The 7 Latest Bank of America Scams and How To Identify Them

Scammers target Bank of America customers to gain access to their accounts and steal their money. Learn the latest BofA scams and how to avoid them.

July 10, 2023

Product Manager at Aura

Todd Jones is an experienced product manager with a background in web and mobile software. He is passionate about creating a safer internet for everyone.

Reviewed by

Aura Cybersecurity Editor

Jory MacKay is a writer and award-winning editor with over a decade of experience for online and print publications. He has a bachelor's degree in journalism from the University of Victoria and a passion for helping people identify and avoid fraud.

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Are You Grappling With a Bank of America Scam?

Gabrielle Chavez had been saving up to pay for her mother’s headstone when she received a text message from Bank of America asking if she’d sent $3,500 to someone through Zelle [*].

Afraid that her account had been hacked, the 24-year-old quickly responded. But seconds after hitting “send,” Gabrielle’s phone rang. On the other end, a man who introduced himself as a banking fraud specialist explained that in order to protect her savings, she’d have to transfer it to a new “secure” Zelle account.

Gabrielle complied — not realizing that she had just sent her life’s savings to a scammer.

Unfortunately, Gabrielle’s story isn’t unique. Americans lost $2.3 billion to imposter scams in 2021 alone — with scammers regularly posing as bank employees to gain their victims’ trust [*].

If you’re a Bank of America (BoA) customer, you need to be aware of the latest scams targeting your accounts and finances. In this guide, we’ll explain how Bank of America scams commonly work, the latest schemes to watch out for, and what to do if you’re a victim.

What Are Bank of America Scams? How Do They Work?

Bank of America scams occur when fraudsters attempt to gain access to your bank accounts, finances, or personal information by posing as bank employees or other officials.

Scammers know that the banking system is built on trust. You trust the bank to protect your savings — and when fraudsters pose as bank employees, you’re more likely to extend that same level of trust to them. As a scam tactic, it’s deceptively simple and effective.

Yet, while the approach is simple, the scams themselves are often sophisticated and hard to identify. The latest Bank of America scams include:

Take action: If you accidentally give scammers your personal information, they could empty your bank accounts or take out loans in your name. Try Aura’s top-rated identity theft protection free for 14 days to secure your financial accounts and identity from scammers.

Example: A Bank of America Scam Email That Almost Worked

Here’s an example of a real-life Bank of America scam email:

An example of a fake Bank of America scam email

At first glance, you might not assume that this is a fake email. The “from” name says “Bank of America,” it uses the bank’s official logo, and the email describes what sounds like a plausible situation.

However, if you dig deeper, there are clear red flags indicating that you’re dealing with a scam:

While some of these elements are clear warning signs, not all Bank of America scams are as easy to recognize.

The 7 Latest Bank of America Scams You Should Know About

Scammers are always testing new ways to get you to give them personal information or access to your bank account. Here are descriptions of the latest Bank of America scams to watch out for:

1. Fake fraud alerts asking you to “verify” your identity

Bank scams are most often centered around threats — like claiming that your account was hacked (or is going to be suspended). In this common Bank of America scam, fraudsters send text messages asking you to “verify” your identity in order to regain access to your account.

Example of a Bank of America scam text

There are multiple fake bank text messages associated with this scam. Two of the most common examples are:

Whatever angle the scammers take, their goal is to get you to visit a fake website that will steal your personal information — such as your bank account credentials or Social Security number (SSN).

Don’t get scammed. Do this:

2. Phone calls claiming that your account is compromised

For Bank of America customers, one trending phone scam involves warning customers that their account has been compromised — and then pressuring them to transfer their savings into a “secure” account (that the scammers control).

Fraudsters use technology to spoof their phone number and make it look like they’re calling from Bank of America on your caller ID. They might even find personal information about you online to make them seem more legitimate — such as your checking account number or family members’ names.

Don’t get scammed. Do this:

3. Emails demanding you verify your account or risk losing access

Scam artists often create emails that suggest bank customers will lose access to their accounts unless they”verify” their identity by downloading and filling out a form. But engaging with these emails can have dangerous consequences, including:

Always remember: Banks will not ask you to “verify” sensitive or personal information.

Don’t get scammed. Do this:

4. Text messages claiming your BoA account is suspended or locked

Scammers know that most people are terrified of losing access to their bank accounts. In this scam, they send fake text messages claiming that your account has been suspended or locked. The only way to “unlock” your account is to click on a suspicious link.

Example of a Bank of America scam text message

These text messages usually use the threat of fraudulent activity or a cybersecurity concern to get you to act without thinking. But even clicking on the link could put your device and bank account at risk.

