may impersonate a government official and tell you that you either owe money, or they need to send you a refund and all they need is your account information.

Tip: The IRS won't contact taxpayers by email, text messages or social media channels to request personal or financial information. Always verify requests for information.

Rental Scams

Imagine showing up to your new home or dream vacation to find out it doesn't exist, or you've been double booked! Scammers may take over listings can change contact information.

Tip: Do your research - is the listing vague? Do the photos have watermarks? Does the rent seem too low? Be concerned if pressured to send a security deposit or make a payment, with no background check or signing of a contact or lease.

Scammers may pose as businesses or people you know — like your bank, utility company, phone provider or even a friend or relative. They may ask you to send funds to yourself or others using online or mobile banking. They may spoof legitimate phone numbers to call or text you to make the request more 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. The “representative” or scammer will offer to help stop the alleged fraud by asking you to send money to yourself with Zelle® and ask 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.

How to help protect yourself:

• Be cautious if being pressured to respond immediately - this is what scammers want you to do.
• Be wary of unfamiliar calls, computer messages, texts or emails requesting money or personal information - it's not always who it says it is.
• Verify you are sending to a trusted recipient by calling a trusted or verified phone number from a recent bill, receipt or by visiting an official website.
• Don't share codes based on a call you receive.

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