Truist Bank Scandal: Understanding the Issue and Staying Secure

The Truist Bank scandal has left many customers feeling uneasy and wondering what to do next.

Truist Bank, formed by the merger of BB&T and SunTrust in 2019, has been embroiled in a scandal involving suspicious transactions and account manipulation.

Some customers have reported unauthorized transactions on their accounts, with amounts ranging from a few dollars to several thousand dollars.

These incidents have led to a loss of trust among customers, which is exactly what the name "Truist" implies.

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

The Truist alert scam is a type of bank fraud that targets users of Truist Bank. Scammers will alert the target to a fake issue, like fraudulent activity or an account freeze.

Scammers typically require private information to fix the issue, including email addresses, debit card details, and Social Security numbers. They use this information to access the victim's accounts.

This scam is often sent via text message, which usually leads to a link to a spoofed website that steals any information the victim enters. Report and delete these scam texts, regardless of whether you bank with Truist or elsewhere.

Scammers tend to aim for quantity over quality, sending the same text to a mass of recipients, including people who aren't even Truist customers.

To protect yourself from Truist scam texts, it's essential to enable two-factor authentication (2FA) and never share your 2FA code with anyone. If you get a text or phone call asking for your 2FA code, the caller might already have your information.

Changing your passwords regularly will boot any scammers who might already have access to your accounts, even if you don't know about them. Change your information through the official website or app – not in response to a text message.

Verify the sender's identity before giving away personal or financial information via text message. Scam texts can't hurt you if they never make it to your phone, so download a scam blocker like Robokiller to eliminate the threat entirely.

Here are some key steps to protect yourself:

Enable two-factor authentication (2FA) to add an extra layer of security to your accounts. This will prevent scammers from accessing your information even if they have your login credentials.

Changing your passwords regularly is a good idea, as it will boot any scammers who might already have access to your accounts. Make sure to change your information through the official website or app, not in response to a text message.

Scammers often use suspicious links to trick you into giving away your personal or financial information. Always verify the sender's identity before giving out any sensitive information.

Educate yourself about phishing red flags, such as unexpected texts or emails, and be cautious of links that ask you to log in or provide sensitive information.

Use a scam-text blocker like Robokiller to eliminate the threat of spam texts entirely. This will prevent scammers from even reaching your phone.

Here are the key steps to protect yourself from Truist scam texts:

By following these tips, you can significantly reduce the risk of falling victim to a Truist scam text. Remember, it's always better to be safe than sorry when it comes to protecting your personal and financial information.

If you've been a victim of a data breach, you must assume your information is permanently at risk on the dark web. This means you need to take a defensive position to protect yourself from further harm.

Set up not just fraud alerts but account alerts, which will notify you if your email address or phone number is updated, or if one-time passcodes are used without your knowledge. This is a crucial step in detecting suspicious activity.

Sando recommends using an identity protection services provider, which can be a huge help in detecting suspicious activity. You'll have someone else monitoring your accounts and credit rating for any unauthorized purchases.

Change your passwords and monitor your credit rating for any unauthorized purchases. This will help you catch any suspicious activity early on and prevent further damage.

Here are some additional steps you can take to protect yourself:

If you're a Truity Bank customer, you might be wondering what to do next.

First, take a deep breath and review your account statements to see if you've been affected by the scandal.

If you've noticed any suspicious transactions or fees, you should contact Truity Bank's customer service department as soon as possible to report the issue.

Truity Bank has promised to refund fees and pay interest on accounts that were affected by the scandal, so be sure to ask about these potential refunds when you contact customer service.

You can also consider switching to a different bank, such as Bank of America or Wells Fargo, which have a reputation for being more transparent and customer-friendly.

If you're not sure where to start, you can also reach out to the Consumer Financial Protection Bureau (CFPB) for guidance and support.

You might enjoy: De Banking Scandal

Online Security is a top concern, especially with the rise of phishing scams. Scammers are getting creative, and it's essential to stay vigilant.

Be wary of phishing emails that claim to be from a legitimate bank like Truist. These emails often claim to be an important security update, but in reality, they're designed to steal your login credentials.

A recent example is the "Truist Online Banking Profile" scam email, which claims to be an automated message related to your online banking profile. It warns that failure to comply within 24 hours could result in the cancellation of incoming and outgoing transactions.

Don't fall for the urgency and download any attachments, as they may contain a fake Truist bank login form. Instead, report any suspicious activities to your financial institution immediately.

Social media platforms like Snapchat, Instagram, and X are also vulnerable to phishing scams. Scammers may pose as Truist and request personal information or encourage you to click a malicious link.

Suggestion: Internet Banking and Mobile Banking

Social media platforms like Snapchat, Instagram, and X are viable channels for phishing scams, with scammers posing as Truist to request personal information or encourage you to click malicious links.

Scammers use social media phishing to uncover personal data that can be used to steal money and assets.

Additional reading: Truist Bank Personal Loan Rates

Make sure you know your online friends and followers, and don't respond to or click links in messages from strangers.

Set your profiles to private so only people you know and trust can view your posts and information.

Report and delete Truist scams on social media the same way you would with smishing schemes.

Be cautious of emails claiming to be from your bank, especially if they ask for sensitive information or create a sense of urgency. These emails are often phishing attempts designed to trick you into divulging your login credentials.

Phishing emails like the "Truist Online Banking Profile" scam email may claim to be an important security update, urging you to confirm your email address and phone number to ensure up-to-date account information and reduce the risk of identity theft.

Legitimate banks like Truist will never ask you to download and open a secure attachment file to verify your identity. This is a common tactic used by scammers to obtain your login credentials.

The "Truist Online Banking Profile" email claims to be a global update for all Truist customers, but it's actually a scam designed to trick you into divulging your login credentials.

The file attached to this email contains a fake Truist bank login form requesting your user ID and password to sign in. This is a red flag that the email is a phishing attempt.

To mitigate such risks, individuals are strongly advised to remain vigilant against phishing attempts, safeguard their login credentials diligently, and promptly report any suspicious activities to their financial institution.

Phishing emails often exhibit generic or impersonal salutations and may contain grammatical errors. They may also use urgency or security concerns to prompt immediate action.

Truist bank has been in the news for all the wrong reasons. The bank has agreed to pay $9.125 million to resolve allegations related to trust accounts administered by SunTrust between 2011 and 2015.

SunTrust was supposed to act in the best interests of the accounts' beneficiaries, but instead, they approved disbursements that weren't in the beneficiaries' best interests. This is a serious breach of trust.

The trust accounts in question were set up to help people who received settlement awards related to lead poisoning cases. The bank was supposed to protect these funds, but instead, they allowed beneficiaries to make imprudent payments, including payments to family members.

SunTrust's actions were not just a one-time mistake, but a pattern of behavior that went on for years. The bank's merger with BB&T in 2019 didn't change their behavior, and they continued to act in a way that put the interests of their customers at risk.

Here are some key facts about the issue: