Youโve heard of email phishing and smishing, but a newer type of fraud is on the rise: Call spoofing, and while it may sound like a silly word, itโs a serious issue that can have big consequences.
Call Spoofing has been used by businesses for more than a decade, but now scammers are using it to steal money.
Spoofing is when a scammer deliberately falsifies the information on your phoneโs caller ID to disguise their identity and mislead you. For instance, the scammer can make it say the name of your bank, a nearby location, or even a phone number you trust in hopes of you handing over the information needed to take over your accounts.
Typically, you will receive a text message regarding an alleged fraud against your debit card which often includes a request within the text message to either confirm or deny the transaction. The message is often followed by a fake call from someone posing to be an employee of your financial institution. The caller ID could say something like โPenn Community Bank Fraud Departmentโ and the person on the line may pretend to be a bank security officer who will ask you to verify if you recently made a purchase with your debit card.
This is where things can go south very quickly.
Some fraudsters are extremely skilled at what they do. They have the ability to take away any shred of doubt a customer may have about the call being a scam through their persuasive tactics and sense of urgency.
Once youโre on the phone, they know theyโve got you hooked. The scammer will advise you to verify and even update your banking information, allowing them to access and take over your accounts. They claim to be sending you an updated debit card, but of course, the new card will never arrive. While your bankโs fraud detection solutions will typically kick in and stop the unauthorized transactions, sometimes itโs too late and the damage is already done.
โYouโll never receive a text from the Penn Community Bank Fraud Department or other Bank team member, and you especially will never be asked to provide sensitive information via text message or phone call,โ says Rick Cimakasky, Fraud and Security Officer. โSome simple ways you can avoid bank fraud is to monitor your account daily, sign up for online banking alerts, and do your best to exclusively use Bank ATMs, as they generally deploy better security and monitoring controls.
Remember: If you suspect you are on the phone with a scammer, hang up and immediately inform your banker or call our Customer Care Center at 215-788-1234.
