As a scam tactic, it’s deceptively simple and effective. 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. Scammers know that the banking system is built on trust. What Are Bank of America Scams? How Do They Work?īank 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. 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. If you’re a Bank of America (BoA) customer, you need to be aware of the latest scams targeting your accounts and finances.
Americans lost $2.3 billion to imposter scams in 2021 alone - with scammers regularly posing as bank employees to gain their victims’ trust. Unfortunately, Gabrielle’s story isn’t unique. Gabrielle complied - not realizing that she had just sent her life’s savings to a scammer. 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. But seconds after hitting “send,” Gabrielle’s phone rang. Īfraid that her account had been hacked, the 24-year-old quickly responded. 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. Are You Grappling With a Bank of America Scam?
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