The 7 Latest Bank of America Scams and How To Identify Them

Via Zelle, Gabrielle Chavez received a SMS from Bank of America inquiring whether she had transferred $3,500 to an individual and had been accumulating funds to cover the cost of her mother’s grave marker.

The 24-year-old, feeling fearful that her account had been compromised, promptly called Gabrielle’s phone just moments after sending the message. She clarified that, in order to safeguard her savings, she would need to move them to a new “secure” Zelle account, as advised by a gentleman who identified himself as an expert in banking fraud, on the opposite side of the line.

Gabrielle complied — unaware that she had just sent her entire savings to a fraudster.

Unfortunately, Gabrielle’s story is not unique as Americans lost a staggering $2.3 billion in scams and imposter schemes in 2021 alone, with scammers posing as bank employees regularly to gain the trust of their victims.

If you are a customer of Bank of America (BoA), we will explain how the latest scams commonly work in America, and why it is important for you to be aware of the latest schemes targeting your accounts.

What Are Bank of America Frauds? How Do They Operate?

Scams occur when fraudsters attempt to gain access to your personal information or bank accounts by posing as officials or employees of Bank of America.

Efficient and straightforward, it is a cunning fraudulent strategy. The level of trust that extends to your employees, as well as the level of trust that extends to your bank, is the same level of trust that you should extend to protect your savings from fraudsters when you bank. Scammers are aware that the banking system is built on trust.

The most recent Bank of America frauds encompass, however the frauds themselves are frequently advanced and difficult to detect while the strategy is uncomplicated.

  • Fraudsters and impersonators pose as officials or employees of Bank of America, pressuring you over the phone to give them your account details or send them money.
  • Scammers create a sense of urgency by sending fake fraud alerts or other messages to verify any information that identifies them. There is an issue with your account and scams related to account verification.
  • Please be cautious of text messages that imitate scammers and request your account details. If you receive any such texts claiming to be from Bank of America, do not respond or provide any personal information. These texts are a form of phishing called smishing, which aims to deceive customers by sending fraudulent messages about their account transactions or updates.
  • It is astonishing how authentic these emails may appear, but they are actually suspicious. If you visit this fake Bank of America website, you may unknowingly give access to your accounts or fall victim to phishing emails from fraudulent con artists. These emails are deceptive and aim to deceive unsuspecting individuals.
  • Fraudsters create websites that look exactly like the official Bank of America login page to capture your credentials and password. Spoofed login websites are a common factor in scams targeting Bank of America. These websites are fake.
  • Example: A Deceptive Email from Bank of America That Nearly Succeeded

    Here’s an instance of an actual Bank of America fraudulent email.

    An example of a fake Bank of America scam email. Source: Aura team

    At first glance, you might not assume that this is a fake email, but the email uses the official bank’s logo and describes what sounds like an email from Bank of America, “says” the name.

    However, upon further investigation, there are evident warning signs indicating that you are dealing with a fraudulent scheme.

  • In order to deceive their targets, the fraudsters have altered the sender’s name to read “Bank of America” rather than originating from an authorized email address such as “BankofAmerica.Com”.
  • Fraudsters do not have to steal lower-quality versions online and access the official bank’s design assets. The logo is not a high-quality, crisp image.
  • The email from Bank of America will contain personal information, such as your name or account number, and is specifically tailored for “Valued Customer.”
  • Attachments can conceal viruses and malware. Afterwards, when instructed, avoid downloading any attachments that prompt you to do so.
  • This is a classic scam tactic that makes you act without thinking. It creates a sense of urgency by threatening to suspend your account.
  • Bank of America will assign a fraud specialist to investigate if it suspects any fraudulent activity on your account. No additional contact methods are provided.
  • Capitalized inappropriately also are words. Mistakes grammar and spelling subtle shows read close a (such as “inconveniences” for apologizes bank the how).
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    While a few of these aspects are evident indicators, not all Bank of America fraudulent activities are as simple to identify.

