Consumers are increasingly turning to digital payments due to the pandemic, and now that usage will increase with the holidays. While digital payments are both convenient and safe, fraudsters are ready to take advantage of this increase usage.
One social engineering scam to watch for is when the consumer receives a text from a fraudster to alert them about a suspicious transaction. Upon receiving a response text declining the transaction from the consumer, the fraudster calls the consumer, and pretends to be the fraud department of a financial institution, looking to get access to online banking accounts, and then resets the password for access.
A bank’s digital payment processor, which monitors for unusual patterns, will detect the fraud activity in most cases. However, consumers should remain vigilant and report suspicious requests for information on your account to us.
Here is important information and best practices to protect yourself:
- We will never call you to request information or contact you via text (SMS) to pressure you to reset your online banking login password.
- Don’t trust caller ID; Caller ID may be modified to show a financial institution’s name.
- Don’t provide your online banking log in credentials, one-time password, account number or personal information by email or text or phone call. Call The Savings Bank at 800-246-2009 to confirm that the request is legitimate.
- Don’t give information over the phone if you receive a call stating that a transaction is canceled, even if the caller claims to be from The Savings Bank. Contact us at 800-246-2009 to inquire about the transaction.
- Don’t click on links in unsolicited emails or texts.
- Don’t give an unsolicited caller remote access to your computer.