Golden Belt Bank
When Kyle received a call from the “fraud department” of his local bank, he was worried about the safety of his money and immediately complied with their requests for information. Unfortunately for Kyle, the bank’s fraud department was not on the other end of that call. Instead—a very stealthy and talented scammer.
Scammers impersonate all types of businesses, organizations, and people to get access to your personal information. In Kyle’s case, the scammer asked Kyle identity verification questions like his social security number and birthdate. At the same time, the scammer was relaying that information to the bank, pretending to be Kyle. Using this method, the scammer finds out which identity verification questions the bank is asking and then in real-time obtains the answers he needs from the victim. If the scammer is successful at tricking the bank into believing he is Kyle, the scammer could get access to Kyle’s money.
When you’re caught in these situations, emotions are running high, and it becomes hard to know what to do.
Golden Belt Bank’s Chief Operations Officer Kathy Stenzel weighs in with, “The best strategy is to hang up. Find the number for your local branch and call them directly. If something is going on with your account, they will be able to assist you immediately.”
With over 30 years of experience, when it comes to scams, there’s not much Stenzel hasn’t seen. “Scammers will say anything to convince you the story they are telling is legitimate.” Stenzel recounts an instance where a scammer convinced his victim that she would be arrested if a large amount of money wasn’t paid. The scammer instructed the victim to sell her property and when that didn’t work, convinced her to apply for a home equity loan to repay the debt owed. This was after the victim had withdrawn cash and shipped it via the scammer’s instructions.
Impersonation scams are only one type of scam that fraudsters use to trick you out of your personal information and money. Look and listen for these red flags in any interaction where you are providing personal information or access to your money.
· Too good to be true. If the story you’re being told sounds too good to be true, it probably is.
· Immediate action required. Scammers pressure you into acting quickly, before you have time to research what they’re telling you. Don’t take any action until you have time to do your research and avoid taking any emotionally charged actions. Scammers will be anxious to get their money. If you don’t take action, they will move on.
· Insistence on secrecy. Scammers will insist that you keep your conversation with them a secret. This protects their anonymity but also isolates you from others that may be able to provide advice and resources.
· Money needed upfront. Legitimate dealings do not require large sums of money upfront. In the rare instances when upfront money is required, it is accompanied by a contractual agreement to protect both parties.
· Hard-to-track payment methods. These methods include wire transfer, gift cards, cash or cryptocurrency. You should be suspicious if you’re asked to pay by any of these methods.
If scammers are successful in obtaining enough personal information from you, they can make purchases using your debit card. In these cases, the scammer uses the information obtained to add your debit card to their mobile wallet. Once there, they can start making purchases.
Remember banks will never ask for your full debit card number, PIN, or online banking password. And they will only ask you identity verification questions—like your birthdate and social security number, when you initiate the contact.
Never share any one-time passcodes that are sent to you with anyone. These passcodes are for your eyes only, if someone is asking for that passcode, they are trying to access your online banking or add your debit card to a mobile wallet.
Keeping a close eye on your transaction activity, ideally through online or mobile banking can help you prevent losses.
For the scammer, tricking people out of their money is their full-time job. To stop them, that job needs to stop being financially lucrative.
That’s why education is one of the most important tools in stopping scammers.
If you or your organization are interested in learning more about identifying and avoiding scams, Golden Belt Bank provides a free one-hour educational seminar on a quarterly basis. The next session will be held May 22, 2025, at Golden Belt Bank, Hays, at 10 a.m. The session is free and open to everyone. Registration is not required.
You can also download their free resource that contains information on some of the most prevalent scams here: https://www.goldenbeltbank.com/home/misc/financial_education.
In the fight against scams, knowledge is your best defense. By being aware of common tactics like impersonation and recognizing red flags, you can protect yourself from falling victim to fraud.
As scammers become increasingly sophisticated, staying informed and vigilant is more important than ever. If you ever find yourself unsure or pressured in a situation involving your personal information or finances, always take a step back, hang up, and reach out to your bank directly using verified contact information. Don’t let scammers succeed—stay educated, stay alert, and protect what matters most.