Bank Account Takeover Fraud (Phone Scam)

Bank Account Takeover Fraud Can Happen To You!

A bank account takeover (BATO) phone scam is a type of fraud in which the scammer calls the victim and pretends to be from their bank. The scammer may say that there is suspicious activity on the victim’s account and that they need to verify the victim’s information in order to protect their account. The scammer will then ask the victim for their personal information, such as their Social Security number, bank account number, and PIN. Once the scammer has this information, they can use it to access the victim’s bank account and steal their money.

BATO phone scams are becoming increasingly common. In 2021, the Federal Trade Commission (FTC) received over 3.3 million reports of fraud involving imposter scams, which include Bank Account Takeover phone scams. These scams cost victims billions of dollars each year.

See a Victim’s Story here: Bank Account Takeover Fraud Can Happen To You! (scamsnow.com)

How Bank Account Takeover Fraud Works

Bank account takeover (BATO) phone scams are a type of fraud in which the scammer calls the victim and pretends to be from their bank. The scammer typically says that there is suspicious activity on the victim’s account and that they need to verify the victim’s information in order to protect their account.

The scammer will then ask the victim for their personal information, such as their Social Security number, bank account number, and PIN. Once the scammer has this information, they can use it to access the victim’s bank account and steal their money.

Here are some of the ways that BATO phone scams work:

• The scammer may call the victim and claim to be from their bank’s fraud department. They may say that there is suspicious activity on the victim’s account and that they need to verify the victim’s information in order to protect their account.
• The scammer may spoof the caller ID to make it look like the call is coming from the victim’s bank. This can make it more difficult for the victim to verify the caller’s identity.
• The scammer may use social engineering techniques to trick the victim into giving them their personal information. For example, they may say that they need the victim’s information to reset their password or to investigate suspicious activity on their account.
• Once the scammer has the victim’s personal information, they can use it to access the victim’s bank account and steal their money. They may withdraw money from the account, make unauthorized purchases, or transfer money to another account.

If You Are A Victim Of Bank Account Takeover Fraud

The Very First Step is CALL YOUR BANK IMMEDIATELY, then your Local Police!

If you believe that your bank account has been taken over by fraudsters, there are a few things you can do when talking to your bank:

1. Be calm and polite. It’s important to remember that the person you’re talking to is probably just as concerned about your account as you are.
2. Provide your account information. Your bank will need your account number, Social Security number, and other personal information to investigate the fraud.
3. Explain what happened. Tell the bank representative what you think happened, and when you think it happened.
4. Ask for a fraud investigation. Your bank will need to investigate the fraud before they can take any action.
5. Ask for a provisional credit. A provisional credit is a temporary credit that your bank may give you to cover any unauthorized transactions.
6. Get a copy of the fraud report. Once the investigation is complete, your bank will give you a copy of the fraud report. This report will include information about the fraud, such as the type of fraud, the date and time of the fraud, and the amount of money that was stolen.
7. File a complaint with your local police (and get a police report number – your bank needs this,) the FBI, and the Federal Trade Commission (FTC). Visit reporting.AgainstScams.org for more information.

Here are some additional tips for talking to your bank about bank account takeover fraud:

• Call your bank from a number you know is legitimate. If you call from a number that you don’t recognize, there’s a chance that it’s the scammer calling you back.
• Don’t give out any personal information until you’re sure that you’re speaking to a legitimate representative from your bank. It may be best to go into your local branch and ask one of their employees to call the fraud department with you.
• Ask the representative to verify their identity. You can ask for their name, title, and employee ID number.
• Be prepared to provide your account information. Your bank will need this information to investigate the fraud.
• You should consider withdrawing ALL of your money from that bank and creating a new account with a different bank to protect what money you have!
• Contact an attorney! Banks are not your friend and they can easily decide against you so that they do not lose money. You may have to sue your bank if the bank refuses your fraud complaint.
• Do not expect this to be resolved in one step. This may take days or weeks to fully resolve. Understand that the bank will make their own decisions and often not the one you want. Be prepared to take action against your bank if needed.

Protect Yourself From Bank Account Takeover Fraud

There are a few things you can do to protect yourself from BATO phone scams:

• Never give out your personal information over the phone, unless you are sure that you are speaking to a legitimate representative from your bank. If you receive a call from someone claiming to be from your bank, hang up and call the bank’s customer service number yourself to verify the caller’s identity.
• Be suspicious of calls that come out of the blue. If you receive a call from someone you don’t know, especially if they ask for personal information, be careful. Don’t give out any information until you are sure that the caller is legitimate.
• Be aware of the signs of a scam. If the caller is pressuring you to act quickly, or if they are asking for personal information that you don’t normally provide, be suspicious.
• If you think you may have been the victim of a BATO phone scam, report it to your bank & local police immediately. You should also report the scam to the FBI & FTC – learn more at reporting.AgainstScams.org

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