When it comes to unusual account activity, Walpole Co-operative Bank (and other local and national financial institutions) may send you a text to confirm that the activity is not fraudulent. One thing we will never do is ask you to send money to anyone, including yourself, using Zelle®. We also won’t ask you to share a code to resolve fraud. If you receive a request like this, then it is likely a scammer trying to trick you.
Watch this video to learn more about the scam:
The video below is created, operated and maintained by a private business or organization. We are not responsible for the content.
Remember these tips to help you stay protected:
- Don’t trust caller ID — it’s not always who it says it is.
- Don’t share codes based on a call you receive.
- Don’t be pressured into acting immediately.
Transcript:
The best way to avoid scams is to know what to look for. The “Pay Yourself Scam” begins with a text message from a scammer that looks like a fraud alert from your bank. If you respond to the text message and engage the scammer, you’ll receive a call from a number that appears to be your bank. The scammer pretends to be a representative from your bank or credit union and offers to stop the alleged fraud. In reality, the scammer is actually tricking you into sending money to their own bank account. Here’s how they scam you: When you enroll with Zelle®, your bank sends you a security code to verify your identity. The scammer lies that they need this passcode to authorize your payment to yourself. If the scammer is given the one-time passcode, they’ll be able to enroll THEIR bank account with Zelle® using your email or phone number. Now the money you thought you were sending to yourself is sent directly to their bank account. Remember, your bank will never ask you to send money to yourself. If you detect suspicious activity, hang up and contact your financial institution directly at the number listed on the back of your bank-issued debit card, in your banking app, or the bank’s official website. To learn about other scams and ways to protect yourself, visit zellepay.com/pay-it-safe