New Bank Scam That Can Drain your Bank Account

by moin moin

Author: David King

You receive a call from someone who claims to be from your bank. They say there’s a problem with your account and that you need to transfer your savings into a new account to fix it. Moreover, they concoct a tale about the need of taking action to stop thieves who have already allegedly gained access to your bank account—possibly through a Zelle transfer—from siphoning off even more cash.

They might even sound convincing as they walk you through the steps to take. But this is actually a scam. The caller is trying to steal your money, and by following their instructions, you’re making it easy for them. Increasingly more advanced phishing attacks aim to deceive users into sending money to criminals using person-to-person payment apps. PayPal, Venmo, Cash App, and Zelle are some of the apps. Don’t let yourself be scammed—here’s what to do if you get a call like this.

What Are Banking Scammers?

Banking scammers are criminals who try to steal your money by pretending to be from your bank. They may call you on the phone, send you an email, or visit you in person.  Usually, they will try to get you to give them your personal information, such as your name, address, Social Security number, or account number.

They may get you to transfer money to them or a different bank account. Be very careful about any requests like this, and never give out your personal information or money unless you are sure that the person is really from your bank.


Warning Signs of Banking Fraud

Banking fraud can take many different forms, but some of the most common scams involve fraudsters pretending to be from your bank. They may call you on the phone, or send you an email, to try and get access to your account.

They may even try to get you to transfer money to them, or to give them your personal information like your name, address, and date of birth. So it’s important to be aware of the warning signs of banking fraud and to know what to do if you think you might have been scammed.

Some of the most common warning signs include unexpected phone calls or emails from your bank, requests for personal information, and unexpected changes to your account such as a new password or a new bank account number. If you notice any of these signs, it’s important to contact your bank immediately.

Banks pressured to change the system

It’s not all doom and gloom, though. This scam has caught the attention of US Senator Elizabeth Warren and other regulators, who are now pressuring banks to make changes to the system. According to Warren, “the banks are not reimbursing the great majority of people who have been victimized by fraud, not only is fraudulent conduct increasing on the platform.”


Consumer protection, according to Zelle is of the utmost importance. However, consumers need to be aware that there are distinctions between the definitions of scams and fraud. As per the early warning services, if you authorized a payment, like if you paid for a family pet that you never delivered you may not be able to get your money back. Naturally, consumers who fall victim to traps only focus on what happens to their money afterward.

Senator Warren is also calling for stronger consumer safeguards and greater transparency from payment apps such as Zelle so that customers are aware of how their money is being used. While these changes could take some time to roll out, it’s a step in the right direction to help protect consumers against scams.

More is needed

We’ve seen that warning you about potential scams helps keep your savings safe, but more needs to be done to make sure everyone is secure.

The first step is to make sure that you are only sharing sensitive banking information with official representatives of your bank. Before responding to any emails or giving out information, do some research to make sure the person you’re talking to is legitimate. It’s also a good idea to call your bank directly and make sure they are not attempting to contact you.


Another way banks can help protect customers from scammers is by investing in technologies that can detect and stop fraudulent activity in real-time. Banks should focus on developing sophisticated authentication methods, like biometric verification, which could add an extra layer of security when banking online or on mobile devices. Additionally, banks should double down on their efforts in educating customers about fraud prevention tactics and the danger of phishing emails and other forms of scams.

What to Do if You Are a Victim of a Bank Scam

If you suspect that you’ve been scammed, the first thing you should do is contact your bank immediately. Your bank has procedures in place to help protect you from fraud and will work with you to protect your funds and help you get your money back. They may also be able to provide additional services such as credit monitoring or fraud alerts on your account.

It’s important to take action as soon as possible after being scammed. Don’t wait until it’s too late! Report the scam to authorities by filing a complaint with the Internet Crime Complaint Center (IC3) or Federal Trade Commission (FTC). Additionally, inform your local police department and note that many banks may also have local agencies they recommend reporting scams to. With all of this information, law enforcement can better identify, track and catch the perpetrators behind these fraudulent schemes.

Final Remarks

At the end of the day, you need to be aware that scammers can use lots of different tricks to try to get your bank account information and drain your savings. The most important tip I can offer is to stay alert, and never provide your personal or financial information to someone you don’t know. Always contact your bank directly if you have any questions or concerns. Never trust anyone who reaches out unexpectedly; if it seems too good to be true, it probably is.


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