tellows Investigates the Big Bank Phone Scams in the United States

By: tellows UG
 
MANHATTAN, N.Y. - Jan. 18, 2024 - PRLog -- In the realm of Banking related calls, a mere 15.5% are perceived as positive interactions. These positive experiences generally revolve around resolving account fraud issues, seeking assistance from customer support, or engaging with the sales team for legitimate purposes.

Conversely, a significant 70% of these calls are perceived as negative experiences. Challenges often stem from the incentive structure within the banking sector, where representatives are driven by commissions. Insufficient training compounds these issues, leading to a lack of understanding about the products they offer. In some instances, cold calling transforms the objective into making a sale, overshadowing the customer's needs.

Tactics Employed by Scammers: A Closer Look

Fraudsters utilize various tactics in banking phone scams, exploiting trust and leveraging technology:
  • Impersonating Bank Representatives: Scammers pose as legitimate bank officials, creating a sense of urgency by claiming urgent issues with accounts or transactions.
  • Spoofing Caller ID: Advanced technology is employed to manipulate caller ID information, making it appear as if the call is directly from the victim's bank.
  • Social Engineering Techniques: Scammers use social engineering to gather information from public sources, creating a convincing facade to manipulate individuals.
  • Phishing for Personal Information: Scammers attempt to extract sensitive information under the guise of addressing account concerns, leading to identity theft or unauthorized transactions.

The Financial Landscape: A Sobering Reality

In 2021, the Consumer Financial Protection Bureau reported nearly 70,000 complaints lodged with the Federal Trade Commission, revealing losses totaling $130 million from consumers who unwittingly sent money to fraudsters through payment apps. The Bureau actively addresses payment fraud and encourages consumers to submit complaints at Consumer Finance (https://www.consumerfinance.gov/complaint).

Sophisticated Phishing Attempts: A Growing Concern

A concerning trend involves rising instances of sophisticated phishing attempts targeting consumers, coercing them into utilizing person-to-person payment apps such as Cash App, PayPal, Venmo, and Zelle to transfer funds to malicious actors.

Alarming Statistics: tellows Data Reveals the Gravity of the Issue
  • Frequency of Calls: A surge in reported calls, indicating an increased targeting of individuals by banking phone scams.
  • Financial Losses: Victims report substantial financial losses as scammers exploit trust to coerce unauthorized transfers or disclose sensitive information.

Empowering Consumers with tellows Insights

tellows, a trusted consumer protection platform, provides solutions to identify unknown calls. The tellows app for caller ID and blocking is available for Android and iOS. With a database containing 1.9 million telephone number ratings, tellows serves over 9 million monthly users in more than 50 countries. Explore more about tellows at www.tellows.com.

Find the detailed study here: tellows Investigates the Big Bank Phone Scams in the (https://www.tellows.com/s/analyse_us/banks) USA

Note to Editors:  For additional insights and data, please contact the tellows editorial team.

Contact
tellows - presse@tellows.de
Richard Grant
***@tellows.de
End
Source:tellows UG
Email:***@tellows.de
Posted By:***@tellows.de Email Verified
Tags:Banking Scam Calls
Industry:Banking
Location:Manhattan - New York - United States
Subject:Reports
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
Tellows PRs
Trending News
Most Viewed
Top Daily News



Like PRLog?
9K2K1K
Click to Share