This morning, April 5, 2022, the television program Good Morning America ran a very alarming story about bank scams. As it was reported, the Electronic Funds Transfers Act, is the regulation enacted to protect consumers from fraudulent or unauthorized electronic transfers of money from consumer accounts. This story is an important one and can be seen here.
Scammers are finding Zelle users to be an easy target. In this frightening new scam, you will receive a text message from what appears to be your bank advising of possible fraudulent charges. When you respond to the text, a phone call comes in where the agent, posing as a representative of your bank, instructs you to make a transfer between accounts. At that point, the money is taken.
Banks have an obligation to investigate into fraudulent transfers in and out of your bank account. In this scam, the banks are claiming that since the consumer logged in themselves and made a transfer themselves, they are responsible for the loss.
What should you do in the event of this scam?:
First, if you receive a text from your bank, don’t respond to it. Just call the number on the back of your card or the customer service line. Tell them about the text you received and they will instruct you.
Second, do not transfer money or log into your account if a caller tells you to do so. Your bank will not do that. Your bank will not actually call you and have you transfer money. Your bank would have you visit a branch before opening your accounts and having you move money.
Finally, if you ever do find money missing out of your account from a fraudulent transfer, notify your bank right away, and be prepared to assist their investigation in any way they request.