Taft regularly reminds clients to remain vigilant against online fraud. There has been a notable increase in a more sophisticated form of financial scam, resulting in significant monetary losses.

In these incidents, bad actors contact individuals by phone while impersonating their bank or financial institution. What makes these scams particularly convincing is that the callers often already possess sensitive account details, including account numbers and approximate balances.

The caller typically claims there is suspicious or unauthorized activity on the account and urges the individual to take immediate action, often by “moving” funds to a supposedly secure account. In reality, the requested wire transfer is directed to an account controlled by the fraudster. By the time the deception is discovered, the funds are often unrecoverable.

How to Protect and Stay Vigilant Today

• Do not trust unsolicited calls requesting urgent financial action, even if the caller appears credible.
• Never approve wire transfers or share sensitive information based on an incoming call.
• If such a call is received, the individual should hang up immediately.
• The individual should contact their bank or financial institution directly using a verified phone number to confirm any account concerns.

Remaining cautious and taking a moment to independently verify any unexpected request is critical when dealing with potential fraud. For any questions about these scams or guidance on preventative measures, please contact a Taft attorney or Taft’s Privacy, Security, and Artificial Intelligence team.