A Colman Knight member recently received a fraudulent phone call from a sophisticated team impersonating a bank. Fortunately, the scam was recognized in time and no harm was done. We share about this experience not to unsettle you but to express our care about keeping your funds and your identity safe.

Key Takeaways

• Be very wary of inbound phone calls. If the caller states they are from your bank or other institution (such as Social Security or the IRS), hang up and find the official, verified number to call back.
  • Most institutions will NOT reach out to you with a phone call as the primary contact. They will send you text messages or a letter in the mail. In any of these cases, call the institution directly using a verified phone number.
  • The number to call your bank or credit card company is on the back of your card.
  • The number to call Social Security is 1-800-772-1213.
  • The number to call the IRS is 1-800-829-1040.
• Scammers can be highly sophisticated. They may have some of your private information and present themselves professionally and convincingly.
  • The CK member experienced that the caller provided what sounded like legitimate credentials. They referenced a debit card ending in the correct specific digits. They said that they had detected unusual activity. Their aim was to “reverse” recent fraudulent transactions on the card with wire transfers. However, what they claimed were reversals were actually new, fraudulent wire transfers.
• Urgency is a tactic. Pressure to act quickly, especially before a deadline like “5pm” is a common red flag
  • In this case, the scammers impersonating the bank indicated the urgent nature of reversing these large transactions.
    • In reality, fraud resolution within an institution takes time. It can certainly wait long enough for you to hang up the suspicious call and call back to a verified phone number.
• Be especially cautious with wire transfers. Wire transfers are a frequent target because they are difficult to reverse once completed.
• Pause. If you receive an urgent call, pause, breathe, and check in with your body. Scammers know that elevating our fear works in their favor. We don’t make our best decisions from an ungrounded place.

Our Commitment to You

Situations like this are exactly why we emphasize process, verification, and communication when it comes to any movement of funds. If you ever receive a request, whether by phone or email, that involves transferring money, please do not hesitate to contact us directly before taking action.

It is also why David likes to do a video call to confirm one-time and significant funds requests.

When in doubt, pause and verify.

If you have any questions or would like to talk through best practices for protecting your accounts, we are always here.

Caring for your safety,
The Colman Knight Team