    The 7 Most Recent Bank of America Fraudulent Schemes You Need to Be Aware Of

    Scammers are constantly testing new ways to gain access to your bank account or personal information by providing you with the latest descriptions of scams targeting Bank of America.

    1. Bogus scam notifications urging you to “confirm” your identity

    Scammers commonly target Bank of America customers with text messages asking you to verify your identity in order to regain access to your account. These fraudulent messages often claim that your account has been suspended or hacked, and they use threatening language to create a sense of urgency.

    Example of a Bank of America scam text. Source: Reddit

    There are numerous counterfeit bank text messages connected to this fraudulent activity. Two of the most prevalent instances are:

  • Your Bank of America debit card activities have been irregular due to disability. Please review recent transactions and log in at {URL}. Failure to verify recent activities may result in account closure. Please reply to opt-out of all BofA alerts.
  • Your online banking has been temporarily blocked in order to prevent fraudulent use. Please visit {URL} to opt out of alerts messages. Reply to stop data rates and messages.
  • Scammers aim to visit a fake website in order to steal your personal information such as your Social Security Number (SSN) or bank account credentials.

    Avoid falling victim to scams. Follow these steps:

  • If you see the same information noted in your account, you will find out if the alert message was legitimate. Only log in to your Bank of America account through the official website BankofAmerica.Com or the mobile app. Do not trust links in SMS messages.
  • To report a spam message or forward a suspicious email to Bank of America’s fraud department, you can text the email screenshot to 7726 or email it to abuse@bankofamerica.Com.
  • ⛳️ Related: Defrauded on Zelle? Here’s How To Retrieve Your Money →.

    2. Telephone calls alleging that your account has been compromised

    One trending phone scam targeting Bank of America customers involves persuading them to transfer their savings to a “safe” account controlled by the scammers, and subsequently pressuring them to warn customers that their account has been compromised.

    Fraudsters use technology to spoof phone numbers, making it appear as if they are calling from the Bank of America. They may even try to find personal information about you online, such as your family members’ names or your checking account number, in order to make themselves seem more legitimate.

    Avoid falling victim to scams. Follow these steps:

  • Bank of America employees will never request your credit card numbers and SSN, as well as other sensitive information such as account password or card PIN, over the phone. If someone asks for personal or account information, it is advised to hang up.
  • It’s almost impossible to get it back, it’s almost impossible to get it back, when using services like Venmo or Zelle, sending money is essentially the same. Remember, if the bank detects abuse or fraud, it won’t ask you to transfer the money. Even if you supposedly have control over that account (you never transfer money to another account based on a phone call).
  • 3. Emails requesting you confirm your account or face potential loss of access

    Participating in these emails can lead to risky outcomes. Many scammers frequently send emails pretending to be artists, urging bank customers to fill out and download forms to verify their accounts, ultimately suggesting that customers may lose access to their accounts if they do not comply.

  • Scammers can infect your computer by providing spyware or ransomware disguised as legitimate attachments, which, when downloaded, can give them access to all your files. Be cautious as your device can get infected through these attachments containing hidden malware.
  • Fraudsters may request fake verification credentials, such as your PIN card, password, or other account forms, in order to deceive you. Be cautious not to inadvertently provide scammers with access to your Bank of America account.
  • If fraudsters are unable to access your bank account, even if you accidentally provide them with enough information to steal your identity, it can still be stolen.
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    Always keep in mind: Financial institutions will not request you to “confirm” sensitive or personal details.

    Avoid falling victim to scams. Follow these steps:

  • Meanwhile, despite the lack of updated account information, the bank will refrain from closing, suspending, or deactivating your account. Instead, it will request that you update your personal information via their official website or app, or in person, if required by Bank of America. Avoid clicking on any links in emails.
  • To safeguard your computer and other devices, it is advisable to utilize powerful antivirus software like Aura’s, which effectively scans for and isolates damaging viruses before they can harm them.
  • ⛳️ Related: Have I Been Compromised? Red Flags and How to Respond →.

