New tool looks to help consumers navigate savvy banking scams

Don't Waste Your Money

Think you could spot a banking scam? Don’t be so sure. Many fall for fake calls, texts, and emails that appear to come from their banks.

Thousands of bank customers have lost millions of dollars to banking scams. That has resulted in national banks rolling out a new tool to help you spot a scam.

Did you get good grades in school? Have a professional job? You could still fall victim to a bank scam — like Sarah Robb last year.

“I got a phone call from my bank, and I knew it was my bank cause I recognized heir phone number,” Robb said. It wasn’t her bank though, it was a scammer, who in minutes drained Robb’s checking account.

Just this past month, Corinthia fell for a slick email claiming a problem with her account. “It began with an email to me, and it said $499 was going to be withdrawn from my account.”

It was really a phishing scam, however, and before she knew it, Corinthia was out $1600.

The American Bankers Association wants to stop this growing fraud. So next time you get onto your bank’s website or check their phone app — look for a little button that says “Would your bank really ask that?” It will take you to a quiz, and some of those questions just might stump you.

Banks Never Ask That tests if you can outsmart online scammers. For instance, would your bank text you “Your card has been deactivated. Reply immediately with your pin?”

No, they never would!

Would they call and ask you to verify your birthday and social security number for security reasons?

No, they never would.

Would they text you an access code to verify your identity so you could log in?

Yes, they would do that!

The quiz has lots of trick questions but it’ll help you avoid the scams that fooled Sarah, Corinthia and too many other people.

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