As technology continues to evolve, so do the tactics criminals use to target businesses. One growing threat affecting organizations of all sizes is phone spoofing, a scam in which fraudsters manipulate caller ID information to make it appear as though a call is coming from a trusted source, including your financial institution.
Safeguarding our customers and communities is our top priority. Understanding how these scams work can help you recognize warning signs and protect your business from potential fraud.
What Is Phone Spoofing?
Phone spoofing occurs when scammers disguise their phone number to appear as if it belongs to a legitimate organization. In many cases, fraudsters pose as bank employees, security specialists, or fraud investigators in an attempt to gain access to sensitive business information.
Because caller ID appears trustworthy, these scams can be highly convincing. Criminals may even gather publicly available information about your business to make their story seem legitimate.
How These Scams Typically Work
A scammer may call claiming there is suspicious activity on your account, a pending wire transfer, or an issue requiring immediate attention. They often create a sense of urgency and pressure the recipient to act quickly.
Their goal is usually to obtain:
- Online banking credentials
- One-time passcodes or authentication codes
- Security questions and answers
- Wire transfer approvals
- Account information
It’s important to remember that we will never call and ask you to disclose passwords, access codes, or authentication credentials.
Common Red Flags to Watch For
The Caller Seems Urgent
Scammers often create fear by claiming immediate action is required to prevent fraud, account closure, or financial loss.
Requests for Sensitive Information
Be cautious if someone asks for passwords, token codes, verification codes, or other confidential information.
Calls to Main Business Lines
Many fraudsters begin by calling a company’s main phone number and asking to be transferred to a specific employee involved in finance, payroll, or accounting.
The Caller Claims to Be from a Specialized Department
Scammers frequently identify themselves as members of a fraud department, treasury management team, or payment operations group to sound credible.
Suspicious Text Messages
Fraudsters may follow up with text messages that appear to come from Golden Valley Bank and include links requesting account verification or login credentials. Never click on suspicious links or provide sensitive information through text messages.
What To Do If You Receive a Suspicious Call
If something doesn’t feel right, trust your instincts.
Rather than continuing the conversation:
- Hang up immediately.
- Contact your banker directly using a known phone number.
- Call us using published contact information.
- Verify any requests before taking action or sharing information.
- Report suspicious activity to us immediately.
Taking a few extra moments to verify a request can help prevent significant financial losses and protect your organization’s sensitive information.
Building a Strong Defense Against Fraud
Fraud prevention begins with awareness. Consider providing regular security training for employees who handle payments, wire transfers, payroll, or banking activities. Establishing clear verification procedures for financial transactions can also help reduce risk.
At Golden Valley Bank, we’re committed to helping local businesses stay informed and protected. By working together and remaining vigilant, we can help keep your accounts secure and your business moving forward with confidence.
Have Questions?
If you have concerns about a suspicious call, text message, or email that appears to come from Golden Valley Bank, please contact your banker directly or reach out to us on our main line for assistance. Our team is here to help.