TBI warns of bank scam using spoofed phone numbers, US-based callers

NASHVILLE, Tenn. (WKRN) — The Tennessee Bureau of Investigation is warning residents about a new twist on a familiar bank scam that has become increasingly convincing and costly.

According to the TBI, scammers are now spoofing banks’ legitimate phone numbers and using callers based in the United States to trick victims into handing over information.

“Those calls are happening as of this week, and we’re getting a lot of those complaints,” said TBI Assistant Special Agent in Charge Nicholas Christian.

The scam typically begins with what appears to be a call from your bank. The caller claims there is fraudulent activity on your account and asks you to verify information.

During the conversation, the caller requests a six-digit security or verification code sent to your phone. While it may seem like a regular security step, providing that code gives scammers exactly what they need, according to authorities.“That’s actually the most dangerous thing to provide to them because that’s how they’re resetting your online banking password,” Christian said.The TBI encourages customers to enable two-factor authentication on your accounts because it adds an important layer of protection. However, scammers have adapted by targeting the one-time verification codes used during the authentication process.The TBI said anyone can become a victim, but investigators are seeing scammers specifically target businesses, particularly those that received Paycheck Protection Program loans during the pandemic.

Since PPP loan information is publicly available, criminals can use those records, along with information from stolen checks, to make their calls sound legitimate.

According to law enforcement, scammers often already know details about a victim’s business or bank account before making contact in order to gain trust.“There’s many businesses that have said that this is very devastating,” Christian said.Rather than overseas call centers or voices generated by artificial intelligence, many of these scams now involve people living in the U.S. who can carry on natural conversations with potential victims.

“It’s easy to find people that are willing to make these calls, unfortunately,” Christian said.Investigators said some callers are recruited through criminal organizations and paid to impersonate bank representatives, making the scam much more believable.The TBI recommends taking the following steps if you receive a suspicious call claiming to be from your bank:

• Hang up immediately, even if the caller ID appears to show your bank’s phone number.
• Call your bank directly using the number printed on the back of your debit or credit card.
• Never share a six-digit verification or authentication code over the phone.

If you believe you’ve fallen victim to the scam, investigators urge you to report it to the FBI’s Internet Crime Complaint Center as soon as possible. Reporting may improve the chances of recovering stolen money.