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Saving Advice
Saving Advice
Drew Blankenship

Americans Lost $3.5 Billion to Impersonation Scams Last Year—What to Say When a Caller Claims to Be From Your Bank

bank impersonation scam
If someone claims to be from your bank, never share passwords, PINs, or verification codes. Hang up and call the number on the back of your card to verify the situation. Pexels

Scams are a huge money-suck. In fact, Americans lost $3.5 billion to impersonation scams alone last year. You pick up the phone, you hear someone say that they are from your bank, and your knee-jerk reaction is to cooperate. No one wants trouble with the bank or the chance of losing access to their money. The trouble is that scammers are more sophisticated. Modern criminals can even spoof your bank’s real phone number, making the call appear legitimate on caller ID.

However, saying the right things can save you a lot of trouble. If you suspect an impersonation scam, these eight lines could stop scammers in their tracks.

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