The Update

Beware of Bank Examiner Scams: How to Spot Them and Protect Yourself

In a world where scammers are constantly creating new tricks to exploit people, bank examiner scams remain a big threat. Here’s what you need to know about bank examiner scams and how to stay protected.

What is a Bank Examiner Scam?

In a bank examiner scam, a scammer poses as a “bank examiner” or a law officer working with a bank or credit union to investigate fraud on the victim’s account. The scammer will reach out, usually by phone, and inform them that their bank or credit union is under investigation, often suggesting that an employee may be involved in illegal activity. The fraudster then claims to need the victim’s help catching the wrongdoers. They’ll persuade the victim to withdraw money from their account or share personal account information under the guise of a “covert operation.”

Red Flags of a Bank Examiner Scam

Don’t get caught in a bank examiner scam! Here are some red flags to look for:

• Unannounced phone calls. Banks, credit unions and law enforcement agencies generally do not contact customers by phone without notice.
• Request for confidentiality. Real investigations do not require secrecy from the person being “helped.”
• Urgency and threats. Legitimate bank, credit union and law enforcement officials do not pressure individuals into taking immediate action.
• Requests to withdraw money or share personal info. If you’re asked to share money or personal data, it’s a huge red flag.
• Typos and poor grammar usage. Many scammers operate from overseas and usually give this away in their written communication. Keep an eye out for anything that seems off.

Protect Yourself

Here’s how to protect yourself from a bank examiner scam:

• Be wary of unsolicited calls claiming to be from a bank, credit union or law enforcement agency.
• Verify any alleged suspicious account activity directly with your financial institution.
• Never share personal info or withdraw money over the phone with an unverified contact.

If You’ve Been Targeted

If you believe you’ve been targeted by a bank examiner scam, there are steps you can take to mitigate the damage. First, alert your bank or credit union right away; they can assist in securing your account and may have advice on further steps. Next, report the scam to the FTC, local law enforcement agencies and/or your state’s attorney general’s office. Finally consider identity theft protection or monitoring services, which will notify you of any suspicious activity with your accounts going forward.

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