If your phone rings and you don't personally know who is on the other side, you should always respond with caution. While many businesses, including your bank, may call you for a variety of reasons, not every call may be what it seems.
Criminal organizations around the world frequently dial targeted United States phone numbers hoping to reach their next financial scam victim. “Everyone should be concerned with robocall fraud today," says Ellen Segriff, Head of Privacy and Cyber Information Security at UBS. “Robocall scams are on the rise."
The Federal Trade Commission, which oversees the federal Do Not Call Registry, said there were 3.79 million complaints about robocalls in 2018, more than double the 1.73 million complaints logged in 2014.1
“If someone is asking for personal information, hang up," she explains. When your bank calls, they already have your account and personal contact information. There is no reason for a company you already work with to ask for account numbers, login IDs or passwords.
If there is any issue with your account at any business, you can always call the business directly on a published customer service number to guarantee you are speaking with someone you can trust. Segriff points out that you likely have finance-related phone numbers handy: “If you are in doubt, go back to your financial statements and use those phone numbers."