Are You Dealing With a Bank of America Scam?Gabrielle Chavez had been saving up to pay for her mother’s headstone when she received a text message from Bank of America asking if she’d sent $3,500 to someone through Zelle [*]. Show
Afraid that her account had been hacked, the 24-year-old quickly responded. But seconds after hitting “send,” Gabrielle’s phone rang. On the other end, a man who introduced himself as a banking fraud specialist explained that in order to protect her savings, she’d have to transfer it to a new “secure” Zelle account. Gabrielle complied — not realizing that she had just sent her life’s savings to a scammer. Unfortunately, Gabrielle’s story isn’t unique. Americans lost $2.3 billion to imposter scams in 2021 alone — with scammers regularly posing as bank employees to gain their victims’ trust [*]. If you’re a Bank of America (BoA) customer, you need to be aware of the latest scams targeting your accounts and finances. In this guide, we’ll explain how Bank of America scams commonly work, the latest schemes to watch out for, and what to do if you’re a victim. What Are Bank of America Scams? How Do They Work?Bank of America scams occur when fraudsters attempt to gain access to your bank accounts, finances, or personal information by posing as bank employees or other officials. Scammers know that the banking system is built on trust. You trust the bank to protect your savings — and when fraudsters pose as bank employees, you’re more likely to extend that same level of trust to them. As a scam tactic, it’s deceptively simple and effective. Yet, while the approach is simple, the scams themselves are often sophisticated and hard to identify. The latest Bank of America scams include:
✅ Take action: If you accidentally give scammers your personal information, they could empty your bank accounts or take out loans in your name. Try Aura’s top-rated identity theft protection free for 14 days to secure your financial accounts and identity from scammers. Example: A Bank of America Scam Email That Almost WorkedHere’s an example of a real-life Bank of America scam email: An example of a fake Bank of America scam email. Source: Aura teamAt first glance, you might not assume that this is a fake email. The “from” name says “Bank of America,” it uses the bank’s official logo, and the email describes what sounds like a plausible situation. However, if you dig deeper, there are clear red flags indicating that you’re dealing with a scam:
While some of these elements are clear warning signs, not all Bank of America scams are as easy to recognize. The 7 Latest Bank of America Scams You Should Know About
Scammers are always testing new ways to get you to give them personal information or access to your bank account. Here are descriptions of the latest Bank of America scams to watch out for: 1. Fake fraud alerts asking you to “verify” your identityBank scams are most often centered around threats — like claiming that your account was hacked (or is going to be suspended). In this common Bank of America scam, fraudsters send text messages asking you to “verify” your identity in order to regain access to your account. Example of a Bank of America scam text. Source: RedditThere are multiple text messages associated with this scam. Two of the most common examples are:
Whatever angle the scammers take, their goal is to get you to visit a fake website that will steal your personal information — such as your bank account credentials or Social Security number (SSN). Don’t get scammed! Do this:
💡 Related: Scammed on Zelle? Here's How To Get Your Money Back → 2. Phone calls claiming that your account is compromisedFor Bank of America customers, one trending phone scam involves warning customers that their account has been compromised — and then pressuring them to transfer their savings into a “secure” account (that the scammers control). Fraudsters use technology to spoof their phone number and make it look like they’re calling from Bank of America on your caller ID. They might even find personal information about you online to make them seem more legitimate — such as your checking account number or family members’ names. Don’t get scammed! Do this:
💡Related: Scammed on Cash App? Here’s How To Get Your Money Back → 3. Emails demanding you verify your account or risk losing accessScam artists often create emails that suggest bank customers will lose access to their accounts unless they”verify” their identity by downloading and filling out a form. But engaging with these emails can have dangerous consequences, including:
Always remember: Banks will not ask you to “verify” sensitive or personal information. Don’t get scammed! Do this:
💡 Related: Have I Been Hacked? Warning Signs and What To Do → 4. Text messages claiming your BoA account is suspended or lockedScammers know that most people are terrified of losing access to their bank accounts. In this scam, they send fake text messages claiming that your account has been suspended or locked. The only way to “unlock” your account is to click on a suspicious link. Scammers want you to click on malicious links to “unlock” your account. Source: RedditThese text messages usually use the threat of fraudulent activity or a cybersecurity concern to get you to act without thinking. But even clicking on the link could put your device and bank account at risk. Don’t get scammed! Do this:
