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1. Current phishing scams for bank of america how to#
2. Current phishing scams for bank of america verification#
3. Current phishing scams for bank of america password#
4. Current phishing scams for bank of america tv#

The same thing happened to a woman in Texas (opens in new tab) - Bank of America washed its hands of the $3,000 she lost until a Dallas TV station started asking questions.įor the Chicago story, we reached out to Zelle for comment and were told that these cases were "not a breach of Bank of America or Zelle security." Both women got their money back after WLS-TV asked Bank of America about the incidents. Two Chicago-area women were each scammed out of $3,500 using the exact same scam described above. If this sounds familiar, Tom's Guide reported on similar cases in September 2021. Bank of America told KGO-TV that it considers each case individually. However, when local TV news broadcasts aired the five women's stories, Bank of America suddenly changed its mind. "They were telling me, 'I'm sorry ma'am, you and many others fell for this kind of scam, and there's nothing we can do." Bad publicity seems to get good results "I trusted my bank that they have top-of-the-line security," a fifth Bank of America customer, Crystal Vaka of Antioch, California, who lost also $3,500, told KGO-TV. banks: Bank of America, Capital One, JPMorgan Chase, PNCBank, Truist, U.S. In fact, Zelle is owned by a consortium of seven U.S. "They told me because Zelle is a third-party company, they basically didn't have any control over that," Singer told KGO-TV (opens in new tab). That was all the money I had."Ī fourth woman, Katie Singer of Oakland, California, who had $3,500 drained from her Bank of America account, said she had never even used the Zelle app before. "I called Bank of America right away," Rivera told KGO-TV. The three women mentioned earlier are all Bank of America customers - and all three were told by the bank that there was nothing the bank could do to help them recover the money. One very big bank wouldn't help victims at first

Current phishing scams for bank of america verification#

And don't give out one-time verification codes to anyone. Instead, call the bank yourself using the number on the back of your bank's ATM card. Īs always, never trust anyone who calls or texts you and wants you to perform a financial transaction, even if that person appears to be from your bank.

Current phishing scams for bank of america password#

Use a password manager if you have to, and turn on two-factor authentication if your bank's app offers it. If you do decide to use Zelle, then make sure your passwords for the Zelle app or your bank's mobile app are strong and unique. Contact your bank and ask if that's the case with its mobile app, and if so, if and how you can deactivate Zelle. Many banks build Zelle right into their mobile apps, however, and some victims have been scammed before they even knew they had Zelle accounts. Payments from Venmo draw money either from a credit or debit card, which have clear legal protections for consumers, or from a limited Venmo account into which you can deposit money for future transactions. We've reached out to the government's Consumer Finance Protection Bureau for clarification.īecause of these technical and legal factors, it might be safer to use Venmo. As a result, these banks argue, they bear no responsibility. However, many banks claim that because the victims trust the fake bank representatives and in fact do authorize the transactions, those do not qualify as "unauthorized transactions" under the law. Under the EFTA, these experts say, victims of electronic-fund-transfer phishing scams should be reimbursed by the banks for their losses. Some experts say (opens in new tab) that fraud victims are protected by the Electronic Fund Transfer Act (opens in new tab), the same law that limits a consumer's losses due to credit-card fraud. Unlike its rival Venmo, it has direct access to your bank account, so once you authorize a transaction, the money moves as quickly as possible.įurthermore, Zelle fraud falls into a legal gray area.

Zelle is fast and convenient, but that's also its weakness.

Current phishing scams for bank of america how to#

We aren't able to comment on behalf of our FI partners, and recommend reaching out to them directly with your questions." How to protect your bank account from Zelle scams "When a consumer reports an incident to us, we immediately inform our partner financial institutions to investigate and take actions to prevent additional abuse. "The reports of recent scams and any scam or fraudulent use of Zelle is simply unacceptable," a Zelle spokesperson told us. Tom's Guide reached out to Zelle, which told us that it's up to the individual banks to handle claims of fraudulent transactions. "Sure enough, I looked at my account, and $3,500 was gone," Paige Pollack, a nurse in the San Francisco Bay Area, told KGO-TV (opens in new tab). Once the victim does so, money is taken out of their bank account. The victim is asked by the phony bank rep to provide the credentials for his or her Zelle account to prevent the unauthorized transfer. "This person said that this person was trying to scam me, and that he could help me out," Claudia Rivera of San Jose, California, told KGO-TV (opens in new tab).