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4 Tips to Stay Safe from Phone Call Scams

Written by Andrea Klinedinst, Compliance Assistant

The number of scams is still on the rise as scammers continue to try various means to trick people into giving up their sensitive financial information. One type of scam to continue to be wary of are phone call scams. According to data collected by the Federal Trade Commission (FTC), scams initiated by phone call made up 20% of all fraud reports in 2022 for a total of 294,659 reports and $798M in losses. In 2022, the median dollar amount of loss per person was $1,400 with the highest per person reported losses. The FTC data also showed consumers reported losing nearly $8.8 billion to fraud in 2022 which is over a 30% increase from 2021.

Falling prey to one of these phone call scammers can do serious harm to your finances. Here are 4 tips to stay safe from phone call scams.

1. Don’t always trust your caller ID. Scammers can use technology to spoof your phone number, which means they can make it look like someone you know is calling you, when really it is the scammers using that number. I once received a call on my phone that the caller ID showed as my mom, so I answered expecting her voice only to hear a different woman telling me that I was eligible for a larger credit limit on my credit card. So even calls from contacts in your phone may not actually be all they seem.
2. Never give out your sensitive information over the phone. Banks will never ask you to provide your sensitive information like your password, PIN, or username. If you call a bank, they may ask you to verify personal information like your account number or address, but not your sensitive information, and not if they call you first.
3. Don’t panic if the caller says the issue is urgent. Scammers will often use a false sense of urgency to get you to act faster than you think. One way they accomplish this is by threats to make it seem like if you don’t act now, something bad will happen to your account. It’s important to stop and think about what they are saying and then follow tip #4.
4. If something sounds or feels wrong, hang up. If something about the conversation does not feel right or if the caller starts asking for your sensitive information, hang up, and call your bank at their number. Look up the real number of the institution that called or call the number on the back of your card to ensure you are talking to your financial institution and not to a scammer looking to steal your money.

The data above from the FTC proves that unfortunately scams like these are on the rise. Whether by a phone call, text, email, or through various other means, make sure you are being safe and smart with your information to protect yourself and your finances. 

If you believe you have been on the receiving end of a scam, report any suspected fraud to the MNB Customer Service Department at 877-647-5050 or visit any banking center. Be informed and stay safe.