    4. SMS notifications stating that your Bank of America account is suspended or locked

    The sole method to “unlock” your account is by clicking on a dubious hyperlink. In this fraudulent scheme, they dispatch counterfeit SMS messages alleging that your account has been suspended or locked. Fraudsters are aware that the majority of individuals dread the prospect of losing entry to their bank accounts.

    Scammers want you to click on malicious links to “unlock” your account. Source: Reddit

    These text messages are typically used to exploit your concern for cybersecurity or the threat of fraudulent activity, so be cautious when clicking on links that could potentially connect your bank account and device to risk. However, it is important to think before you act and not engage with these messages.

    Avoid falling victim to scams. Follow these steps:

  • They should never click on them. Scrambled or shortened links, especially those embedded in text messages, are a classic scam tactic. They should never tap on embedded links in SMS messages.
  • Do not blindly trust any suspicious text messages. Verify through official channels if there was an issue with logging into your Bank of America account on their official mobile banking app or website.
  • ⛳️ Related: I Responded To a Spam Text! What Should I Do Next? →.

    5. Scams involving Zelle, Venmo, and other mobile payment apps

    Fraudsters have shifted their focus towards payment apps like Cash App, Venmo, and Zelle because they are easy to use and treat transfers as cash-like services, allowing someone to send you money once.

    To protect your money, they explain that the only way to transfer it is by using a secure account in the app payment system. They then clarify that your account has been compromised and caution you to avoid contacting fraudsters or scams through texts, emails, or phone calls in the app payment platform.

    Are still transfers Zelle, which is treated like cash. However, it doesn’t mean that other payment apps are safer or more secure. Zelle was created by the seven largest banks in the United States, including Bank of America. But is Zelle not owned by the bank?

    Avoid falling victim to scams. Follow these steps:

  • If you are uncertain about the recipient of the funds, refrain from sending it. Do not trust individuals who claim that you will be reimbursed after sending the money. Regard payment applications as equivalent to physical currency.
  • Bank of America will never request that you send money to anyone, including yourself. Prior to taking any action in response to a warning or alert, it is advisable to verify the information by checking your Bank of America account. If you do not possess a Zelle account, it is safe to disregard any solicitations to verify payment through Zelle. Disregard any messages or calls pertaining to payment applications that you do not utilize.
  • 6. Allegations that fraudsters established a Bank of America account under your identity.

    If you’re a victim of identity theft, there’s a high probability that you’ll receive an unforeseen email (or tangible mail) regarding a new Bank of America account that you didn’t initiate.

    On the Deep Web, your personal data is likely already accessible to malicious entities. They have the ability to exploit it by obtaining credit or engaging in money laundering activities. Fraudsters utilize stolen details like your Social Security Number, residence, and email address to initiate the creation of fresh accounts.

    Avoid falling victim to scams. Follow these steps:

  • If you attempt to see and explore it, you are in danger. Aura scans dark web marketplaces and websites to detect any leaked passwords and personal information. You can utilize a free dark web scanner.
  • Create a fresh bank account to utilize your identity. An individual has utilized these initial indicators, so do not disregard unsolicited mail or unforeseen proposals in the mail. Notify Bank of America’s security squad about deceitful accounts.
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    7. Text Messages for Verifying Checks that are Not Genuine

    Fraudsters immediately provide you with a telephone number, urging you to make a call in case you answer “no.” In this fraudulent scheme, scammers send a counterfeit text message requesting you to “authenticate” a check that originated from your account. Over the past year, instances of check fraud have seen a notable rise.

    “4342.” Starting accounts at Wells Fargo is just one example, but it is easy to guess these numbers if they can be found on the Dark Web. However, it is important to remember that the message may be legitimate, so you should consider including the last four or first four digits of your bank account number to make sure. Fraudsters often exploit this vulnerability.

