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Help Avoid Scams

Help protect your money and your future: recognize the signs of financial abuse and exploitation

Help protect your money and your future: recognize the signs of financial abuse and exploitation

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Stay Safe from Cybercrime: Knowledge is Power

Every year, people who consider themselves too smart to fall for a scam do just that. In 2023 alone, cybercrime complaints in the U.S. shot up 20% and losses topped $12.5 billion. As cybercriminals adopt better tools, tactics and tricks designed to deceive us, keeping safe means staying informed.

Increase your awareness

Gone are the days when spelling and grammar errors could reliably tip you off to phishing emails or smishing texts. With today's technology, including artificial intelligence, cybercriminals can avoid the mistake-riddled messages that once gave them away and use advanced tactics that play on our human emotions and reactions even more effectively. They have also become more persistent.

Sophisticated scams can start with a legitimate-looking but malicious text, followed by a phone call that spoofs a number you recognize, and a voice on the line warning you to take quick action. Tactics have evolved, but the best response remains the same. If you think there's really a problem, disconnect or hang up, take a breath and use a trusted number or email address to contact that person, utility, bank or government agency yourself.

Control what you can

In cybercrime circles, information is money. Bits and pieces of personal data are for sale on the dark web, exposed through countless information breaches. What criminals can't find on their own, you need to lock down—with an extra layer of protection similar to turning a deadbolt after you lock your front door.

  • Secure your online connection and devices with trustworthy and regularly updated antivirus software and keep operating systems current. Screen lock your devices, using a PIN and/or biometrics. Avoid public Wi-Fi and use your own charging equipment whenever possible.
  • Freeze your credit. This is a free service offered by all credit bureaus to prevent anyone from opening new lines of credit or bank accounts using your social security number.
  • Help protect your credentials. Create complex, unique and secret logins and passwords—and avoid using them on multiple accounts. Enable Multifactor Authentication (MFA) and biometrics when available.
  • Be careful what you share online, in person, through email, text or over the phone. In the wrong hands, the information you share can potentially expose you to cybercrime. Avoid accepting friend requests from strangers, don't give personal information to people who call you (hang up and call using a verified phone number), and be wary of messages from people you don't know.
  • Think before you click. Malicious emails or pop-up messages may contain attachments that when opened can infect your devices, or links that lead to look-alike web pages designed to steal your login credentials. Deals that sound too good to be true, often are. Be suspicious of unsolicited, bargain-priced or free offers. If your computer is frozen on a screen claiming you must call a number to unlock, bring your computer to a trusted retailer to scan for viruses. Do not call the number on the screen.
Check your cyber hygiene

If you authorize a transfer or send money to a scammer, there's often little we can do to help get your money back. Just as you might do for your physical wellbeing, it's a best practice to regularly check in on your cyber health, including updating your passwords. A one-and-done approach isn't enough when threats keep evolving, and what worked two years ago may not offer you the best protection today or tomorrow.

Remember that Bank of America will never contact you to request that you move money to protect yourself from fraud.

Helping prevent scams is a team effort

At Bank of America, we're committed to helping you stay informed and protected against scams. Staying alert is your best defense. Remember these tips so you'll know what to do if you ever receive a suspicious message or request.

Pause. Verify. Stay vigilant.

  1. Pause
    Scammers often try to create urgency. Take a moment to think. Does the request feel off? If it doesn't make sense, don't reply to a message, hang up. Trust your gut. It's okay to say no.
  2. Verify
    Before you send money, share a code or give personal information, verify the request. Contact the person directly using a trusted source. This could be the phone number on the back of your card or a bank statement.
  3. Stay vigilant
    Scammers count on silence. Talk with friends and family about messages and requests that don't feel right. A scammer's story may change depending on who they are trying to target, but the red flags often stay the same.

What's trending

Expedited travel benefits scams

Scammers may impersonate transportation officials by claiming they can expedite enrollment or renew your application for travel benefits for an additional fee.

Help protect your money
Look out for pressure tactics that urge you to click links and provide payment or personal information. Only use official websites.

Travel scams

Even while waiting at the airport or at your hotel, cybercriminals may attempt to target you through public or unsecured Wi-Fi networks.

Help protect your money
Use a Wi-Fi network you trust such as your cellular network. When using a public charging station, plug into a power charger outlet, not just the USB port. Scammers can use unsecured USB connections to install malware on your device.

Rental Scams

Imagine showing up to your new home or dream vacation to find out it doesn't exist, or you've been double booked! Scammers may take over listings and change contact information.

