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A new phone scam is on the rise that may target both local businesses and individuals. Scammers are constantly changing their tactics, and this recent scam is designed to appear legitimate by impersonating a bank representative and creating a false sense of urgency.
How the Scam Works
In this scam, fraudsters call their victim and may claim to be calling from the bank. To make the call appear more convincing, the caller ID may even display the bank’s name or phone number.
During the call, the scammer may say there is suspicious activity or a potentially fraudulent transaction on the account and ask the victim to verify it. However, the transaction was never initiated by the victim, it’s simply part of the scam.
Once the victim says the transaction is unauthorized, the scammer may ask for a cell phone number or email address so they can send a link to begin the “dispute process.” The link may look convincing and may include enough legitimate-looking information to appear as though it truly came from the bank. It may also include, or prompt the victim to provide, a verification code or passcode.
While the message or link may look real, clicking on it or entering information may allow scammers to gain access to sensitive personal or financial information.
Important Reminder
Never give out personal or financial information during a call you did not initiate. Be especially cautious if someone contacts you unexpectedly and pressures you to act quickly.
Do not click on links you were not expecting, and never share verification codes or passcodes with anyone.
Royal Bank will never call and ask for fraud verification codes, your PIN number or security code, your debit card number, or your Online Banking username or password.
If something feels suspicious or out of place, hang up and contact the bank directly using a trusted phone number.
If you have concerns or believe you may have been targeted, please contact Royal Bank right away. We also encourage you to share this information with friends, family, coworkers, and neighbors to help prevent others from becoming a victim.
