As published in our mid-year report, bank scams were the second-most popular type of robotext in the first half of 2023. Fraudsters stole an estimated $13 billion through text scams and $33 billion through call scams in that time, and they get away with increasingly large sums each year. In many cases, scammers pose as legitimate companies like Bank of America and attempt to steal online banking passwords, account details, and other personal information.
Bank of America text scams can cause financial distress, psychological trauma, and loss of stability for you and your family. Keep reading to learn how to spot and avoid them.
Bank scams come in many forms, but they often follow a few popular templates. Familiarize yourself with these five common Bank of America scams so you can avoid their pitfalls.
In one common scam, the fraudster sends a Bank of America fraud alert text claiming your account has been compromised. They encourage you to transfer your funds to a “safe” or “secure” account, but it’s really the scammer’s own account. If you transfer money to the scammer, you might not be able to get it back. Bank of America will never encourage you to transfer money to a different account.
In some cases, scammers claim your account has been suspended due to fraudulent activity. You’ll be prompted to reactivate your account by following the provided link, which will actually send you to a spoofed website or trigger a malware download. Alternatively, the text may ask you to respond with your login credentials. Bank of America does not engage in these practices.
Another Bank of America scam requests that you update your information to verify your identity and keep your account. They send a link that takes you to a spoofed website, which asks for personal information like your physical or email addresses, credit or debit card details, or Social Security number. Bank of America will never solicit personal data or ask you to verify your account by clicking a link.
Depending on your custom alerts, Bank of America may send you confirmation messages when you make or receive payments. Unlike scammers, however, they will not ask you to respond “yes” or “no” to confirm or deny a transaction, nor will they have you follow a link to input your personal information. Keep in mind that legitimate Bank of America text alerts always come from verifiable short codes.
Another type of phony account update, payment app transfer scams are fake alerts that indicate you’ve sent or received money using a payment app like Zelle, Cash App, or Venmo. Like payment confirmation scams, they may ask for a “yes” or “no” response and follow up with a malicious link. Instead of trusting these alerts, check your payment apps and Bank of America statement — you’ll likely find no such transfer.
One reason Bank of America is a popular disguise for scammers is that they offer a variety of customizable text alerts. Customers who are accustomed to hearing from the bank may instinctively assume an imposter text is legitimate, making them more likely to fall for the trap. That’s why it helps to recognize Bank of America phone scams in action.
All text and call scams come with warning signs. Get to know the common red flags associated with Bank of America scams below.
In most cases, Bank of America only texts customers who have signed up for text alerts. If you haven’t enrolled in mobile alerts, you shouldn’t receive non-emergency messages. Be careful when dealing with unexpected texts and calls, and never transfer money unless you know and trust the recipient.
Scammers want you to take action before you realize you’re being scammed, so they may push you to act quickly. They may threaten to suspend your account or charge late fees if you don’t immediately give them the information or payment they request. Real Bank of America representatives won’t rush you or threaten your account.
Bank of America has stated they do not ask for personal or financial information via phone call, text message, or email. If you receive an unsolicited call, text, or email asking for sensitive personal details, report it to the authorities before blocking the number.
Suspicious links are a telltale sign of a smishing scheme. A scammer may prompt you to click a link to reset your password or verify your account. The link actually takes you to a spoofed page that looks like Bank of America’s official website, where the scammer can steal any information you enter. The link may also infect your device with malware that gives scammers access to your data.
It’s easier to recognize Bank of America scams when you understand how and when the real Bank of America reaches out to customers.
If you opt in to custom alerts, Bank of America may text you regarding:
Text messages from Bank of America will typically come from one of the following short codes:
You can turn off all text alerts by texting “STOP” to 692632. You can text “HELP” to the same number for assistance.
Bank of America is one of many legitimate businesses scammers use as a disguise. Watch out for scammers posing as other reputable companies, like:
An unexpected text or call is only the beginning of a scam. Knowing how to handle suspicious texts and calls can help you protect your private information, money, and identity.
Never click the link in an unexpected text message, even if your caller ID claims it’s from a trustworthy number. The link will likely send you to a fake website created by the scammer to steal your Bank of America account details. In some cases, clicking the link triggers a malware download that gives the scammer access to your device. Contact Bank of America at an official number or email address to determine if the text was legitimate.
Phone scammers attempt to uncover sensitive information like usernames and passwords, bank account details, and Social Security numbers. They use this information to hack into financial accounts and steal identities. Bank of America will never ask for your personal information by text, phone call, or email.
Screenshots of suspicious texts may be helpful when reporting Bank of America scam texts to the authorities. They may capture the techniques the scammer used, the information given away, and any links to spoofed websites involved in the scam.
Bank of America will never ask you to transfer money to a different account. Scammers pretend your account has been compromised so you’ll transfer money to a “safe” account, which is really their own. If someone posing as a Bank of America representative asks you to transfer money, call the number on the back of your card and report the scam.
In addition to calling the phone number on the back of your Bank of America card, there are several other ways to report text scams:
If you report a text scam immediately, Bank of America may reverse fraudulent charges under their $0 Liability Guarantee program.
Just one successful text scam can drain your bank account and leave lasting psychological damage. Follow these tips to help prevent Bank of America text message scams and protect your phone from fraudsters.
The first step in protecting yourself from scam and spam texts is recognizing when you’re being targeted. If you get a suspicious text or call from Bank of America, call them at a verifiable number to make sure it’s legitimate. Never click links or give away information before confirming you’re interacting with someone you trust.
Set up two-factor authentication to have a private security code sent to your mobile device or email address when you log in to your account. This extra step adds another layer of security between scammers and your online banking account. Never share your 2FA code via text message, phone call, or email.
Install updates and new operating systems whenever they become available for your mobile devices. If you use your computer for texting (whether by SMS or other messaging apps), choose a reputable antivirus software to protect your devices from malware and viruses.
One of the best ways to protect yourself from phone fraud like Bank of America text scams is by downloading a comprehensive scam-blocking app like Robokiller. Dedicated third-party apps intercept and block spam texts and scam calls before they can infiltrate your phone.
Falling victim to a Bank of America scam doesn’t necessarily mean all hope is lost. If you take action quickly, you may be able to limit the damage.
Bank scams can have disastrous consequences for your family, your personal finances, and your sense of privacy and comfort. Fortunately, Robokiller is 99% effective in blocking spam calls and scam texts before they make it to your phone.
Here’s a sample of Robokiller’s essential features and real-life results:
Robokiller has what it takes to protect your family from phone scams and help you reclaim your peace of mind. If you’re ready to fight back against Bank of America text scams, start your free 7-day trial of Robokiller today.
Bank of America may send you text alerts from a short code, but they will never ask for personal information via text message, phone call, or email.
If you’ve been targeted by a Bank of America text scam, forward the message to 7726 (SPAM), email it to firstname.lastname@example.org, or call the number on the back of your card to speak with a representative.
If you report a Bank of America scam text quickly, you may be able to recover the money that was stolen. Bank of America’s $0 Liability Guarantee program covers unauthorized transactions made with stolen credit or debit cards (or their information).
You can contact Bank of America directly by calling 1 (800) 432-1000 or the number on the back of your card. You can also schedule an appointment or log in online, access the Help & Support menu, and select Contact us.