Help protect your money
Keep your trip stress free by doing your research. Is the listing vague? Do the photos have watermarks? Does the rent seem too low? Be concerned if the host is rushing you to pay using suspicious methods like a wire transfer or pre-paid gift cards.

Ticket sales

Scammers prey on excited fans by selling fake tickets, stealing credit card info or overcharging for general admission seats.

Help protect your money
Always used verified sites and official resale platforms. Be aware of high-pressure sales tactics and offers that sound too good to be true.

What to do if you've been scammed


If you've been the victim of a scam, know that you're not alone and it's not your fault. Scammers are skilled at what they do and anyone can be targeted. There's no need to feel ashamed or embarrassed. In fact, scammers count on you to not share your experience. What matters now is taking the right steps toward recovery.

We're here to help you move forward. Share what happened with friends or relatives and consider taking the following steps to help protect yourself and start getting back on track.

  1. Report the scam to your bank
    • Contact your financial institutions and digital payment providers using a verified number from the back of a card or statement.
    • Speak with their fraud departments and tell them you may have been the victim of a scam.
  2. Consider changing your logins and passwords to help better protect your accounts

  3. Add a second layer of authentication to your accounts and turn on push notifications

    4. This might include using a code sent to your phone, setting up a fingerprint scan on your phone, or downloading an authentication app. You can also set up alerts for things like logins or money orders.

  4. Contact all three credit reporting agencies to place a fraud alert on your file

    5. These alerts need to be renewed annually. You can also freeze your credit to help prevent unauthorized accounts from being opened using your information:

    • Experian: Experian.com (888-397-3742)
    • TransUnion: Transunion.com (800-680-7289)
    • Equifax: Equifax.com (888-766-0008)

    Check with each credit bureau about their specific process.

  5. Use other available Resources:
    6. Victim Connect Resource Center
    BBB Scam Survival Toolkit
    AARP Fraud Victim Support Group

  6. You may also file a report with your local law enforcement

Know how to spot an imposter

Imposters may pose as a trusted figure. They claim there's an issue and urge you to act quickly to resolve it.

What to watch out for:

  1. Initial Contact: Scammers may reach out through various methods (social media, text, email, phone call, computer pop-up) and may claim:
    • There's fraud on your account, and you need to move or withdraw your money
    • They're an online romantic interest who needs money to resolve a crisis
    • It's the IRS and you have an unexpected overdue tax payment or are owed taxes
    • There was a failed package delivery attempt
    • Your computer has an issue that they can help fix
    • A job application needs personal details, like Social Security number, account number or PIN
    • There's an unexpected monthly fee for financial aid or tuition reimbursement
    • A company you do business with is providing a refund for overpayment
  2. Deceptive instructions: If they tell you to do any of the following, pause and ask yourself, "Does what they're asking make sense?"
    • Withdraw cash and deposit it into your "new" account (which they provide the number for) via ATM, or in a digital currency ATM, like Bitcoin
    • Move money to your digital wallet and then move it to your "new" account number to resolve fraud
    • Click a link or download an attachment to provide your payment information
    • Share your personal identification number (PIN) or security code
    • Ignore warning messages as you follow their instructions
    • Say the bank is "in on" the fraud
    • Provide remote access to a device or download an app
    • Type a code into your device beginning with special characters (such as *72 or **21)
  3. The scammer wins: If you follow their instructions
    • You'll have moved your money into the scammer's account (not your "new" account) where it's unlikely to be recovered
    • The scammer can use your personal and financial information to steal your money
    • They may install malware on your devices to steal information
    • Your incoming calls and texts may forward to the scammer if you typed *72 or **21 plus a number into your phone
    • They may demand money to restore access to your accounts or devices or to stop them from releasing your personal information
    4. Help protect your money by keeping the following tips in mind:
    • Bank of America will never ask you to move or withdraw money or pay anyone, including yourself.
    • Never ignore scam warnings, even if you're told to do so.
    • Verify any requests for money through legitimate sources.
    • Don't open unfamiliar links for payment or personal information.
    • Be cautious about granting device access or downloading unfamiliar apps to fix issues. Run a full system virus and spyware scan and power off your device.