Don’t get scammed. Do this:

5. Zelle, Venmo, and other payment app scams

Fraudsters have turned their focus toward payment apps like Zelle, Venmo, and Cash App because they’re easy to use — and treat transfers like cash. Once you send someone money via these services, it’s essentially gone.

In payment app scams, fraudsters contact you via phone calls, emails, or texts and explain that your account has been compromised. Then, they say the only way to “protect” your money is to transfer it to a secure account using a payment app. In reality, they control the account to which you’re transferring the money.

But isn’t Zelle owned by the bank? Zelle was created by seven of the largest banks in the United States — including Bank of America. However, that doesn’t mean it’s any more secure or safer than other payment apps. Zelle transfers are still treated like cash.

Don’t get scammed. Do this:

6. Claims that scammers opened a Bank of America account in your name

If you receive an unexpected email (or physical mail) about a new Bank of America account that you didn’t open, there’s a good chance that you’re the victim of identity theft.

Scammers use stolen information — such as your SSN, address, and email — to open new accounts. Then, they can take out credit or use the account for money laundering. Unfortunately, your personal information is probably already available to them on the Dark Web.

Don’t get scammed. Do this:

Take action: If scammers have your personal information, they could hack into your online accounts, empty your bank accounts, or worse. Try Aura’s top-rated identity theft protection service free for 14 days and secure your identity, finances, and devices from scammers.

7. Fake “check verification” text messages

Check scams have become increasingly common in the past year. In this scam, fraudsters send a fake text message asking you to “verify” a check that came from your account. If you respond “no,” you’ll be asked to call a phone number — taking you straight to scammers.

Fraudsters often include the first or last four digits of your bank account number to make you think that the message is legitimate. But these numbers can either be found on the Dark Web or are easily guessed. For example, all Wells Fargo accounts start with “4342.”

Don’t get scammed. Do this:

Did You Send a Scammer Money or Give Them Your Bank Details?

If you accidentally send money or personal data to a scammer, you must act quickly to protect your finances and identity).

Not only do you want to stop scammers from stealing more, but you’ll also want to secure your accounts and identity against future fraud. Unfortunately, nearly one-third of all identity theft victims are repeat victims [*].

Here’s what to do:

Take action: Don’t face fraud and identity theft alone. Try Aura free for 14 days and safeguard your identity and finances against scammers.

How To Protect Your Bank Account From Scammers

Practicing good security hygiene will make it harder for criminals to gain access to your money and financial information:

  1. Update your online bank account passcode. Your account password should be at least 10 characters long and include a combination of letters (both upper- and lower-case), numbers, and symbols. Avoid using passwords that you’ve already used in the past, as they may have been breached on other platforms. Criminals often try using old passwords to break into their victims’ accounts.
  2. Enable 2FA with an authenticator app. This additional security measure requires a secondary code for you to access your bank account. However, don’t have your 2FA code sent to your mobile device, as text or SMS codes can be intercepted by hackers. Instead, use an authenticator app like Authy or Google Authenticator with biometric security (fingerprints, facial scans, etc.).
  3. Never click on links in texts or emails. Suspicious links are everywhere. If a message requests that you sign in to your Bank of America account, use the mobile app or go directly to BankofAmerica.com.
  4. Always check your online account first. Don’t believe texts, calls, or emails about your Bank of America account. Verify the information by checking your account (in the app or on the bank’s official website). If the alert is genuine, you will see it reflected on your account homepage. If there is nothing there, the message was a scam.
  5. Follow proactivecyber hygienepractices. This includes recognizing the signs of a phishing attack, using a password manager to securely store your credentials, and protecting your devices with antivirus software, a virtual private network (VPN), and Safe Browsing tools.

The Bottom Line: Don’t Get Burned by a Bank of America Scam

Gabrielle Chavez didn’t immediately trust the person who scammed her. She thought she was being diligent by asking questions. But diligence isn’t always enough to protect your personal data or prevent fraudsters from accessing your bank account.

Enjoy peace of mind with Aura’s all-in-one digital security solution. Aura monitors your bank accounts, credit file, personal information, and more — and alerts you in near real-time about signs of fraud. With Aura, there’s always someone watching out for you.

Keep scammers out of your bank account. Try Aura free for 14 days →

Editorial note: Our articles provide educational information for you to increase awareness about digital safety. Aura’s services may not provide the exact features we write about, nor may cover or protect against every type of crime, fraud, or threat discussed in our articles. Please review our Terms during enrollment or setup for more information. Remember that no one can prevent all identity theft or cybercrime.

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