Bank impersonation scams have been becoming more prevalent in recent years. Fraudsters will call a victim and convince the victim that someone has just spent money from their account. Next, the fraudster will have a one-time passcode sent and ask the victim to read to off over the phone. With this one-time passcode, the fraudster will then be able to gain access to the victim’s account. The danger here is that now the fraudster will have full access to the victim’s account, known as an account takeover.
Ways to prevent this fraud are quite simple. If you ever receive a phone call from your bank regarding fraud, hang up and call back a phone number associated with your bank. Do not call back the number that called you. Never give out information over the phone unless you know those to whom you are talking. One-time passcodes are only used for your access, they are just as sensitive as your own password or social security number.