How to spot and block scams

A new month, a new scam – or so it seems. We take a look at the latest advice from Metro Bank on how to spot scams and protect yourself.

The content of this article was relevant at the time of publishing. Circumstances change continuously and caution should therefore be exercised when relying upon any content contained within this article.

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A new month, a new scam – or so it seems. To help customers keep their finances secure, Metro Bank runs a series on how to spot scams. Bank impersonation is June’s scam of the month.

This scam is simple but often hard to recognise right away. Basically, it consists of a text, phone call or email from somebody claiming to be from your bank. In reality, the contact comes from a fraudster trying to get you to send money or share your login or other personal information. 

How do impersonation scams work?

Spoofing is a common scam in which a company’s email or phone number is cloned to trick you. Sometimes the phone number is off by just one digit or the email address includes the name of your bank in it but also extra words, letters or numbers you might not notice right away.

The sender can use many different messages to trick you, such as telling you there’s a security issue with your account that needs to be addressed right away. According to Metro Bank, you’re then asked to move your money to a different account to ‘protect it’. This new account is, of course, managed by the fraudster, who then has access to your funds.

How can you spot bank scams?

It can be difficult to spot a scam that involves a fraudster impersonating your bank, especially if they’re spoofing the bank’s phone number. According to Adam Speakman, head of fraud and investigations at Metro Bank. “Alarm bells should be ringing if you are being pressed to act fast. Your bank will never ask you to move funds, especially if it’s to a different bank.”

Also, it’s important to remember that your bank cannot simply open a secondary account on your behalf. If the person on the phone tells you that an account is ready and that you should send your money now, then the new account simply cannot be yours.

Other signs of a scam:

  • Being pressured to ‘act now’ or ‘make a decision right now’
  • Someone asking you to download anything (an app, software, a file) to ‘safeguard’ your account
  • Being asked for personal information, such as your password or PIN
  • Someone telling you to click on a link to protect your account

What can you do to protect yourself from a bank scam?

When in doubt, always hang up the phone or ignore the message. If the person on the phone is pressuring you or asking too many questions, end the call right away.

Call your bank directly using the phone number listed on the back of your bank card. Explain the situation and ask if there’s anything you need to do to protect your account.

Other important things to keep in mind:

  • Block suspicious phone numbers right away. Scammers could still find other ways to contact you, but blocking them makes that harder.
  • Your bank knows your first and last name. If you receive a message that starts with ‘Dear Sir/ Madam’, you should be suspicious.
  • Your bank will never ask for your PIN or password to ‘confirm your identity’. At most, they will ask for your birthday or some other basic information. Anything more than that should be a red flag.   

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be considered so you should consider taking independent financial advice.

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