Don't fall for this phony bank text scam targeting Chicagoans

CHICAGO - Scammers are using phony bank fraud alerts to trick Chicagoans into sending them money, according to a new warning from the Better Business Bureau (BBB).

The scam usually starts like this: A victim receives a text that looks like it is a fraud alert from their bank. The message claims there has been unusual activity on the account, sometimes reading like this: "Bank Fraud Alert – Did you approve a transaction for $1,000? Reply YES or NO."

If the victim replies, the scammer knows they've reached an active number and have a new target to scam.

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Then, the scammer will usually call to follow up and the number that appears in caller ID will appear as though it's coming from your bank. The scammer will claim to be a bank representative who is there to help you stop fraudulent charges.

The scammer will tell you in order to stop the charges, you need to send money to yourself using Zelle or another wallet app. They will then walk you through the process of linking the money app to your bank account, asking you to verify the connection by sharing the code your bank sent.

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If you send the scammer the verification code, they will set up an account with your phone number and email but their bank account information, making it so you think you're sending money to yourself but you're actually sending money to the scammer.

"The caller ID on my phone said Wells Fargo, and the person said they could reverse the transaction if I sign into my online account and open the Zelle app," one victim told the BBB. "I did this and the caller asked if I saw my name. I told him I saw my name in two places. It looked like I would be sending money to myself. The caller said everything was fine and the money would come back to my account. After the call ended, I got two texts stating funds for $2,500 and $1,000 would be deposited in my Wells Fargo account. I went back into my account and there was no evidence of any deposits. What I did see was $3,500 taken out of my account and a zero account balance." 

The following is the BBB's advice on how to avoid bank fraud scams:

• Don't reply to suspicious texts. Ignore any instructions to reply "yes" or "no" if you receive an unsolicited, suspicious text message. If you reply to a scammer, they could save your number as "active" and target you with future scam.
• Understand your bank's policies. Know that your bank will never ask you to send money to yourself. If someone tries to convince you otherwise, it's a scam.
• Watch out for fake caller IDs. Scammers can spoof caller ID names and numbers to make you think you are receiving a call from a reputable source. If you weren't expecting to be contacted by your bank, it's best to avoid answering. Instead, call the number on the back of your ATM card to confirm that there is an issue.
• Never share one-time passcodes. Scammers can use one-time passcodes from your bank or any other company to access your accounts and change information. Don't share them with anyone, no exceptions.
• Contact your bank if you suspect a scam. If you receive an unsolicited call, text, or email that you suspect is a scam, contact your bank immediately and let them know.

If you believe you've been the victim of fraud, report it to the BBB ScamTracker.