What is a Bank Impersonator Scam Around Two Factor Authentication?

A bank impersonator scam around two factor authentication (2FA) is a type of phishing attack that targets people who have enabled 2FA on their bank accounts. In this scam, the attacker will first try to obtain your username and password for your bank account. Once they have this information, they will then send you a text message or email that appears to be from your bank. The message will say that there has been suspicious activity on your account and that you need to verify your identity by entering a code that has been sent to your phone.

The code that the attacker sends you is actually a 2FA code that they have generated. If you enter this code into the fake website, the attacker will be able to bypass your 2FA security and gain access to your bank account.

How to Protect Yourself

There are a few things you can do to protect yourself from this type of scam:

• Never enter your 2FA code into a website that you do not trust. If you receive a text message or email from your bank that asks you to enter your 2FA code, make sure that you navigate to the bank’s website yourself and enter the code there. Do not click on any links in the message.
• Be suspicious of any emails or text messages that ask you to verify your identity. If you receive a message like this, it is always best to contact your bank directly to verify that it is legitimate.
• Keep your software up to date. Software updates often include security patches that can help to protect you from these types of scams.

What to Do If You Think You Have Been Scammed

If you think you have been scammed, there are a few things you should do:

• Contact your bank immediately. Let them know that you have been scammed and that they need to disable your 2FA and change your password.
• File a report with the Federal Trade Commission (FTC). You can do this online at ftc.gov/complaint.
• Be vigilant about your financial accounts. Monitor your accounts closely for any unauthorized activity.

By following these tips, you can help to protect yourself from bank impersonator scams around two factor authentication.

See Scam and Fraud Protection for 2023 for more information and make sure to Sign Up for our Scam Prevention Newsletter.