tl;dr
Wells Fargo is warning US bank customers about a rise in fraudulent transfers, with $2.7 billion lost to imposter scams in 2023, according to the FTC. The scams involve various techniques such as fake payment app requests and cloned voices of friends and family. To avoid becoming a victim, customers...
Wells Fargo has issued a warning to US bank customers regarding a surge in fraudulent transfers, with a staggering $2.7 billion lost to imposter scams in 2023, as reported by the Federal Trade Commission (FTC).
These scams encompass a range of tactics, including fake payment app requests, deceptive bank alerts, fraudulent phone calls, and even schemes involving the replication of the voices of friends and family members. To shield themselves from falling prey to these fraudulent activities, customers are urged to employ two-factor authentication, set up official bank app alerts, and exercise caution when encountering unsolicited requests for money or sensitive information.
Margarita Alvarez, a fraud expert at Wells Fargo, stresses the increasing prevalence of imposter scams and emphasizes the importance of safeguarding personal information. She advises customers to remain alert and cautious, warning against divulging one-time passcodes, passwords, or PINs, as these could grant scammers access to their accounts and funds. Alvarez also advises customers to hang up on any calls soliciting payments or card handovers and to directly contact their bank for verification.
Further highlighting the severity of the issue, new data from Statista reveals that US bank customers lost a substantial $503.91 million to fraudulent transfers and payments in the third quarter of this year alone. This sum exceeds the losses incurred from fraudulent cryptocurrency transfers, which totaled $331.61 million in the same period. Statista's data is based on reports from US consumers to the FTC, encompassing losses ranging from $1 to $999,999.