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Awareness is key – learn how to keep your information and accounts safe today! 

At Old National, we’re committed to helping you protect yourself against phishing scams. Throughout the year, we provide educational information to help you spot and avoid fraud. Once again, we’ve joined with the American Bankers Association (ABA) and banks across the country in a nationwide effort to fight phishing – through the Banks Never Ask That campaign.

The statistics

This campaign is more relevant than ever. In 2021, American consumers lost more than $5.8 billion to fraud, according to the Federal Trade Commission (FTC). That’s up a staggering 70% from 2020. Fraudsters are dangerous and, unfortunately, they’ve been successful: 2021 also saw a record 2.8 million people file a fraud complaint with the FTC. And that probably understates the problem, since not everyone who was a victim files a complaint. 

In short, every day, thousands of people fall victim to fraudulent emails, texts and calls from scammers pretending to be their bank. And with so many people now using digital banking, the problem is only growing – some of the latest scams leverage digital tools to trick unsuspecting individuals. 

What to look for

Along with the ABA, we want every bank customer to become a pro at spotting a phishing scam – and stop bank impostors. It starts with these four words: Banks Never Ask That. Because when you know what sounds suspicious, you’ll be less likely to be fooled. We’d also like to share more info about the latest peer-to-peer (P2P) payment scam. 

4 Top Phishing Scams:

  • Text Message: If you receive a text message from someone claiming to be your bank asking you to sign in, or offer up your personal information, it’s a scam. Banks Never Ask That.
  • Email: Watch out for unsolicited emails that ask you to click a suspicious link or provide personal information. The sender may claim to be someone from your bank, but it’s a scam. Banks Never Ask That.
  • Phone Call: Would your bank ever call you to verify your account number? No! Banks Never Ask That. If you’re ever in doubt that the caller is legitimate, just hang up and call the bank directly at a number you trust.
  • Payment Apps: Beware of text messages from someone claiming to be your bank saying your account has been hacked. The scammer may ask you to send money to a new account they’ve created for you, but that’s a scam! Banks Never Ask That. Get details on the latest P2P scam.

You’ve probably heard about some of these scams before, but that doesn’t stop a scammer from trying. And it’s easy to sit here now and say you’d never be fooled – it’s much trickier when you’re in the middle of it. 

Prepare by testing yourself

Fraudsters rely on social engineering to make you anxious or uncertain. When you’re worried you might have lost money, or your account is locked, or you think someone is about to send you a windfall, you’re not at your best. You’re not conscientious, calm and confident. And that’s when fraud strikes! 

So, watch some videos on what to look for. Take a quiz on how to stay safe. And know that if you’ve done the work now, you’ll be less likely to be tricked later. 

Watch Videos and Take Fun Quiz

This campaign makes you aware. Once you have knowledge, don’t keep it to yourself! Share with your friends and family. The more people that know how to protect themselves, the less likely fraudsters are to succeed! 

Your bank also has tools you can use

In your daily banking life, there are things you can do to add protection. For example, if you use digital banking, you can access your accounts quickly and easily. If you’re keeping up with your accounts, a scammer is less likely to siphon off funds before you can stop it. 

Similarly, you can set up Card Controls and Alerts via digital banking at Old National. You can choose to get notified any time a purchase is made over a certain amount, or any time a certain category of purchase is made – or you can just get a ping whenever your card is used. You can also choose to block spends over certain dollar amounts or of certain types. Get started here. 

Along with the controls and alerts, your account at Old National also has automated fraud monitoring. If we think something is suspicious, we’ll let you know! We can work together to keep your accounts safe. Lastly, we’ve built a tutorial on how to protect your data and accounts. Visit it today, and make sure you’re following best practices. 

When it comes to protecting yourself against fraud, awareness is key: stay aware of what phishing looks like and stay aware of your accounts and what’s happening with them. Do those two things and you’ll go a long way towards keeping your accounts safe. 

More ways to avoid being a victim of fraud

Find more articles and videos about detecting scams and protecting yourself from financial fraud.

Chris Perreira is Vice President, Information Security Operations Manager.  Chris is responsible for overseeing the Banks Information Security operations to maintain client and employee cyber safety and security.

This content is not intended to provide legal, tax, accounting, financial or investment advice or indicate the suitability of any product or service for your unique circumstances. You are encouraged to consult with a qualified legal, tax, accounting, financial or investment professional based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.