How to help protect yourself from bank impersonation scams

In today’s digital age, convenience often goes hand in hand with technology. Unfortunately, this technology also provides an avenue for bad actors to exploit unsuspecting individuals in increasingly sophisticated ways. One tactic involves criminals impersonating banks such as claiming urgent issues with your account, or posing as financial advisors seeking your personal information. Once they have your information, they can commit identity theft, open fraudulent accounts, apply for loans, and engage in other illicit activities.

Let’s explore some of the main methods employed by these fraudsters.

Recognizing phone scams

Fraudsters often use phone calls to impersonate banks, creating a sense of urgency to trick individuals into divulging sensitive information such as their bank card information or account passwords. They may also use spoofed numbers, where the incoming call appears to be from a legitimate source, adding a layer of believability to these scams. The number you see on caller ID may match an existing bank phone number, and the caller may claim there’s a security breach, an unauthorized transaction, or another urgent matter, prompting you to disclose personal details.

Important: BMO will never contact you via unsolicited phone call, email, text, or social media message to ask for sensitive information, passwords, PINs, or verification codes (one-time passcodes). If you get a call, voicemail, email, text or social media message from someone claiming to be from BMO and you think it’s suspicious, do not share any information and contact us immediately using the information on the back of your card.

How to help protect yourself:

• Say no to unsolicited contact. If you get a call, voicemail, email, or text from someone claiming to be from your bank and you think it’s suspicious, hang up and contact the bank immediately using the information on the back of your card.
• Guard personal information. Do not give credit card information, banking account details, passwords, PINs, or one-time passcodes to callers – regardless of how convincing the request may sound. Government agencies, banks and other legitimate organizations will never request sensitive information like PINs or passwords over the phone. Only provide one-time verification codes if you initiated the call.
• Slow down and avoid any ‘urgent’ requests. Be mindful of responding too quickly with personal or financial information. Scammers are adept at creating a strong sense of urgency to compel you to act immediately without verifying the request.
• Stay informed. Keep abreast of the latest scams by regularly checking BMO’s Security Alerts for new updates.

Identifying email and text messaging scams

Fraudsters may send emails and text messages claiming to be from your bank, often containing urgent messages about account issues, actionable alerts, or enticing offers. These messages may include links that lead to fake websites designed to capture your login credentials. The fraudsters are then able to use this information collected to access your accounts.

How to help protect yourself:

• Avoid clicking on links in unsolicited messages. Instead, independently verify the sender's identity by contacting your bank through trusted channels.
• Download and use official banking apps from reputable app stores to ensure the security of your transactions.
• Monitor your accounts. Sign up for alerts to get notified when there is any activity on your accounts. Regularly check your bank statements and account activities to detect any unauthorized transactions promptly.
• Report suspicious messages. If you receive a suspicious email or text, report it to your bank immediately. They can investigate and issue alerts to protect other customers.
• Review emails and URLs carefully. Emails and websites can look like they are from trusted companies, but there may be small differences like one extra letter, a period, or a .net instead of .com.