Key Takeaways:

• Scams are usually not very creative but can come in many different forms.

• Your bank will only call or text you in very specific situations.

• If you have any doubts about who you’re talking to, hang up, find the bank’s website and official phone number and call back.

• Practice good security hygiene so you, your money and your information are protected.

Scams are nothing new, but the rise of artificial intelligence is allowing fraudsters to work more quickly and try to fool people in new ways. If you’ve been the victim of a scam, you’re not alone. According to the Pew Research Center, 73% of U.S. adults Off Site Link have experienced some type of scam or fraud.

Many of these attacks are targeting your money, with scammers working to access your bank accounts. Some impersonate your financial institution, using specific tactics to get your personal information. If you are being targeted, there are actions you can take to protect yourself and your money.

What are the most common scams?

Many scams are very mundane and aren’t very creative. Fraudsters are looking to catch you in a vulnerable moment and take advantage when you aren’t giving full attention to what’s happening. Some of the most common scams we see are:

• Text messages about a speeding ticket
• Phone calls pretending to be your bank, or from your bank’s fraud department
• Romance scams Off Site Link
• Grandparent scams Off Site Link

If you are talking to someone on the phone, the scammer will act with urgency and say the issue needs to be taken care of immediately. They will also try to keep you on the phone, and if you say you’re going to hang up, they will do whatever it takes to keep you on the line. A real, credible bank or financial institution will never do that. If you have any doubts about who you’re talking to, hang up, find the bank’s phone number (go to their official website; don’t trust AI to give the correct number) and call them back.

What information will and won’t your bank ask you for?

There are a few things that we, at Sunrise Banks, will never ask you for:

• Your digital banking password
• Your Secure Access Code (SAC) or multifactor authentication code
• Your full debit card number or PIN
• Ask you to verify your personal or account information through unsolicited links
• Tell you to move your money to another account “for your safety”

If a customer does call in, we may ask them for some information like the last four numbers of their Social Security number or what their last deposit was because we are working to verify their identity and want to ensure we’re giving information to the correct person. If you’re uneasy about giving that information over the phone, you can also walk into a branch and talk to someone in person.

There are only a few times we would reach out directly to you. One is if you have alerts set up when fraudulent activity is detected – in that case, we will send you a text message. Or if you have a dispute on your debit card, we will call you with specific questions about that case. If you aren’t expecting a call from us, hang up and call us at the number listed on our website.

How can you protect yourself?

Fraudsters are good at getting people to talk and share information about themselves. While it may feel like a friendly conversation – if they’re asking about your kids or pets, for example – they’re fishing for information about what your passwords might be. A reputable organization will never call just to chat. If that’s what’s happening, hang up immediately.

In today’s technology age, it’s also easy for scammers to mimic a bank’s phone number. It may look like your bank is calling you, but it could be a bad actor who has taken over their number. Listen to the questions they’re asking you. Would your bank really try to stay on the phone with you for three hours? Would they really try and get you to move money just to “protect” it? Hang up, look at the number on the back of your debit card or on the bank’s official website and call back.

The best things you can do to protect yourself from scams are:

• Sharing minimal information online so scammers can’t use that against you.
• Turning on all your notifications for online banking so you see when changes are made.
• Turning on multifactor authentication so you have an extra layer of security.
• If you do get something that looks suspicious, ask a friend or family member what they think.

If you have fallen for a scam, notify your bank immediately. We’ll do everything in our power to protect you, your money and your information.

Visit our Sunrise Banks Security Center for more information on how to protect your accounts and your money from fraudsters and bad actors.

Tyler Berends is the Chief Information Security Officer at Sunrise Banks.

Taylor Fox is the VP – Bank Secrecy Act (BSA) Officer at Sunrise Banks.

Barbie Minzel is the Fraud Manager at Sunrise Banks.

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