Pro tip: Forward all fraudulent texts and emails to Bank of America’s fraud and abuse team at . 5. Zelle, Venmo, and other payment app scamsFraudsters have turned their focus toward payment apps like Zelle, Venmo, and Cash App because they’re easy to use — and treat transfers like cash. Once you send someone money via these services, it’s essentially gone. In payment app scams, fraudsters contact you via phone calls, emails, or texts and explain that your account has been compromised. Then, they say the only way to “protect” your money is to transfer it to a secure account using a payment app. In reality, they control the account to which you’re transferring the money. But isn’t Zelle owned by the bank? Zelle was created by seven of the largest banks in the United States — including Bank of America. However, that doesn’t mean it’s any more secure or safer than other payment apps. Zelle transfers are still treated like cash. Don’t get scammed! Do this:
💡 Related: Zelle Scams: 8 Ways You Can Get Scammed on Zelle → 6. Claims that scammers opened a Bank of America account in your nameIf you receive an unexpected email (or physical mail) about a new Bank of America account that you didn’t open, there’s a good chance that you’re the victim of identity theft. Scammers use stolen information — such as your SSN, address, and email — to open new accounts. Then, they can take out credit or use the account for money laundering. Unfortunately, your personal information is probably already available to them on the Dark Web. Don’t get scammed! Do this:
✅ Take action: If scammers have your personal information, they could hack into your online accounts, empty your bank accounts, or worse. Try Aura’s top-rated identity theft protection service free for 14 days and secure your identity, finances, and devices from scammers. 7. Fake “check verification” text messagesCheck scams have become increasingly common in the past year. In this scam, fraudsters send a fake text message asking you to “verify” a check that came from your account. If you respond “no,” you’ll be asked to call a phone number — taking you straight to scammers. Fraudsters often include the first or last four digits of your bank account number to make you think that the message is legitimate. But these numbers can either be found on the Dark Web or are easily guessed. For example, all Wells Fargo accounts start with “4342.” Don’t get scammed! Do this:
💡 Related: What Happens If You Unknowingly Deposit a Fake Check? → Did You Send a Scammer Money or Give Them Your Bank Details? Do This!If you accidentally send money or personal data to a scammer, you must act quickly to protect your finances and identity). Not only do you want to stop scammers from stealing more, but you’ll also want to secure your accounts and identity against future fraud. Unfortunately, nearly one-third of all identity theft victims are repeat victims [*]. Here’s what to do:
✅ Take action: Don’t face fraud and identity theft alone. Try Aura free for 14 days and safeguard your identity and finances against scammers. How To Protect Your Bank Account From ScammersPracticing good security hygiene will make it harder for criminals to gain access to your money and financial information:
💡 Related: Help! Someone Forged My Signature on a Check and Cashed It → The Bottom Line: Don’t Get Burned by a Bank of America ScamGabrielle Chavez didn’t immediately trust the person who scammed her. She thought she was being diligent by asking questions. But diligence isn’t always enough to protect your personal data or prevent fraudsters from accessing your bank account. Enjoy peace of mind with Aura’s all-in-one digital security solution. Aura monitors your bank accounts, credit file, personal information, and more — and alerts you in near real-time about signs of fraud. With Aura, there’s always someone watching out for you. Keep scammers out of your bank account. Try Aura free for 14 days →Why can't I log into my Bank of America account?Having problems signing in or resetting your Password? It's possible you're using a password manager or your browser has stored credentials that are no longer valid. While Bank of America can't prevent your browser from storing credentials, deleting your stored credentials should enable you to access your account.
Why isn't it letting me log into my online banking?Ensure You're Using the Correct Website
Online banking fraud is common, and you should always be vigilant. Are you definitely inputting your username and password on the right website? Perhaps the reason that you can't log in to your online bank is because you're falling for a phishing scam.
Why was my Bank of America account locked?Either too many failed attempts to login or else some sort of suspicious activity has been detected.. You will need to contact Bank of America customer service to unlock your account.
How can I log into my Bank of America account?How To Log In to Your Bank of America Account From a Computer. Go to the Bank of America home page.. Enter your online ID and passcode.. Click “Sign In.”. |