When banks call to verify your details how do you know the call is legitimate?

dv_dt 1 year ago |

For info exchanges like this, you should always insist on calling them back at a number listed on their card or website.

If they cannot do that then its a scam or you should change banks

blurr 1 year ago | |

Yes, I asked the caller to give me a bank number to call back, to which she replied that they don't have a dedicated line for that purpose (???) and that I had to physically go to a bank to get it done. I'll be changing banks for sure :/

pwg 1 year ago | | |

> Yes, I asked the caller to give me a bank number to call back

Don't do this either. If the caller was a scammer, they can give you a number that would call them back, and now they have you "hooked" because you think you've called your bank, when you really called the scammer back.

Call them back on a number printed on your statements or a number you retrieve, independent of this caller, from the bank's website.

genocidicbunny 1 year ago | | |

At most, you can ask if there's an extension you can dial after you called their public number to skip the phone menu. But yeah, otherwise, the same principle should apply here as with any user-input fields -- do not trust them.

blurr 1 year ago | | |

Understood, thanks!

creamyhorror 1 year ago | | |

What country is this? It doesn't sound like a banking sector with mature security practices. Major banks in developed markets should have tightened their customer workflows by now.

GianFabien 1 year ago |

I treat all unsolicited calls asking for personal information as scams.

Scammers can spoof calling numbers to make it look like it came from your bank. Basically everything they say on the call should be treated as being fraudulent. The scripts have been tailored to use a variety psychological tricks to fool you.

Terr_ 1 year ago | |

Yeah: Any legitimate institutions will have no problem giving you information (like an extension-code) that you can use to re-contact them back via official channels. (This does depend on not being tricked by going to a fake website with fake contact-info, of course.)

Anyone who threatens you with fines/arrest/whatever for ending the call early is a scammer.

trod123 1 year ago | | |

This isn't necessarily true.

For example Equifax's TheWorkNumber won't do this (companies that don't do background references/verification of employment use this service), and their representatives and processes seem to follow similar practices employed by scammers.

TowerTall 1 year ago |

A bank will never call you regarding this. They will send you a letter asking you to call them. In my case when the bank want to get in contact with me they send me a message through their online banking app.

bcrl 1 year ago | |

My bank now sends alerts and verification codes via SMS. SMS should be assumed to be completely compromised given that it runs over SS7. 2FA using SMS is worse than an uncompromised password. I am disappointed that more and more banks and websites forcibly allow password recovery using nothing but SMS, but it seems like I'm just tilting at windmills.

blurr 1 year ago | |

It's quite possible that they do this for their online customers— it's a reputed bank here. I'm just using the bank's credit card and don't have a bank account with them, so I don't have access to their banking app.

JojoFatsani 1 year ago | | |

That seems strange. There should be a portal for the credit card somewhere.

Anyways. Remember, you are in charge. You can always say you need to hang up and call the branch. If the service issue is serious, it can be handled at the branch or via an officially published bank phone number.

Trust no inbound call.

AStonesThrow 1 year ago | | |

I've been contacted by my clinic before, by a nurse who's following up from labs or something. And it's tricky, because they need to be cagey for HIPAA reasons. A lot of times, a clinic leaving voice mail to confirm an appointment won't actually say what the appointment is for or who it's with, because that's giving away too much info. The nurse calling me needs to confirm that she's got the right person, so she asks for my name and DOB right off the bat.

I call it "authentication détente", because both sides of a phone conversation are no longer trustworthy enough to bootstrap a trusted connection. I say, just use some authenticated messaging on the Internet instead.

It is not uncommon for the fraud department to reach out to you when their heuristics have flagged possible fraud on your account or card. They will quiz you about your most recent transactions. They already know who you are. They shouldn't need to ask you about PII, just transaction details.

But it's helpful if you can recall what you've been doing with that card. You will always have the option to contact them via the number published on your card, but time is of the essence in catching fraud, or helping to clear a legitimate transaction.

TowerTall 1 year ago | | |

> It is not uncommon for the fraud department to reach out to you when their heuristics have flagged possible fraud on your account or card.

Which is something they should do but if they do that through a phone call the wise action is for you to hang up and call them back using their main switchboard number.

blurr 1 year ago | | |

>That seems strange. There should be a portal for the credit card somewhere.

