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Be Cautious Of Caller ID: Top Tips To Prevent This New Form Of Fraud

In the era of evolving technology, fraudsters have also unfortunately joined in the race to ‘go digital’ by updating their devious methods for theft. More specifically, a new form of fraud allows scammers to fool mobile phone users into thinking an incoming call is coming from their bank via a false caller ID. When mobile phone users answer the call, they are tricked into thinking they are speaking to the bank, thus providing personal financial information and allowing the scammer to steal from their account.  

Keep your finances secure and prevent caller ID fraud with this guidance: 

  • Be sceptical — Scammers often will try to fool you through fear mongering (e.g. reporting suspicious activity on your bank account), increasing the likelihood that you will share personal information to 'fix' the problem. Regardless, never provide financial information such as your PIN or banking password over the phone.
  • Don't allow withdrawals — The criminal caller might ask you to permit a withdrawal from your account for safe keeping from a false threat. Don't ever agree to withdrawals over the phone.
  • Act immediately — If you discover that you are a victim of fraud, contact your bank, broker and the proper authorities right away.

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice. Readers should contact a health professional for appropriate advice. © 2019 Zywave, Inc. All rights reserved.