Latest Banking Scam Is Pretty Convincing If You're Not Paying Attention

November 7, 2018

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Scammers are relentless and are finding even more cunning ways to get their hands on your information.  The latest one of the more convincing ones yet and it involves a combination of fake texts and cardless ATMs to steal thousands of dollars. The newest trend among that banks are offering to customers are cardless ATMs, where you store your debit/credit card in your mobile wallet.  So instead of using a card to access your money, which can fall victim to a skimmer, you information is transmitted with a one-time encrypted code making is very hard for scammers to get your personal information.  That's what makes this scam a bit troubling.  Scammers send a text message that your account has been locked. The texts include a link to unlock your account where you enter their account credentials, such as usernames, passwords, one-time passcodes and PIN numbers. Adding more credibility to the scam is the web site link in the text is a lookalike of the bank’s website. Although cardless transactions are more secure than a standard card with a chip, handing over your credentials and PIN to get in makes that new line of security pointless. As technology gets more advanced, some old fashioned common sense could save you from falling prey. Never respond to requests for personal or financial information sent via email, text message or over the phone when they have not been initiated by you. If you receive a confusing message or phone call, hang up or ignore it, and contact your bank or financial institution the way you normally do. In fact a trip to your bank may be worth it. At the very least, avoid click through links and phone numbers contained in the message.

SOURCE: Lifehacker

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