Check out layer more examples of scams and tips to help you be more secure

Know the red flags that signal a scam

Scammers are constantly reinventing new ways to trick people. While their stories may change, their tactics remain the same. Being aware of these red flags should make you pause, verify, and help stay protected:

Read how to stay safe from Cybercrime layer

  • Contacted unexpectedly by phone, email, text, direct message or pop-up with a request for personal information or money. Bank of America will never text, email, call, or visit you at your home asking for personal or account information. Remember, never click a link or download an attachment from someone you don't know.
  • Pressured to act immediately with an alarming phone call, email or text that plays with your emotions. Scammers may pose as an employee from a familiar organization, such as Bank of America and say there's a problem that needs immediate attention. Do not act unless you have verified the person who has contacted you and the story or request is legitimate.
  • Asked to pay in an unusual way, like gift cards, bitcoin, prepaid debit cards or digital currency, including Zelle® to resolve fraud. Bank of America will never ask you to transfer money to anyone, including yourself and will never ask you to transfer money because we detected fraud on your account.
  • Asked to provide personal or account information, such as an account verification code, bank account number or PIN. When in doubt, don't give it out. Bank of America will never text, email or call you asking for an account authorization code.
  • Offered a free product or 'get rich quick' opportunity that seems too good to be true? If something sounds too good to be true, it probably is. Never cash a check for someone you don't know.

If you authorize a transfer or send money to a scammer, there's often little we can do to help get your money back.

Read our tip sheet on talking to friends and family about fraud, scams and cyber security.

Trending scam examples:

Multi-step scams

Scammers are now combining multiple scam types by taking a phased approach to try to gain your trust and make scams even more convincing.

  • Step 1: Tech support scam - The impersonator claims to be from a legitimate tech support company and claims your computer has been hacked. They'll ask you to call a number and download software allowing them remote access to your computer to resolve the "issue". Then they'll ask you to log into Online Banking and look for fraudulent charges.

  • Step 2: Bank imposter - Next, you'll receive a call from an imposter claiming to be from your bank, saying fraud is happening on your account. They'll tell you to electronically move money to a "safe account", such as one with the Federal Reserve or another U.S. government agency.

  • Step 3: Government imposter - Then, you'll receive a third call from another imposter claiming to be a government official who is confirming the transaction. They may even send you an email or letter to make the scam look more legitimate.
Tip: Don't download software or provide remote access to anyone you don't know. Bank of America will never call you to request that you move money to protect yourself from fraud.

Imposter

Scammers may pose as businesses or people you know — like your bank, utility company, phone provider or even a friend or relative. They'll spoof legitimate phone numbers to call or text and tell you to send funds to yourself or others using online or mobile banking. They may even tell you to ignore or bypass scam warnings and alerts. If you share information, they may access your banking information and enroll in new products or services in your name.

Tip: Stop and verify. While Bank of America may send you a text to validate unusual activity, we will never contact you to request you share a code over the phone or send us or anyone else money, including through Zelle®. Read about social engineering.

Natural disaster

Be aware of imposters following a natural disaster. No matter where they say they're from or who they're representing, a charity, a contractor or claiming to be someone you know and trust, scammers have the same goal - to get you to give them money or share your personal or financial information.

Tip: Use caution if you're pressured to pay for something or provide personal or financial information. Pause before you click email, text or social media links to a donation page. Do your research - look up organizations and ask for proof of ID. Be wary if someone asks you to pay in less common ways such as gift cards or wire transfers. Make sure contractors are licensed and get multiple quotes for comparison.

Issues with package delivery

You receive an email or text indicating there's an issue with your package or a failed delivery attempt. You may be urged to click a link to pay a small fee, provide personal information or a code.

Tip: Verify all requests for information or money.

Social Media

Cyber criminals use social media platforms and design posts that lure you into sharing personal information or scam you out of money. After seeing the enticing offer, you may be asked to pay up front without the ability to verify the purchase, and in less common ways such as, electronic payment platforms, digital wallets, wires, cryptocurrency and gift cards. Once you send the funds, the scammer will likely block you, stop responding and you won't receive the goods or services ordered.

Tip: Be mindful about what information you share and see on social media. Verify all requests for information or money.

Donating to a cause

You receive a request to donate money to a charity. Use caution if asked to donate money in person, using your phone. You'll be told to log into your banking app but then told to hand over your phone for the “representative” to input the charity's information. Scammer's prey on your generosity. If you hand over your phone to a scammer, they are most likely sending the money to themselves.

Tip: Do your research and look up the organization first, ask questions, and don't hand over your device to anyone to complete a transaction.

Online sales

Scammers create a fake website or post a "great deal" on social media for an item you've had your eye on. They ask you to pay in less common ways less common ways such as, electronic payment platforms, digital wallets, wires, cryptocurrency and gift cards. You'll be pressured to act quickly so you don't miss out on the deal.

Tip: Slow down and use caution if pressured to act quickly. Research the seller and products independently, check reviews for possible scam notices. Most online promotions that sounds too good to be true - typically are.

