Protecting yourself against phone fraud

Ring ring! Incoming call from Flagstar Bank.
 

Kevin: Hello?
 

Caller: Hello, is this Kevin Customer?
 

Kevin: Yes, it is.
 

Caller: This is Monica from Flagstar Bank. I am calling about a serious matter. Our security systems have flagged your checking account due to suspicious activity. I can help, but we must act quickly to stop further charges.
 

Kevin: OK. What do I need to do?
 

Don’t do it, Kevin! Monica doesn’t work at Flagstar. She’s not even a person. She’s an AI voice. It’s really a criminal typing on a keyboard. They’ve already sifted through your social media accounts. Now they’re trying to get more information to steal your identity.
 

Today’s fraudsters are more sophisticated than ever, thanks to new technology and social engineering—manipulating someone into taking action. All that effort goes toward fooling, convincing, or bullying you into sharing private information for one of these nefarious reasons:

• To steal money from your bank account, credit card, or retirement account
• To have you send them money, preferably by gift card, cryptocurrency, payment app, or wire transfer, because it’s hard to trace and even harder to get back
• To learn more about you so they can steal your identity

Unfortunately, Flagstar customers are not exempt from such scams, but we have some tips that can help you fight back.
 

Tips for preventing fraud phone calls

Download a call blocker app to weed out fake calls.
This type of app blocks and reports unwanted calls. Your mobile phone provider may offer one, or you can find one you like in the App Store or Google Play. Be sure to read the reviews before committing. Some apps charge a small fee, and some block everyone who’s not in your contacts, so you could miss calls from your doctor or school.
 

Don’t believe caller ID.
It’s easier than ever to spoof a phone number to look like a business, the IRS, or the Social Security Administration. There is literally an app for that (dozens of them, actually). Be skeptical of all unexpected calls.
 

Send the call to voicemail.
If the number does not look familiar, don’t pick up. The caller can leave a message for you to listen to later and decide if the call is legitimate. Not sure if it’s a scam or a real call? Don’t call them back using the number they called from. Instead, call the number on the company’s website, a recent bill, or a statement.
 

Hang up.
We love good manners, but not with scammers. A recent scam involves the caller saying, “Hello, can you hear me?” over and over to get you to reply. When you do, they feed your voice into AI then use your identity to authorize a payment. Or they call your family and friends and pretend to be you having a fake emergency so they need to send money fast.
 

Fake emergencies are a classic type of social engineering. When you think a loved one is in trouble, you want to help, and the urgency of the matter makes logic and skepticism fall by the wayside.
 

Don’t share personal or account information.
If you call Flagstar, we may ask you to confirm your information to prove you’re you. When we call you, we will never ask for your account number or Social Security number, and there’s no reason for us to know your username, password, or PIN.
 

Every year, the American Bankers Association works to raise awareness about fraud with its #banksneveraskthat campaign. Visit banksneveraskthat.com for an entertaining way to learn important information.
 

Know their tactics.

Scammers try to make you act quickly before you have time to think twice. Here are a few tricks they have up their sleeves:

• They try to scare you.

They will say things like,“Act now before all your money is gone” or “You will be arrested if you don’t comply.”

• They offer a phony prize.

But for some reason, you need to send money to receive it. 

• They offer a phony solution.

Someone calls to say your bank account has been hacked and you should transfer all your money to a “safe” account for protection. There is no safe account. It’s their bank account, and they’ll close it as soon as they have your money.

• They ask for remote access to your computer.

Someone calls to say that your computer has been compromised and they need remote access to fix it. Then, they sign in and steal your personal information, usernames and passwords, and anything else they can grab. Never let someone who calls you have remote access to your computer.

More fraud-fighting resources

• Our Reporting Fraud page offers more information about reporting scammers.
• How To Block Unwanted Calls offers additional tips from the Federal Trade Commission.
• Use the FTC website to report a phone scam.
• The Better Business Bureau’s Scam Tracker lets you look up the latest cons.
• The FBI website has a list of current scams, too.