A massive scam is happening that is causing people to lose thousands of dollars in a matter of minutes. It goes like this:
-You get a call from your bank’s number
-You’re informed of a suspicious transaction and possible online banking takeover
-You’re asked to reveal your online banking username
-You’re asked to reveal a temporary passcode sent to your phone
-Fraudster logs into your online banking and steals money via your bank’s peer-to-peer system (ie Zelle)
The frustrating part about this scam is how effective it is. I work at a bank and I helped 3 people with this scam the past week. And it’s been going on for months.
Banks are trying to educate customers about this fraud, such as issuing a temp password with a warning that says to never share information with anyone, even a bank employee. Unfortunately, customer education and awareness takes time and can be ineffective in the heat of the scam. Customers affected say to me “I can’t believe I read them my passcode when the message said not to share it with anyone!”
Bankers, IT pros, and community, what are some ideas to fight this scam? How can we prevent bank customers from sharing their temp login code? Fintech pros, how can apps like Zelle help fight unauthorized P2P transactions?