Threat of harm

Scammers reach out claiming to have access to you or someone in your family and claim that you or your family are in danger. You're told if you don't send money, you or your family member will be hurt. The scammer may use technology to impersonate your loved one's voice to manipulate you and convince you to transfer funds.

Tip: Consider using a "safe word" that only you and your family members know, to validate the scenario and any request to authorize instant money transfers. Contact your bank to report the event, and law enforcement if you feel you are in immediate danger.

Investment

Be wary if you are contacted by "investment managers" or receive an unsolicited request (via social media, pop-up, text, email or phone call) that presents a "great investment opportunity." Offers that promise guaranteed returns, or the chance to get rich quick or double your money are likely a scam.

Tip: Always validate requests for money, research investment managers/offers and use caution if asked to provide personal or financial information, especially if asked to send money through digital currency/crypto currency or instant money transfers.

Tech support

If you get an unsolicited request to remotely access your computer or mobile device, it's probably a scam - and you could lose money. Scammers often pose as employees of familiar companies and ask you to provide remote access or download an app. They may call, use pop-up screens or email to convince you that your device has a virus or that you're owed money.

Tip: No matter what reason you're given, never grant device access or download any app, without confirming their identity by calling a verified phone number (not one they provide to you). Read more about tech scams.

Compromise scams

Scammers may try to target you through a fake business, social media or email account. The cyber criminal may use a hacked or fake account that looks legitimate to trick you into sending funds.

Tip: Never trust unknown individuals. Verify everything. Give all requests for funds a second look. If an email looks strange, look up the sender and email or call them (don't use the number they provide). Invest in antivirus software that can flag suspicious emails and websites. Learn more.

Natural Disaster scams

Following a disaster, unlicensed contractors will canvas the impacted areas promising to get clean up or repairs done quickly. They may ask for payment up front and not show up to do the work, or have you sign a contract that redirects insurance payouts to them and not you.

Tip: Do your research; get multiple quotes for comparison, and make sure the contractors are licensed. Use caution if you're pressured to pay up front for the job or sign over the insurance claim. Ask for proof of ID and remember, if you're asked for financial information, it could be a scam.

Artificial Intelligence (AI)

Scammers may use AI to impersonate a loved one or someone you know, claiming they are in danger and need money immediately.

Tip: Consider using a "safe word" that only you and your family members know and stay vigilant about requests to send money through untraceable means. Read how this may impact elders layer.

Romance Scams

Romance scammers who've established a relationship with you online make an emotional plea asking you to transfer money. Typically, through a payment app, wire transfer or gift cards.

Tip: Be vigilant about requests for money from someone you recently met, especially if being asked to send via untraceable means. Read more on Romance Scams.

Tax Season Scams

Scammers may impersonate a government official and tell you that you either owe money, or they need to send you a refund and all they need is your account information.

Tip: The IRS won't contact taxpayers by email, text messages or social media channels to request personal or financial information. Always verify requests for information.

Rental Scams

Imagine showing up to your new home or dream vacation to find out it doesn't exist, or you've been double booked! Scammers may take over listings can change contact information.

Tip: Do your research - is the listing vague? Do the photos have watermarks? Does the rent seem too low? Be concerned if pressured to send a security deposit or make a payment, with no background check or signing of a contact or lease.

Scammers may pose as businesses or people you know — like your bank, utility company, phone provider or even a friend or relative. They may ask you to send funds to yourself or others using online or mobile banking. They may spoof legitimate phone numbers to call or text you to make the request more convincing.

While Bank of America may send you a text to validate unusual activity, we will never contact you to request that you send money using Zelle® to anyone, including yourself or to share a code to resolve fraud. The “representative” or scammer will offer to help stop the alleged fraud by asking you to send money to yourself with Zelle® and ask for a one time code you just received from a bank. If you give them that code, they will use it to enroll their bank account with Zelle® using your email or phone number.

How to help protect yourself:

  • Be cautious if being pressured to respond immediately - this is what scammers want you to do.
  • Be wary of unfamiliar calls, computer messages, texts or emails requesting money or personal information - it's not always who it says it is.
  • Verify you are sending to a trusted recipient by calling a trusted or verified phone number from a recent bill, receipt or by visiting an official website.
  • Don't share codes based on a call you receive.

To learn more: watch this educational video layer from Zelle®

Parents, Caregivers and Older Adults

Learn how scammers may target those you love.

Parents

  • Review a quick infographic with your kids to teach them about how they can help avoid being scammed
  • Read how you can help protect young adults in your life from scams
Caregivers and Older Adults

Check out the resources below that can help protect you and the loved ones from Fraud and Scams

Additional Resources