Bank of America Issues Warning to Customers About Scam Alerts

Bank of America has issued a warning to its customers about a recent surge in scam alerts. This warning is a good reminder to stay vigilant and be cautious of suspicious activity on your account.

If you receive a call or message claiming to be from Bank of America, be wary of providing any personal or financial information. Bank of America will never ask you to verify your account information over the phone or via email.

Scammers are getting more sophisticated, and it's essential to be aware of the tactics they use to trick people. Bank of America has reported an increase in scams targeting its customers.

To protect yourself, always log in to your account through the official Bank of America website or mobile app. This ensures you're accessing your account securely and avoiding potential scams.

Curious to learn more? Check out: Bank Brokerage Account

If you're a Bank of America customer, you need to be aware of the latest scams targeting your accounts and finances. Americans lost $2.3 billion to imposter scams in 2021 alone.

Fake Bank of America scams often come in the form of text messages or emails that ask you to "verify" your identity or take action to protect your account. Be cautious of links in SMS messages, as they can lead to phishing websites that steal your personal information.

To protect yourself, update your online bank account passcode to at least 10 characters long, including a combination of letters, numbers, and symbols. Enable 2FA with an authenticator app, and never click on links in texts or emails. Always check your online account first to verify any suspicious messages.

Here are some common Bank of America scam text messages to watch out for:

Forward any suspicious text messages to Bank of America's fraud department at [email protected] or 7726 (which spells SPAM).

Fake fraud alerts are a common tactic used by scammers to trick you into revealing your personal and financial information. These alerts often claim that your Bank of America account has been hacked or is at risk of being suspended, and that you need to verify your identity to regain access to your account.

Related reading: Will Bank of America Reopen a Closed Credit Card Account

Scammers may send text messages asking you to "verify" your identity in order to regain access to your account. These messages may include links to fake websites that will steal your personal information, such as your bank account credentials or Social Security number.

One common example of a fake fraud alert is a text message that says "Due to irregular activities your Bank of America debit card has been disabled. Please log in and review recent transactions at {URL}. Failure to verify recent activities may result in account closure. Reply stop to opt-out of all bofa alerts."

Don't trust links in SMS messages. Only log in to your Bank of America account through the mobile app or the official BankofAmerica.com website. If the alert message was legitimate, you'll see the same information noted in your account.

To avoid falling victim to these scams, forward any suspicious text messages to Bank of America's fraud department. You can email a screenshot of the text to [email protected] or forward the text directly to 7726 (which spells SPAM).

Here are some key things to remember:

BOA has been charging fees, even to long-time customers like BBDogs, who's had an account for 10 months and has seen a drop in income. This can be a significant burden, especially when there are hardly any branches open.

Some customers, like Kimjessica, have experienced difficulties with BOA's online banking and customer service. She had to deal with a situation where someone impersonated a collection agency, and BOA didn't send her a contract as promised. This led to a series of issues, including a returned payment and a canceled credit card.

BOA's fees haven't changed, but the bank is pricing itself out of many market segments. This is a major concern for customers who are looking for a bank that won't charge them extra for basic services.

Here are some red flags to watch out for when dealing with BOA:

It's clear that BOA has some major issues to address. If you're a customer, be sure to read the fine print and keep a close eye on your account activity.

If you receive a suspicious phone call from someone claiming that your Bank of America account is compromised, hang up immediately. Bank of America employees will never call you asking for your card PIN, account password, or sensitive information like your credit card numbers and SSN.

You should also be cautious of text messages claiming that your BoA account is suspended or locked. Never tap on embedded links in SMS messages, as they can put your device and bank account at risk.

If you accidentally send money or personal data to a scammer, act quickly to protect your finances and identity. Call Bank of America's fraud department at 800-432-1000 to launch an investigation and try to return your losses.

Here's an interesting read: Bank of America High Interest Savings Account

If you receive a suspicious phone call claiming your Bank of America account is compromised, hang up immediately. Bank of America employees will never call you asking for your card PIN, account password, or sensitive information like your credit card numbers and SSN.

Scammers may use technology to spoof their phone number and make it look like they're calling from Bank of America on your caller ID. They might even find personal information about you online to make them seem more legitimate.

To verify the authenticity of a phone call, check your account online or through the Bank of America app. If the alert is genuine, you will see it reflected on your account homepage.

If you accidentally send money or personal data to a scammer, act quickly to protect your finances and identity. Call Bank of America's fraud department at 800-432-1000 to launch an investigation and try to return your losses.

Scammers may also send fake text messages claiming your Bank of America account is suspended or locked. Never tap on embedded links in SMS messages, as they are a classic scam tactic.

Here are some steps to take if you suspect a scammer has contacted you:

If you receive an unexpected email or physical mail about a new Bank of America account that you didn't open, there's a good chance that you're the victim of identity theft. Scammers use stolen information to open new accounts, which can be used for credit or money laundering.

Your personal information is probably already available to scammers on the Dark Web. One way to check if your information has been leaked is to use a free Dark Web scanner like Aura. Aura scans Dark Web forums, sites, and marketplaces to see if your personal information and passwords have been leaked.

If you're a victim of identity theft, don't ignore junk mail or unexpected offers in the mail. These are early warning signs that someone has used your identity to open a new bank account. Report fraudulent accounts to Bank of America's security team immediately.

Here are some steps to take if you suspect someone has opened a Bank of America account in your name:

Bank of America customers have complained about missing money from deposits and Zelle transactions, with many saying they had no luck getting information from the bank's customer service.

In January 2023, customers reported issues with missing funds, and the problem seems to be recurring. Some clients are experiencing an issue accessing their accounts and balance information today.

The bank's help account on X responded to customers who had tweeted about the app being down, urging people to send a DM with additional details and personal information. This may not be the most reassuring response for customers who are already worried about their account security.

Recommended read: Wells Fargo Customers Are Suing the Bank over a Scam.

If you receive a phone call claiming your account is compromised, hang up immediately. Bank of America employees will never call you asking for your card PIN, account password, or sensitive information like your credit card numbers and SSN.

Never transfer money to another account based on a phone call, even if it's an account you supposedly control. The bank will not ask you to transfer money if it detects fraud or abuse.

Worth a look: How to Transfer Money from Bofa to Bofa

To protect your account, update your online bank account passcode to at least 10 characters long and include a combination of letters, numbers, and symbols. Avoid using passwords that you've already used in the past.

Enable 2FA with an authenticator app, but don't have your 2FA code sent to your mobile device. Instead, use an authenticator app like Authy or Google Authenticator with biometric security.

Never click on links in texts or emails, especially if they request that you sign in to your Bank of America account. Verify the information by checking your account in the app or on the bank's official website.

Here are some proactive cyber hygiene practices to follow:

If you accidentally send money or personal data to a scammer, call Bank of America's fraud department immediately to launch an investigation and try to return your losses.

If you're experiencing issues accessing your Bank of America account, you're not alone. Some users reported problems accessing their funds online, with some online services appearing to be down, according to Downdetector.

A message on the Bank of America app stated, "Accounts Temporarily Unavailable. Some accounts and/or balances are temporarily unavailable." This message was likely a response to the reported service issues.

Customers took to social media platforms like Twitter and Reddit to ask what was happening with their funds. One Reddit user wrote, "Time to switch banks. BOFA has been notorious for being a horrible bank."

If you're experiencing an issue accessing your account, here are some steps you can take:

Bank of America has since acknowledged the issue and apologized for any inconvenience.