Bank Scams to Look Out For

Feds Warn Service Members About Impostor Scams

The Federal Trade Commission (FTC) and MilitaryConsumer.gov have been alerting service members and veterans about malicious phone calls and other communications from impostors. These scammers falsely claim to represent banking institutions and creditors, attempting to trick their targets into providing sensitive personal data or financial account information.

Bad actors primarily contact current and former military personnel via phone calls, but they also use text messages and emails. These criminals claim to be with institutions like Navy Federal Credit Union, USAA Bank, and others.

Once contact is made, the scammers request sensitive information, including Social Security, bank account, and credit or debit card numbers. They may also ask for the credentials you use to log into your accounts. They claim they need this information because they have detected suspicious or fraudulent activity. They may state that your debit card has been disabled or that an urgent issue needs to be resolved immediately.

All of these claims are false. The criminals use these tactics to gain access to your accounts or personal data, which can then be used for crimes up to and including **identity theft**. Furthermore, text messages and emails often include **malicious links** that, if clicked, will install harmful software on your device.

• Verify the Source: Your financial institutions will **not** contact you and ask you for sensitive information like your account number or login credentials. If you receive a call, text, or email requesting this information, be highly suspicious.
• Hang Up and Call Back: Scammers can **spoof** the number they are calling from, making it look like your bank. If you are asked for personal data, terminate the call immediately. Then, contact your bank or credit union using a number you know to be correct (from their official website or the back of your debit card). Tell them about the suspicious call.
• Never Click Suspicious Links: Do not click links in text messages or emails unless you are absolutely certain they are from a legitimate source. Opening attachments in suspicious emails can install malware, giving an attacker complete control over your device and access to all sensitive data stored there.

If you believe you have been victimized by a cybercriminal, you can file a complaint online with the Federal Trade Commission at ReportFraud.ftc.gov.

If you are a victim of **identity theft**, you can find resources at IdentityTheft.gov. This site allows you to file a report with the FTC and create a recovery plan. The plan will help you notify creditors, place a freeze on your credit, deal with debt collectors, close fraudulent accounts, and file a criminal complaint with local law enforcement officials.

To learn more about scams and other issues impacting active duty service members and veterans, visit MilitaryConsumer.gov.