How the Scam Works
- The Initial Contact: The fraudster contacts you by phone, text, or email, claiming to be from your bank or a federal banking agency. They may even spoof the bank’s phone number to make the call appear legitimate.
- The Deception: The scammer warns of suspicious activity or a security issue and asks you to “verify” your identity by sharing your online banking username, password, or security questions.
- Account Takeover: Once they have your credentials, the fraudster immediately logs in to your account and changes your username, password, security questions, and even your ATM PIN—locking you out of your own account.
- The Theft: Using your new credentials, the scammer adds your card to their digital wallet and uses contactless ATMs to withdraw your funds. They may also exploit the Suspend Limit feature in Digital Banking to increase withdrawal amounts and maximize their theft.
This type of attack has proven to be highly effective in stealing large sums of money very quickly.
What You Can Do to Stay Safe
- Never share your digital banking credentials. Your bank—and any legitimate government agency—will never ask for your username, password, PIN, MFA codes, debit card numbers, expiration dates, CVV codes, or security questions over the phone, by text, or by email.
- If you receive a suspicious call, hang up immediately. Then, contact your bank directly using the number listed on the back of your debit card or on the bank’s official website.
- Monitor your accounts regularly. Review your account activity frequently and report any unfamiliar transactions right away.
- Enable Alerts. Premier Bank—Go to the menu in digital banking and select "Manage Alerts".
These extra security layers help protect your accounts from unauthorized access.
What Your Bank Is Doing
We actively monitor for unusual account activity through Fraud Anomaly Detection, which helps identify and stop suspicious behavior before losses occur. We also continue to educate customers about scams and how to avoid them.
Remember
Neither your bank nor any federal banking examiner will ever contact you asking for your online banking credentials or PIN.
If you receive a call like this, hang up and contact your bank directly. Premier Bank: 563-588-1000
Your vigilance is one of the best defenses against fraud. Thank you for helping us keep your accounts safe.
