Member Alert: Text & Call Scams

by Spero Financial

Now more than ever, fraudsters have access to you. The device you carry with you everywhere you go gives them seemingly limitless opportunities to contact you and work to access your personal information. Fraudsters use different tactics to do so and can often be very convincing. In this article, we’ll address some of the most common phone scams and offer a few ways you can avoid becoming a victim.

Phone scams can appear as text and/or call scams. While there are many ways that scammers utilize phones, one of the increasingly popular methods is the impersonation of financial institutions. In these incidents, scammers attempt to pose as a financial institution’s fraud department to try to gain access to personal information, financial information, and, ultimately, your money. A few indicators that the phone call or text is a scam are:

They are unsolicited.

If you receive a phone call or text that appears to be from your financial institution, but it comes out of the blue and is random, it is most likely a scam.

The communication comes from unrecognized or unconventional contacts and/or methods.

If the call or text comes from an unusual contact method such as a communication app or an unknown number or email address, it is most likely a scam.

The person requests you send money.

If you’re asked to send money, whether through an app such as Venmo or Cashapp or by transferring some other sort of digital currency, it is most likely a scam.

You’re asked to send personal information through unsecured channels.

If the person asks you to provide personal information such as PIN numbers, passwords, account information, or card information, it is most likely a scam.

If you suspect that you have been the target of a scam, there are a few things you may want to consider.

1. Do not respond, hang up, and/or do not click on any links.

2. Do not send any personal information.

3. Do not send/transfer any requested money.

4. Report the scam to your financial institution.

Spero Financial will never initiate a text or email asking you to provide your card number, account number, or online banking information. Keep in mind that we may request some information when communicating over the phone through our Contact Center. This information may include:

  • Your card number.
  • Your name as listed on your card.
  • The last 4 of your Social Security Number.
  • Your zip code.
  • Your date of birth.

If you have any reservations about the communication or suspect the call is not with a Spero representative, hang up and call back using the number listed on your statement or on the Contact page of our website.

If you believe you have fallen victim to a scam, reach out to your financial institution immediately. From there, you may be directed to take additional steps such as contacting local law enforcement and/or reporting to the Federal Trade Commission.

For more information, tools, and tips on financial fraud, visit the Consumer Financial Protection Bureau’s site.

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