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The Bank Rep Scam

December 22, 2023
min read
Man with glasses on phone behind two computer monitors

Keep Those MFA's Private!

A devastating scam has been making it’s rounds, robbing people of their life savings... it’s remarkably simple and dangerously deceptive.

Here's How it Works

  1. You get a call from someone impersonating a bank representative which is confirmed by the caller ID
  2. The “bank rep” urgently informs you of suspicious activity on your account and comforts you by saying they will take care of it immediately
  3. In order to confirm your identity they need you to read them the numbers from a subsequent text message or email you receive
  4. The text message or email asking you to authenticate your account is real: designed to enhance customer security, they are sent by your bank as part of its multi-factor authentication system
  5. This code is the last line of defense for your account, and once shared with the scammer, gives them complete control of your account including the ability to wire themselves money
  6. Worst of all, the bank is unable and unwilling to do anything about it since you willingly gave over the multi-factor authentication code to the scammer despite the text warning you not to do so (see image)

Navigating Confidently

A seemingly innocent 2 minute phone call can cost you or your loved one their life savings.

  • Never share MFA codes or one time passwords!
  • Always be skeptical of incoming communication regarding "suspicious activity" on our account.
  • When suspicious, reach out to the financial institution through their direct support line.
A text message with an MFA code from Chase
A text message with an MFA code from Chase

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