In light of the recent rise in phishing scams, and specifically text scams, the Virginia Bankers Association (VBA) urges all bank customers to be vigilant in detecting these scams. Every day, thousands of people fall for fraudulent emails, texts, and calls from scammers pretending to be with a bank. These are commonly referred to as phishing scams. The communication is designed to trick consumers into providing confidential information (like account numbers, passwords, or PINs) either online or over the phone to someone imitating a bank employee. Victims of phishing scams can lose hundreds, even thousands of dollars. Newly released Federal Trade Commission data show that consumers reported losing more than $12.5 billion to fraud in 2024, which represents a 25% increase over the prior year.

Scammers are taking advantage of the expanded use of digital banking platforms and tricking consumers into giving up their personal and financial information. Considering the prevalence of these scams, customers and communities should use the following tips to keep themselves safe from fraud.

If you receive a suspicious email or text:

• Do not download any attachments in the message. Attachments may contain malware such as viruses, worms or spyware.
• Do not click links that appear in the message. Links in phishing messages direct you to fraudulent websites.
• Do not reply to the sender. Ignore any requests from the sender and do not call any phone numbers provided in the message.
• Report it. Help fight scammers by reporting them. Forward suspected phishing emails to the Anti-Phishing Working Group at reportphishing@apwg.org. If you got a phishing text message, forward it to SPAM (7726). Then, report the phishing attack to the FTC at ftc.gov/complaint.

If you receive a suspicious phone call: 

• If you receive a phone call that seems to be a phishing attempt, hang up or end the call. Be aware that area codes can be misleading. If your Caller ID displays a local area code, this does not guarantee that the caller is local.
• Do not respond to the caller’s requests. Financial institutions and legitimate companies will never call you to request your personal information. Never give personal information to the incoming caller.

If you feel you’ve been the victim of a scam and may have provided personal or important financial information, contact your bank immediately at their publicly listed customer service number. Often, this is found on the back of your bank card. Be sure to include any relevant details, such as whether the suspicious caller attempted to impersonate your bank and whether any personal or financial information was provided to the suspicious caller.

“Consumers should remember they may be asked to verify confidential information if they call their bank, but never the other way around,” said Mid-Atlantic Bankers Association and Virginia Bankers Association President & CEO Bruce Whitehurst. “If you receive an email, text, or phone call asking for confidential information, it’s a definite red flag. It’s better to be safe than sorry. End the call, delete the text, and trash the email, because banks never ask that for that information.”

For more information, consumers can also visit the American Bankers Association’s BanksNeverAskThat.com for an interactive game, a quiz and tips to help them learn more about these scams. There are also social media posts that they can share with their family and friends to help spread the word.

To inquire about an interview with Bruce Whitehurst, please email Chandler Owdom at cowdom@vabankers.org.

About the Virginia Bankers Association

The Virginia Bankers Association represents banks of all sizes and charters and has served as the unified voice for Virginia’s $790 billion banking industry and its 58 thousand employees since 1893. For more information, visit www.vabankers.org.