('Scripps').įollow John on Instagram John on Twitter more consumer news and money saving advice, go to General Eric Holder and Associate Attorney General Tony West announced today that the Department of Justice has reached a $16.65 billion settlement with Bank of America Corporation – the largest civil settlement with a single entity in American history - to resolve federal and state claims against Bank of America and its former and current subsidiaries, including Countrywide Financial Corporation and Merrill Lynch. That way, you are not scammed, and you don't waste your money.ĭon't Waste Your Money' is a registered trademark of Scripps Media, Inc. If your bank claims a problem with your account, call the bank at their main number, not the number given you from any text, call or email. None of them have anything to do with these messages. Logos of Fifth Third, Wells Fargo, US Bank, and Bank of America have all been used in this scam.

Never give your account number to someone who calls or texts you.

Do not call a phone number in the text, as it may be the scammer's number.

The FTC says if you get a suspicious text or phone call from your bank. 'They changed my user name, my password, changed my card PIN, and started to withdraw money,' he told us. So he gave his account number, but within minutes realized he had been scammed. 'They had detected suspicious activity, and they were going to help me,' he says of the alert he received. Shortly before the pandemic hit, Damon Lander was hit by this scam. The FTC believes they don't know who you bank with, but rather send these texts randomly, knowing if you have an account with that bank you're going to pay attention. So how do these scammers know you have an account with that particular bank? Good thing: It was a text message scam, often called 'smishing ,' the text version of an email phishing scam. It also said her online banking had been 'locked due to unusual activity.'īut Hoeting didn't have a Wells Fargo account, which is when she got suspicious. She almost clicked the link, when another text arrived, this one from Wells Fargo Bank.

'I use my debit card for almost everything.' 'It was terrifying that my bank was going to be locked,'she said. 'It said my account has been locked due to suspicious activity,' she said.

Her bank - Fifth Third Bank - was locking her account. Michelle Hoeting got a text message on her phone the other day, and immediately started to worry. But if you fall for this slick scam, it's even scarier. Some call it the most dangerous bank scam ever: A text or phone call from your bank stating your account has been locked for fraud.

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