COLORADO SPRINGS, CO – A viral social media post is drawing attention to a persistent scam that preys on unsuspecting individuals, leaving victims vulnerable to financial loss. The Stone County Sheriff’s Office in Missouri recently issued a warning about a well-known fraud technique that can be difficult to detect.
The scam, identified as a “Bank Impersonation” phishing scheme, has been gaining traction, and experts caution that many individuals may already have had their personal information exposed without realizing it. Retired FBI agent Lee Walters, who is now president of Excalibur Private Investigation, has heard from victims across the country, including Colorado Springs, who have fallen prey to this scam. Walters spent 24 years with the FBI and has over a dozen years of experience as a private investigator.
“We receive calls three or four times a week about these types of scams,” Walters said. “Quite honestly, a lot of personal information is readily available on the internet. It’s easier than ever for scammers to find details and exploit them.”
The scam typically begins with a phone call from someone claiming to be a representative of Visa or a bank. The fraudster may even provide a badge number to appear legitimate. According to Walters and the Stone County Sheriff’s Office, the scammer’s tactics are designed to gain the victim’s trust by sounding official and offering to protect them from potential fraudulent activity.
The key moment in the scam, often referred to as the “hook,” comes when the scammer presents the victim’s personal information, such as part of their credit card number or home address. This revelation falsely convinces the victim that the caller is legitimate, prompting them to lower their guard. The scammer then asks for the three-digit security code on the back of the victim’s card to “verify” their identity.
Once the scammer obtains this security code, they can gain unauthorized access to the victim’s bank account, potentially leading to significant financial loss. Walters noted that he has seen cases where victims have lost anywhere from $1,000 to $50,000 to similar scams.
“Sadly, seniors are often the most targeted group,” Walters added. “The emotional toll this takes on them can be devastating.”
Visa has also weighed in on the rise of this scam, warning consumers that the increasing use of artificial intelligence (AI) has made these scams even more convincing. According to a statement from the company, fraudsters are leveraging AI to create increasingly sophisticated attacks. They urge consumers to verify the identity of anyone claiming to be from their financial institution.
“If you receive a call claiming to be from your bank or Visa, hang up and call the number on the back of your card directly,” advised Visa in a statement to News5. “Do not give out personal information or one-time passwords to anyone who contacts you unexpectedly, and be aware that caller IDs can be spoofed to make it appear as though the call is legitimate.”
To protect themselves from this type of scam, experts recommend that consumers:
- Never share personal information over the phone with someone who has contacted them unexpectedly.
- Hang up and call the number on the back of their card if they receive a suspicious call.
- Report any scam calls to the Federal Trade Commission (FTC) or file a complaint with the local No-Call list.
Both Walters and Visa stressed the importance of vigilance when it comes to protecting personal financial information. The best defense against these types of scams is to always independently verify the identity of anyone who contacts you, especially if they are requesting sensitive information.
As technology evolves and scammers become more skilled, it is crucial for consumers to stay informed and cautious to avoid falling victim to these fraud schemes.
