RALEIGH, N.C. (WNCN) — The problems with Silicon Valley Bank are creating new opportunities for scammers using the situation to take advantage of customers.
After the collapses of Silicon Valley Bank and Signature Bank, scammers are seizing the opportunity to update their routines on vulnerable customers.
“These attackers are in criminal organizations,” said Yaron Kassner, a cofounder of the identity protection firm Silverfort. “It’s more than just one person trying to get the money, it usually takes a group of people to run an operation like this efficiently.”
Kassner says one way the scammers trick you is by claiming they are the FDIC or another government agency. They may also send an email pretending to be from the bank trying to get your money back.
“All you need to do is click this link and log into the bank and then you’ll see all the money,” he said.
When you click the link, you don’t get your cash– you unlock the door to the loss of vital personal information.
“Now the attacker has access to your bank account and the attacker can extract money from them,” said Kassner.
Emails can be made to look just like a logo from the firm you think you’re dealing with, so some organizations put disclaimers on incoming emails warning you to be careful with outside emails.
Although that warning is a good reminder, don’t just rely on that.
Verify the email message independently. Remember these scammers count on you reacting in panic.
Kassner says the criminals try to get you to act quickly, without thinking.
“If there’s an urgency, for example, you need to get all your money back from your bank account and you’re afraid that if you don’t do it fast, you’ll never see the money– that’s a very big motivation to act fast,” he said.
To try and reassure people and keep them safe from scammers, the FDIC has added a new section on its webpage answering a lot of questions about the Silicon Valley Bank collapse.
Remember, never use any phone numbers provided in a text or email to verify that it’s legit. Those numbers are often set up by scammers.
Instead, directly call the person or firm using a phone number you’ve obtained independently.