Don't Get Spooked by Phone Scams

Phone calls continue to be one of the most common channels for scams in the U.S. They are costly, too; the Federal Trade Commission (FTC) reports that people lost $851 million to phone scams in 2023.

Unfortunately, scammers are getting increasingly sophisticated with their tactics – they may impersonate government officials, technical support technicians, or even distressed family members, all with the goal of stealing your money or personal information. It's crucial to be aware of these tricks to safeguard yourself and your finances.

According to the FTC, here are some of the most common types of phone scams you should be aware of:

• Imposter Scams: Scammers pose as representatives from legitimate organizations to gain your trust and steal your money and personal information.
• Prize and Lottery Scams: These scams deceive individuals into believing they've won big prizes in a fake lottery or sweepstakes.
• Tech Support Scams: Fraudsters impersonate tech support professionals and attempt to convince you to pay for unnecessary services or to gain access to your devices.
• Charity Scams: Scammers contact you and ask for donations to their charities and often pressure you to give immediately.
• Robocalls: Automated calls deliver pre-recorded messages and trick people into giving away their personal information or money.
• Phone Spoofing: Scammers use fake caller IDs to make it appear as though they're calling from a legitimate organization.

While phone scams can be unsettling, you can stay one step ahead by following these tips:

• Don't trust caller IDs because it can easily be spoofed.
• Never share personal information over the phone unless you're certain the other person is legitimate.
• If you receive a robocall, hang up immediately.
• Be cautious of unsolicited calls, even if they seem legitimate.
• Report any scams you encounter to the FTC.

We are committed to helping you stay informed and keep your finances secure. Visit our security center to learn about common scams and find tips for keeping your personal information safe.

If you suspect you've been a victim of a phone scam, one of the most important things to do is notify your financial institution as soon as possible. You should also report the scam to the FTC, which shares information with law enforcement to help identify and stop fraudsters. You can report any type of fraud or scam at https://reportfraud.ftc.gov/.

Don't let scammers spook you – by staying alert and utilizing the right resources, you can effectively defend yourself against fraudulent activity.