    Avoid falling victim to scams. Follow these steps:

  • The Forward Message does not verify outgoing checks to be cashed by Bank of America. Additional verification is not needed to cash checks. Ignore the abusive text message that handles bank and com@bofa.
  • Enhance the security of your Bank of America account by updating your passwords and enabling two-factor authentication (2FA). Perpetrators have already obtained your phone number and certain additional details, which implies the presence of fraudulent text message scams related to “check verification”. Take the necessary steps to set up two-factor authentication (2FA) for your account.
  • ⛳️ Related: What Occurs If You Unknowingly Deposit a Counterfeit Check? →.

    Have You Sent Money to a Fraudster or Disclosed Your Banking Information to Them?

    If you inadvertently transmit funds or personal information to a fraudster, it is essential to promptly take action in order to safeguard your financial resources and personal identity.

    [*] Recurring victims are individuals who have encountered identity theft on multiple occasions.

    Here are some suggested activities:

  • You can work with the bank to protect yourself from additional fraud, but it may not succeed. The bank will launch an investigation and try to return your losses. Call the hotline number 1000-432-800 for America’s Bank fraud department.
  • To regain access to your ID or password, simply follow the instructions provided in Bank of America’s guided demonstration promptly. It is necessary to retrieve them in case your login details for your bank account have been jeopardized. Retrieve your online banking account.
  • Up until the conclusion of 2023, you have the opportunity to obtain complimentary credit reports on a weekly basis from AnnualCreditReport.Com. In the event that this occurs, your credit report could potentially serve as an initial indication that individuals who engage in identity theft might exploit your details to establish accounts with different financial institutions. Take the time to review your credit report for any dubious or questionable behavior.
  • Pause credit requests addressed to the three primary credit reporting agencies (Experian, Equifax, and TransUnion). A credit freeze is the procedure for requesting a credit check. Verify your credit status with any of the major credit reporting agencies, as financial institutions and lenders establish credit lines under your identity. Initiate a credit freeze by informing the credit reporting agencies.
  • If you need to file an official report of identity theft, it is critical to go to IdentityTheft.Gov to initiate the process. The Federal Trade Commission (FTC) is the official entity to which you should file a complaint, lodge charges, dispute any fraudulent activity, and request the closure of accounts opened in your name by identity thieves.
  • Aura’s #1-rated identity theft protection service monitors your most sensitive financial accounts and information for signs of fraud. If anyone is trying to steal your credit or identity in your name, you will be alerted in real-time. Aura’s all-inclusive plans also include powerful digital security tools to keep your devices safe from hackers, as well as insurance coverage for eligible losses due to identity theft, up to $1,000,000.
  • How To Safeguard Your Bank Account From Fraudsters

    By practicing proper security practices, it will become more challenging for criminals to obtain access to your monetary resources and financial data.

  • Criminals often attempt to gain access to victims’ accounts by using old passwords. It is advisable to avoid using passwords that have been previously breached on other platforms. Your account password should include a combination of symbols, numbers, lower- and upper-case letters, and be at least 10 characters long. Make sure to update the passcode for your online bank account.
  • Instead of using an app authenticator like Google Authenticator or Authy, hackers can intercept SMS or text codes that are sent to your mobile device. However, to access your bank account, you need an additional security measure which requires a secondary code. Enable 2FA with an app authenticator.
  • If you receive a message requesting you to sign in to your Bank of America account, whether it’s through BankofAmerica.Com or the mobile app, never click on any suspicious links in emails or texts.
  • There is nothing there, if you see it reflected on your homepage account, it means that the message was a scam. If you receive an alert that the official bank’s website or app is genuine, verify your account information by checking your account. Do not believe emails, calls, or texts about your account. Always check your online account first.
  • To ensure the security of your devices, it is recommended to utilize Safe Browsing tools, a virtual private network (VPN), and antivirus software. Additionally, employing a password manager to securely store your login information and being able to identify the indicators of a phishing attack are crucial in practicing proactive cyber hygiene.
  • ⛳️ Related: Help! Somebody Falsified My Signature on a Check and Cash It →.

    The Key Point: Avoid Falling Victim to a Bank of America Scam

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