How to Recognize and Prevent Bank Fraud to Avoid Becoming a Victim

Know fraud when
you see it

Know
fraud
when
you
see it

Know fraud
when you
see it

Know
fraud
when
you
see it

How to recognize fraud

Recognizing fraud isn’t always easy, but knowing what to look for can help you avoid becoming a target. Common types of scams will target you with emails (a technique known as phishing), text messages (smishing) or voice calls (vishing).

Bank of America will never ask you to provide your Social Security number, ATM or debit card PIN or any other sensitive information in response to an email or text. If you receive an email or text from Bank of America and you’re unsure if it’s real, don’t click on any links.

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Learn how to help protect yourself from fraud by creating strong passwords

If you have installed a thermostat, doorbell or refrigerator with internet connectivity, you have accessed the rapidly expanding world of connected devices, also known as the Internet of Things, or IoT. While these devices allow you to remotely monitor conditions within your home, their convenience also carries risk. Any device connected to the internet is a potential target for cyber threats.

How to Protect Yourself

Create strong, unique passwords of at least eight characters for each of your accounts and devices. If you reuse passwords, a criminal who discovers one of them could use it to access another device or account.
Change the manufacturer’s default settings. Connected devices often come with default usernames and passwords that are published on the internet. Change them to something unique as soon as you can.
Update your devices and applications regularly, and backup your files. If a connected device or its application has an auto-update feature, turn it on. This often requires only a few clicks to set up.
Check your privacy settings. You may be sharing information through your device or its applications. Review your privacy settings to see if you are unintentionally sending information to social media accounts, for example.
Turn encryption on. Some devices let you use encrypted communications, but the setting isn’t always turned on by default.

If you suspect you’ve been targeted:

Disconnect devices from the internet to prevent cyber criminals from controlling them.
Monitor devices and networks using the latest security protection tools, such as McAfee™ or IBM Trusteer® to find any infected files or malicious programs.
Apply any available software patches, firmware or security patches after scanning and cleaning our system.
Change all passwords associated with the affected accounts and devices.
Recover corrupted files from backups whenever possible.
Call law enforcement and file reports with the relevant local authorities if you suspect sensitive information has been stolen or financial loss has occurred.

What is your fraud concern?

I'm worried there's fraudulent activity on my account I've received a suspicious email I've received a suspicious text message

I'm worried there's fraudulent activity on my account

The first thing to look for: Any unauthorized transaction on your account statements. Monitor your statements regularly and set up alerts to inform you of any account activity that looks suspicious. What to do if you see a suspicious transaction.

Other signs of fraud include: Being denied credit unexpectedly, receiving credit cards you never applied for or receiving calls from collection agencies seeking payment for items you never purchased. Any of these could be signals that you've been the victim of phishing, vishing or smishing techniques.

The best ways to avoid account fraud include following these steps you can take now to increase your security.

I've received a suspicious email

The first thing to look for: Fraudulent emails typically imply urgency, attempting to get you to act quickly before you have time to carefully read and examine the message. They often don't address you by name and contain obvious grammar and/or spelling errors. See an example of a fraudulent email layer.

Other signs of email fraud: If you hover over a link in a fraudulent email (don't click it!), it will usually show you that it's pointing to a site different from the one stated in the message. The goal is to get you to click through to a web page where you'll be asked to provide personal information or open an attachment that may be malicious. What to do if you receive a suspicious email.

The best way to avoid email fraud is to remain vigilant. Never click on a link in an email unless you are absolutely certain who sent the email and where the link is taking you. Remember: We will never use email to ask you for personal information such as your account number, card PIN, Social Security number or Tax ID number. See how to spot email scams.

I've received a suspicious text message

The first thing to look for: As with fraudulent emails, fraudulent text messages often suggest urgent action, attempting to get you to act quickly before you have time to carefully read and examine the message. They often don't address you by name and contain obvious grammar and/or spelling errors.

Other signs of text message fraud include: Promises of free gifts in exchange for your personal or bank account information. Never click a link in a suspicious text message: It could result in malware being loaded to your phone that sends your personal information to a scammer. Visit the FTC page about text message spam layer.

If you receive a fraudulent text message do not respond to it or click any link in it. Forward it to us immediately at abuse@bankofamerica.com (please note that we will only reply to your message if we require additional information). You can also contact us immediately to verify the validity of the message.

Your privacy and security are our top priority! Here are some ways we protect you:

Keeping your personal and financial information protected and secure through responsible information collection and processing
Protecting against threats with an award-winning cybersecurity team that delivers comprehensive security 24/7
Continuously monitoring transactions for suspicious activity
Alerting you to potential fraud through the mobile app, text alerts, email or phone

Here are some ways you can help defend yourself against fraud:

Use our Mobile Banking app. It’s the best way for you to stay on top of any suspicious account activity. Get the latest version of our app
Keep your contact information up to date. If we spot an issue, we want to get in touch with you the quickest way possible. Provide your mobile number, too, so we can alert you to any potentially fraudulent activity. Sign in and review your contact info
Create strong, unique passwords that are 8 or more characters long and include a combination of numbers, symbols and upper- and lowercase letters. Learn more about creating strong passwords
Use multifactor authentication (a method in which your device is granted access after successfully providing two or more pieces of information) whenever possible
Protect your devices by keeping your phone, tablet and computer up to date with the latest applications, operating systems and antivirus software. Review our browser and operating system requirements
Keep your account information secure by going paperless, never writing your PIN on the back of your card and using only trusted online payment methods such as Bill Pay or Zelle^® instead of writing checks
Keep informed about privacy and security issues. Review our Privacy & Security FAQs