Six Things Your Bank Would Never Ask
Financial scams and fraud come in many different forms: text message, email, or phone call. A common type of fraud involves fraudsters posing as bank employees to trick unsuspecting victims. Ultimately, the goal of these scams is to either steal the victim's personal or banking information to gain access to their accounts, or to get the victim to wire money or purchase gift cards and send the funds to the fraudster.
One of the best ways to protect yourself from these kinds of scams is to learn what your bank would never ask you to do. Here is a short list of some tips to help you stay safe:
1. Your bank would never call you to ask for personal information
When you call your bank, employees typically ask security questions and some personal details to confirm your identity before proceeding with any actions related to your accounts. However, a bank would never call you and ask you to provide personal information. If someone calls claiming to be from your bank and asks you to provide sensitive information, hang up and call your bank at the number on the back of your debit/credit card, preferably from a different phone line just to be safe.
2. Your bank would never ask you to keep a secret or be dishonest
Some scams involve the fraudster convincing the victim to send wire transfers or gift cards. In an effort to get access to a victim's money, fraudsters will instruct the victim not to tell branch staff why they are withdrawing or wiring the money. Fraudsters will sometimes provide a phony cover story to tell the branch employee – such as that the money is for a family member overseas.
3. Your bank would never threaten to cancel your services
Many scams involving fraudulent text messages or emails will falsely say that your account is locked, or threaten to close your account unless you click on a link and provide account details. Your bank would never threaten to cancel your services in this manner. The urgency and fear around closing your account is what often causes people to fall victim.
4. Your bank would never ask you to help with an investigation
Often the victim receives a phone call from a fraudster posing as a bank employee. They may provide a fake name and 'employee number' and tell the victim either that their accounts have been compromised or that the bank is investigating a series of fraud cases that have been committed by staff at the individual’s branch. The scammer goes on to ask the victim to assist with a joint law enforcement investigation and it is vital this information is kept confidential.
In some cases, to help encourage participation, the fraudster offers compensation. Neither your financial institution nor law enforcement organizations will ask citizens to help with a fraud investigation, nor would they try to offer financial compensation for doing so.
5. Your bank would never ask you to purchase gift cards
In a number of scams, the fraudster will pose as a friend or family member of the victim – often through a hacked or compromised email account – and ask the victim to purchase gift cards on their behalf to help them out of a made-up situation. In some cases, the fraudster will deposit money into the victim's account – either through fraudulent cheques, or by using cash advances from the victim's own credits cards or lines of credit.
6. Your bank would never request access to your computer
Under no circumstances would your bank ask you for remote access to your device. If you receive a call from someone who says they are from your bank and they need you to download software onto your computer for any reason, hang up and contact your bank immediately.
How can you protect yourself from a scam?
One of the best ways to protect yourself from these kinds of scams is to learn what your bank would never ask you to do. Here is a short list of some tips to help you stay safe:
1. Your bank would never call you to ask for personal information
When you call your bank, employees typically ask security questions and some personal details to confirm your identity before proceeding with any actions related to your accounts. However, a bank would never call you and ask you to provide personal information. If someone calls claiming to be from your bank and asks you to provide sensitive information, hang up and call your bank at the number on the back of your debit/credit card, preferably from a different phone line just to be safe.
2. Your bank would never ask you to keep a secret or be dishonest
Some scams involve the fraudster convincing the victim to send wire transfers or gift cards. In an effort to get access to a victim's money, fraudsters will instruct the victim not to tell branch staff why they are withdrawing or wiring the money. Fraudsters will sometimes provide a phony cover story to tell the branch employee – such as that the money is for a family member overseas.
3. Your bank would never threaten to cancel your services
Many scams involving fraudulent text messages or emails will falsely say that your account is locked, or threaten to close your account unless you click on a link and provide account details. Your bank would never threaten to cancel your services in this manner. The urgency and fear around closing your account is what often causes people to fall victim.
4. Your bank would never ask you to help with an investigation
Often the victim receives a phone call from a fraudster posing as a bank employee. They may provide a fake name and 'employee number' and tell the victim either that their accounts have been compromised or that the bank is investigating a series of fraud cases that have been committed by staff at the individual’s branch. The scammer goes on to ask the victim to assist with a joint law enforcement investigation and it is vital this information is kept confidential.
In some cases, to help encourage participation, the fraudster offers compensation. Neither your financial institution nor law enforcement organizations will ask citizens to help with a fraud investigation, nor would they try to offer financial compensation for doing so.
5. Your bank would never ask you to purchase gift cards
In a number of scams, the fraudster will pose as a friend or family member of the victim – often through a hacked or compromised email account – and ask the victim to purchase gift cards on their behalf to help them out of a made-up situation. In some cases, the fraudster will deposit money into the victim's account – either through fraudulent cheques, or by using cash advances from the victim's own credits cards or lines of credit.
6. Your bank would never request access to your computer
Under no circumstances would your bank ask you for remote access to your device. If you receive a call from someone who says they are from your bank and they need you to download software onto your computer for any reason, hang up and contact your bank immediately.
How can you protect yourself from a scam?
- Don't assume: Your call display may show your bank's name. Scammers often use call spoofing technology to make you believe their request is authentic.
- Enable Two-Factor Authentication: for email, social media, banking apps etc. This offers a higher level of security but it's rarely the default set by providers.
- Stay informed: By using free services like TD Fraud Alerts, you can receive instant text messages notifying you if we detect suspicious activity.
Until next time, stay safe and… Invest Well. Live Well.
**The views expressed are those of Eric Davis, Senior Portfolio Manager and Senior Investment Advisor, Keith Davis, Associate Investment Advisor, and Heidi Bradley, Associate Investment Advisor, TD Wealth Private Investment Advice, as of February 28, 2025 and are subject to change based on market and other conditions. Davis Wealth Management Team is part of TD Wealth Private Investment Advice, a division of TD Waterhouse Canada Inc. which is a subsidiary of The Toronto-Dominion Bank. For more information: 250-314-5124 or keith.davis@td.com.
