You get an unexpected call, and you answer reluctantly. The person on the other end speaks quickly. They say your personal information is at risk. You need to act right away to fix the problem.
They might know some basic information about you, which could put you at ease — but don’t let your guard down. These calls are often a form of voice phishing, or vishing, perpetrated by scammers who want to steal your information for financial gain.
Here’s what to know about vishing, common types of scams, how to recognize them and protect yourself and more.
Vishing attacks are different from phishing attacks. While phishing mainly uses email to steal your personal information, vishing happens over the phone. Scammers might use voice phishing to get your personal information. This includes your Social Security number, bank account and PIN.
In vishing scams, a person or robo-caller contacts you over the phone. They might claim a bad actor has accessed your personal or financial information, and that they’re going to help you address the problem. In reality, the person or robo-caller on the other end wants your personal information. They often do this for financial gain.
These scammers can be incredibly convincing, so it may be difficult to recognize that you’re on the other end of a vishing call. The perpetrator might know some basic information about you. They may have an official-sounding title or call from a number that seems real on your caller ID. Besides being convincing, fraudsters often use sophisticated techniques to trick their victims.
Vishing attacks have cost consumers billions of dollars. The Federal Trade Commission (FTC) reported that fraud damage reached over $10 billion in 2023. Per the FTC, email is the top channel scammers use to target victims, followed by phone and text message.
Vishing scammers may pretend to be from organizations like the IRS, your bank or your employer. They might also act like a hospital or healthcare provider. For instance, you might receive an unexpected call from someone claiming to be an IRS auditor who claims you have an unpaid tax bill.
Scammers also may ask you to pay the bill right away. They might also threaten legal action if you don’t share your financial information over the phone.
Maintaining awareness and staying informed about these scams is crucial in avoiding them. By doing so, you can safeguard your identity and financial information.
Below are some examples of vishing attacks that have affected consumers.
In 2022, Spectrum Health warned patients about fraudsters. These scammers pretended to be Spectrum and Priority Health employees. They called people to trick them into sharing their member numbers and other private health information. Scammers then used that information to defraud patients, asking for money and access to their personal phones.
Vishing scams are also a persistent problem in the financial services industry. In 2022, Navy Federal Credit Union reported that scammers called their customers pretending to be member services representatives. The fraudsters wanted to steal account information, credit card numbers, and login details. Their goal was to take money from their victims.
Several types of vishing scams exist, and understanding how they work is the first step in protecting yourself. Here are some of the techniques vishing scammers may use to trick people into sharing sensitive information:
Scammers also use a few different methods to attempt to gain access to sensitive, personal or financial information. Common vishing scams include:
Unfortunately, scammers have become quite skilled. They plan convincing attacks and use persuasive language. This creates a sense of urgency in their victims. While some of these scams may be sophisticated, you can still recognize a vishing scam if you know what to look for.
Here are some red flags and social engineering tactics scammers may use:
If you’re concerned about falling victim to a vishing scam, there are a few things you can do to protect yourself. Most importantly, never share personal or financial information with an unsolicited caller, no matter how persistent the person on the other end of the line may be. While you can’t prevent vishing entirely, you can take steps to avoid vishing, including:
Since vishing is a problem in the financial services industry, banks can also share educational information about common scams and techniques to help protect their customers and prevent fraud. Beyond that, providing a dedicated outlet for customers to report fraud is imperative.
It’s important to know that Seacoast Bank will never ask its customers for:
Note, if a customer has a security passcode on their account, this will be requested with every call. When customers call Seacoast Bank we will ask for verifiers, such as last 4 of social security number, last 4 of driver's license or the zip code of your address.
Seacoast Bank will never ask its associates for:
Vishing isn’t the only type of scam out there. Being aware of text, email and payment app scams is also important. Fraudsters use these channels to try and obtain personal and financial information from their targets.
To protect yourself, do not share your information, click on suspicious links or accept any unexpected payment requests. Learn more about red flags that could signify a scam.
If you suspect you’ve received a vishing call, hang up immediately. Do not engage with the person on the phone or share any personal information.
If you are unsure, ask for verification of the caller's name and department. Then hang up and use official channels: contact your bank using the official number found on their website or your bank card.
Vishing has become increasingly common, and scammers have become much more sophisticated in their approaches. That said, you can take steps to protect yourself. Knowing about common vishing scams can help you protect your personal and financial information.
If you’re worried a scammer has targeted you, Seacoast can help. Learn how to report scams and fraud.
Topics: Protect Your Finances
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