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Recent Text/Phone Call Scam

Written by Andrea Klinedinst, Compliance Assistant

You may be aware of the recent nationwide text/phone call scam at the beginning of August that also hit many banks in our communities. In response to the attacks, we posted on social media and on our website about this scam and to be aware of what information you are giving out to whom.

In this latest scam, the scammers were spoofing phone numbers from financial institutions and their affiliates across the nation. When a scammer spoofs a number, they are essentially hiding their own number and using a cover number from another person or business to trick their victims. For MNB, they spoofed the MNB number and impersonated our employees or employees of a third party vendor.

Here’s how it worked

The scammers texted a very believable message with fake transaction information and asked the recipient for a reply of “yes” or “no” if they initiated the transaction. Since it was a fake transaction, once the recipient sent a “no” reply, the scammers followed up with a text or call offering to help fix the issue by stating they were an employee of the recipient’s financial institution and asking for the customers’ online banking credentials such as usernames, passwords, and security questions. Once the credentials were given out and the bad guys had access to the customer’s online banking, they had access to the bank accounts tied to the online account and were able to use features like Person-to-Person Transfers or Bill Pay to move money out of the accounts, and unlike with wires and checks, the money was gone instantly.

A few reminders

MNB and our third party vendors will NEVER ask you for your online account credentials via text or phone call, and you should never share this information with anyone. If you get a text or a phone call that you weren’t expecting regarding your account, hang up the call or do not reply to the text, call your bank, and verify that whoever was trying to contact you was legitimate, but never give out your credentials.

This is just one example of a recent scam; however, we are continuing to see scams like these on the rise via phone call, text, and email. You should always be alert for any suspicious communication.

As always

• Don’t click on any suspicious links in emails or text messages that you weren’t expecting.
• Don’t give out any account credentials via text, phone, or email.
• Don’t call suspicious numbers in texts or emails. Look up the business and call their official number.
• Don’t panic at time sensitive messages. This a scare tactic used by scammers to make your fall for their scams.
• If you believe there is fraud on your account, give us a call. 

We here at MNB just want to remind you to stay safe online and to keep your account information safe and secure. If you are ever in doubt about whether something is a scam or fraud, please give us a call at 877-647-5050 or visit any of our banking centers. Our employees are all trained on various scams and on identifying red flags of fraud. Our lobbies are also stocked with flyers containing useful information from the Federal Trade Commission on various scams and how to avoid them to keep you and your finances safe.