Buzz
Got a text from your bank saying your account has been locked? Think carefully before following the instructions.
Scammers are using fake messages combined with cardless ATMs to steal large amounts of money from innocent people. According to Krebs on Security, this scam has resulted in quick profits, with $68,000 stolen from around 125 Fifth Third Bank customers in Illinois, Michigan, and Ohio in just under two weeks.
Here’s how the scam works: Fraudsters send text messages to bank customers claiming their accounts are locked. The messages contain a link to a fake version of the bank’s website, where customers unknowingly enter their account details, such as usernames, passwords, one-time passcodes, and PINs, reports Krebs. With this information, the scammers can withdraw money from cardless ATMs.
Cardless ATMs allow customers to withdraw cash using their smartphones instead of a debit card. While they aren’t widespread yet, many major banks like Chase and regional banks like Fifth Third offer them as a convenience. These ATMs are generally considered more secure than traditional ones, though scammers have figured out how to exploit them. As the Fifth Third example shows, all the scammers need is a username, password, and PIN to access and steal funds.
As advised by Krebs, never “respond to requests for personal or financial information sent via email, text message or over the phone.” If you receive a suspicious message or call, disconnect or ignore it, and reach out directly to your bank or financial institution.
