So, I just received an email and text message that I had opened a savings account with a major bank I have never previously used. I didn’t open any links on the texts or email. I went to the major bank’s website directly from Google and called their fraud department. They confirmed there was an account under my name and closed it. I am filing a fraud report with the credit bureaus. I always have my credit frozen.
What is the scam here? What could some one do with a savings account linked to both my email and number?
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I’m not 100% sure, but maybe they could run up some debt against your name. Maybe is a line of credit or loan, or over-drafting checks, but once they have the cash, that’s all they are looking for then bouncing.
Have their paychecks issued in your name and directly deposited into this account and then withdraw the money every two weeks and leave you on the hook for the income taxes.
They might not have been trying to directly scam you, but with access to the account then all their activity would point to you instead of them. Or maybe they took your identity in other ways and they needed this account to get payments.
Kind of like a kid stealing an ID to get into bars. They’re not really scamming you, you were just the unlucky name they chose to copy.
But I’m no con artist, so there may be deeper problems to watch out for.
Once they build a relationship with the bank it could make it easier to take out credit cards and loans etc. They could also be trying to use your name to launder money within the account. Lots of benefits to fraud, it’s at an all time high. I work for a bank by the way.
Where did the emails and texts come from? There are some interesting suggestions in the other comments, but I am trying to figure out why they gave the bank your real email address and phone number.
Use that savings account to get a line of credit?
I remember hearing that a friend had an attempted bank account take-over in which somebody managed to call the bank and use social engineering to get enough answers to the verification questions that they were able to update the contact info. My friend noticed the email the bank sent stating that the primary phone number had been changed and was able to get it changed back. In that situation, I think they managed to add some fake payees for their people payment system, but I could maybe see setting up a fake account at another institution to do an online banking external transfer?
Somebody who’s not legally allowed to work in US steals your identity. They need a bank for the same reason everybody needs a bank. Works ok up until your taxes don’t match.
Why would a fraudster use your email and phone number? Wouldn’t it be better to use a dummy email and prepaid phone? Think about this logically.
You likely opened an account years ago at a smaller bank the was bough out by the major bank. Or you didn’t realize that the bank does business under different names and you are not familiar with the parent bank name.
I see this all the time at my job and I don’t think it’s fraud, it’s bad memory, sorry.
Also money laundering, accepting fraudulent government payments, shell account activity, holding illicit funds, fraudulent tax activities.Surely they have more than just your telephone number and email to open a bank account in your name?
Plot twist….they had your best interest at heart. They really though you needs to start thinking about your future financials! Never too early!
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