Yeah, they don't. The bank seriously needs to up their game.

> Trust no inbound call

This needs to get on their website :)

7222aafdcf68cfe 1 year ago |

Banks do not do this. It sounds like a phishing attempt because it is.

Imagine the cost of calling every single client individually. If something like this would change, they would send a letter.

Don't forget that spoofing caller ID of telephone numbers is possible.

k310 1 year ago |

Here's what's on the Patelco site. It's good advice. Since the contact numbers are theirs, just go to the home page of your bank and look for info on phishing and Financial Institution Spoofing.

Their contact info should be easy to find.

https://www.patelco.org/financial-wellness/fraud-center/fina...

Biggest take-away:

3. Don’t share your personal information when you didn’t initiate the conversation

Whether by text, email, or phone, WE will never call you for personal information like:

  • Your online banking password
  • One-time Passcodes for transactions, registrations, or logins
  • Your card PIN, security code, or full card number

We may call you to verify something, but we won’t ask you for the information above unless you initiate the conversation or request we contact you.

blurr 1 year ago | |

Appreciate the insight, thanks!

pests 1 year ago |

The only time I saw this handled correctly, and I forget the company now, worked like this:

They would call you and then want to verify themselves to you. You would be asked to open the companies app. The app noticed you were in a support call and had a link at the top taking you to the support section of the app. The caller would then read you a code you would type in and it would let you know if the call was legit.

_ah 1 year ago | |

This can be easily attacked with two scammers executing a MITM attack. One calls the bank to impersonate you and steal your money, the other calls you to get your app code.

wruza 1 year ago | |

Correctly? Try explaining your grandparent that they should open the app and type in some codes while on call. This habit will expose them to a whole class of attacks.

The only proper way is to send push to that app with the information about the issue.

pests 1 year ago | | |

They would also offer to hang up and when the person finally found the official number and called back, that same code could be given back over the phone to reconnect to the original agent. Or they could go through whatever process they want.

tomcam 1 year ago |

Scam. No reputable bank will do this.

mig1 1 year ago |

I had an incident with a debt collector once(UK), they call me saying I had some pending parking tickets to pay and asked for my address, DoB, etc to confirm it was me, I refused and asked them to tell me the details they had, they refused.

This kept going on for about a year, the legal limit they can chase a debt, so at that point they gave in and share the details and as it happens, it wasn’t me. Don’t even own a car, which I mentioned multiple times.

Anyways, I’d never share my details over the phone if I’m not fairly certain who’s in the other side. This company was legit but had very suspicious tactics.

sschueller 1 year ago |

Bank won't make the effort to call people. They would send out a letter that they will change it and if you don't want it changed you have x days to contact them.

carlosjobim 1 year ago |

> Can anyone recommend what best practices banks can follow to ensure safety for both customers and banks in such cases?

You should never entertain any telephone interaction with your bank or any other organization, unless it was you who called them first. Just hang up. You can call them on their officially listed phone number when it suits you, or visit in person.

tacostakohashi 1 year ago |

Tell them you don't have a computer or an email address. Say you prefer receiving mailed statements, and have no interest in saving them less than a dollar each month, but they're free to close the account if that's important to them.

euroderf 1 year ago |

My bank's phone app (in Finland) has a feature to authenticate a call from the bank.

(I've only actually used it once - a couple of years ago - so I'm sorry, I can't recall how it worked or what exactly the authentication procedure was.)

mlisowsk 1 year ago |

My bank is sending letters and messages telling us they will never call to "verify details" and any such call is a phishing attempt.

watwut 1 year ago |

I stop the call in similar situation and call the bank to verify.

nobodywillobsrv 1 year ago |

Banks will never do this.

You should always verify with an app or by calling back.

Even the apps you might want to randomize the service worker in case of insider criminal

akulbe 1 year ago |

You call them. Full stop.

You have no other good mechanism to verify they are who they say they are, unless you initiate the communication.

willcipriano 1 year ago |

I don't pick up the phone for unknown numbers so I wonder what the plan would've been for someone like me.

killingtime74 1 year ago | |

They ask you to call them back. They ask you to go to the website to lookup the number yourself.

happymellon 1 year ago | |

Calls I have received from banks have never been from Unknown Numbers.

willcipriano 1 year ago | | |

I mean not in my contacts.