The first half of 2023 saw phone scammers cause $46 billion in American consumer losses. That’s $7 billion more than in 2022, projecting another increase in annual losses to phone scams. Bank scams, like the Bank of America scams, are among the most spreading scams with nearly 364 million bank-related robotexts being sent in 2023. Bank scammers can be sophisticated and convincing, and they often strike before you realize you’re in trouble.
Scammers disguise themselves as companies you know and trust, and just one successful scam can lead to financial loss, identity theft, and psychological trauma. Read on to learn about Bank of America scams and how to protect yourself from severe and lasting financial consequences.
Bank of America scams are a specific type of bank scam that aims to steal confidential information by soliciting you in a fake problem or situation With the right personal and financial details, scammers can empty your bank account, open new lines of credit in your name, and steal your identity.
Scammers use a variety of techniques to appear legitimate and get away with your valuable data, including:
Bank of America scams tend to come in one of several forms, and some can be done using any of the primary three: phone calls, text messages, and emails. Regardless of the method used, Bank of America scams generally revolve around one of the following fake premises:
Like the main goal of phone scams — to siphon information that can be used to steal money and identities — the premises are generally the same. However, the method of delivery may affect how the scam attempt plays out.
Bank of America scam texts (or smishing schemes) are fraudulent text messages disguised as legitimate notices and correspondences. They typically direct you to click a link in order to address some kind of issue, like verifying a payment or responding to a potential fraud alert. However, the link is actually just a mechanism for stealing information.
For example, you may get a text message that appears to be a payment verification alert from Bank of America notifying you of a bogus transaction. The scammer instructs you to follow the link if you didn’t authorize the transaction (which, of course, you didn’t). The link brings you to a spoofed (fake) website that asks for contact information, account details, and other private data under the pretense that it’s necessary in order to cancel the fake charge.
Don’t trust unexpected texts that claim to be from Bank of America, especially if you haven’t signed up for mobile alerts. Bank of America sends texts from publicly listed shortcodes, so any texts from a 10-digit phone number claiming to be them are scams.
Although scam texts have become more popular, scam calls are still dangerous. Scammers claiming to represent Bank of America may call you or send you a voicemail instructing you to call them back at a number that leads to them.
A scam call might claim your Bank of America account has been compromised and encourage you to transfer your money to a secure account. In reality, you would be transferring your money directly to the scammer. Never transfer your money to a different account because you were instructed to do so via call or text. Bank of America will never ask you to do this.
If you get a voicemail claiming to be from Bank of America, don’t call the number left in the message or the number that called you. Instead, call Bank of America at the number on the back of your card or an official number listed online. Hang up on calls that ask for personal information, and use Robokiller’s phone number lookup tool to check suspicious calls against our database.
Bank of America scam emails (and phishing emails in general) work much like their smishing counterparts. They, too, tend to use links to trick customers into revealing sensitive account information that can be used against them. Unlike scam texts, however, fraudulent emails can convincingly mimic Bank of America in branding and design — much like the spoofed website hiding behind the link.
A Bank of America scam email may notify you of a fake hold on your account due to fraudulent activity, prompting you to click a link to verify your account number and reset your password. If you do, the link downloads malware onto your device or sends you to a fake website that asks for private information. Any details you enter will be sent to the scammer and may be used to steal money or additional data.
All legitimate Bank of America emails come from addresses ending in @BankofAmerica.com. If you get an email from a different address claiming to be Bank of America, report and delete it.
Bank of America text scams and fraudulent calls can be dangerous, and scammers may do a convincing job of disguising themselves as the real bank. Unfortunately, Bank of America is just one of many trusted financial institutions that scammers use as a cover for their ploys.
Be wary of unexpected texts that claim to be from legitimate companies like:
Follow the tips below to spot the red flags of Bank of America scams before they get too close for comfort.
If you’ve received a Bank of America scam call or text and you clicked a link or gave away information, it’s critical to know how to react. The sooner you take action, the better your chances of retaining your privacy, money, and identity.
Bank of America scams can threaten your identity and your family’s financial security, so it’s vital to protect yourself from all angles. Robokiller is a scam-protection app that virtually eliminates risky scam texts and relentless spam calls.
Robokiller’s critical scam-blocking features have led to an extensive resume that includes:
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