Smart About Money: Scam Prevention

A 24-year-old young man recently called a radio program to explain how he’d been scammed out of his savings.

This is the important part — it started with a text. He got a text apparently from his bank asking if he’d approved a transaction of $8,930. “Reply Y for Yes and N for No,” the text said.

Nick Maffeo

Since he had not approved a transaction of $8,930, he texted back N. But the text wasn’t from his bank. It was from a scammer.

This scam is dangerous for young people who always have their phone with them and they trust it. It’s called the Fake Bank Fraud Alert Scam.

This young man got a text back saying someone would call shortly to help resolve the issue. That call was from the scammer too.

As with most scam stories, the victim later finds it impossible to believe they fell for it. The way this one happened, really almost any cell phone user could fall for it.

To help others from becoming victims of this scam, this young man is now speaking out about what he should have done and what he should never have done.

First, he believed the text was legitimate because it said it was from his bank. Also, he’d seen texts asking for Y if Yes and N if No. Since this was an unexpected problem, he now wishes he’d reached out to his bank on their direct phone number from his debit card or statement to see what was up.

He thought the “resolve” phone call was genuine because they had some personal financial information about him. With the endless data breaches and given scammers’ practiced skills at worming information from victims, the fact that the caller/scammer had some information is not surprising. It’s another reason why this young man wishes he’d spoken to his bank to see if there actually was a problem.

The caller/scammer insisted on staying on the phone with him as he drove to the bank to withdraw all of his money. This now seems particularly crazy to the young man — both that the caller insisted on staying on the line and that he let himself be manipulated to that extent.

And he lied to his bank about why he was making a large, unusual-for-him withdrawal. Big mistake! Now he urges everyone to not lie to their bank on orders from a voice on the phone. Period.

With no barriers to entry, scam attempts are coming faster and faster with all kinds of new twists. The Canton Anti-Scam Task Force reminds you to prepare in advance to be ready to side-step being scammed. There are things you can do, including:

* Hearing alarming or startling news will always feel unnerving. Don’t make it worse by panicking and getting roped in by a scammer.

* Slow things way down! No matter what an unexpected texter or caller says, hurrying to “help solve this problem” will only hurt you. Break the connection and independently confirm anything odd or unexpected. That can make all the difference.

* Remember that any name or number you see on Caller ID could be spoofed.

* Don’t lie to your bank when making a withdrawal in a strange, high-pressure, scary situation. Ask to speak to a bank manager. Tell them the truth.

Scammers specialize in using fright and people’s general willingness to cooperate to get their victims to do irrational things. Learn to recognize the red flags of a scam so you can avoid becoming a victim.

Nick Maffeo is the president and CEO of Canton Co-operative Bank in Canton. Have a question? Email to submissions@thecantoncitizen.com.

Short URL: https://www.thecantoncitizen.com/?p=131722

Posted by Nick Maffeo on Jun 13 2025. Filed under Featured Content, Opinion, Smart About Money. Both comments and pings are currently closed.