In the U.S., one in ten adults will get scammed or fall victim to fraud every year. Banks are launching a campaign to reduce that number.
For Cybersecurity Awareness Month, the American Bankers Association is launch a campaign called #BanksNeverAskThat. Paul Benda, the senior vice president of the association, told KMOX that one of the biggest scams to look out for now comes via text message that looks like it's from your bank.
"So the consumer will say, 'Oh, I didn't spend that $5,000,' and they'll reply back. And then the scammer then knows they've got a live one," Benda said. "They call them up, and they try and convince them that they're from the bank, trying to convince people to give their username and password, and that one time passcode and gain access to their accounts."
The texts from scammers are looking increasingly sophisticated and legitimate, and Benda said the FTC estimates arond $5.8 billion was lost last year to fraud and scams like these.
"They can they can fool smart people too," he said. "And so they send those emails that look just like they're coming from a trusted company, trying to get you to provide username and password."
For people who do fall victim to these scams, Benda says not to be embarrassed, and to call your bank as soon as possible.
"They've got tools and capabilities to lock down your accounts, they can protect you protect your money, that's number one," he said. Then, he said consumers should go to ftc.gov and file a report to ensure there's an official record of what happened.
The #BanksNeverAskThat campaign aims to poke some fun at the issue, saying that a bank would never ask consumers if you believe in aliens, if you wear boxers or briefs -- and that they would never ask for your username and password.
Hear more about how to protect yourself from scammers:
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