Don't Get Played: How to Spot Impersonation Fraud

Unfortunately, impersonation fraud is becoming a popular scam with fraudsters who are continuously trying to take advantage of others and gain access to money that does not belong to them.

It is important for you to be aware of impersonation fraud scams and also to know that legitimate financial institutions, like Allegiance, will never ask members to provide personal information or passwords via unsolicited calls.

Here are some tips to avoid being the victim of impersonation fraud, some red flags to be aware of, what to do if you suspect fraud, and how Finex has a commitment to security for all members.

What is Impersonation Fraud?

Impersonation fraud is a type of banking scam against consumers that typically starts with a phone call, text, or email that seems legitimate from your financial institution or other trusted business. But, unfortunately, that’s not often the case. Instead, scammers have planned and attempted to deceive you in hopes you would transfer money, give them access to your personal information, or provide private details about your financial accounts. Once they have your trust or information, they will proceed to commit fraud and steal your money.

Red Flags of Impersonation Attempts

Consumers can protect themselves from impersonation fraud by being aware of some of the red flags likely to occur that indicate they might be dealing with fraudulent communication and an attempt to scam.

5 Red Flags to Alert You of Possible Impersonation Fraud

1. Requests for personal information or security codes

2. Spelling errors and/or improper sentence structure

3. High-pressure tactics or urgent language

4. Unusual sender email addresses or phone numbers

5. Threat of legal action if you don’t comply

Steps to Take if You Suspect Impersonation Fraud

Should you suspect that you are the victim of fraud, it is important to take the right steps to ensure your information and money are safe. If you receive a suspicious call or message that you think is impersonation fraud, the Federal Trade Commission (FTC) suggests you take these necessary and important steps.

Step 1 - Alert the fraud department of the affected institution of the fraudulent activity
Step 2 – Report the fraud to the FTC via their dedicated website IdentityTheft.gov or call 1-877-438-4338
Step 3 - File a police report with your local law enforcement agency

To avoid being the victim of impersonation fraud, it is important to learn how to verify the authenticity of the communication you have received. One sure way to verify the communication is valid is to contact the organization directly to confirm. Do not click on a link in an email or via any contact method initiated by the communicator. Instead, research to find published and verifiable email addresses and phone numbers so that you can be sure you are actually communicating with the legitimate company and not an impersonation fraud scammer.

Allegiance Helps Keep Your Money Safe From Identity Theft and Impersonation Fraud

Sadly, identity theft can happen to anyone, anywhere, regardless of age or income. It is important for consumers to take a stand against scammers by learning what identity theft is, the red flags, and how to best protect themselves.

In addition to educating yourself about the different types of fraud and scams happening today, we encourage you to report suspicious activities to help safeguard yourself and the entire community from these skilled scammers.

At Allegiance, we feel that we cannot be too vigilant when it comes to protecting our members against impersonation fraud. Check out our Online Security Measures for Digital Banking Users blog to explore how online and mobile banking features can help safeguard your money.