- SVB will never ask you for your password or a one-time passcode via phone, email or text message.
- If you receive an unusual call or message about a fraud alert, contact your relationship team or SVB Client Support.
- Don’t rely on caller ID.
‘Tis the season that scam artists seek to take advantage of people’s generosity and good will. During the holidays, financial institutions and law enforcement notice increased incidents of fraud against consumers and businesses so it’s important to keep a close eye on your bank accounts to ensure that they’re secure and accurate. To help you spot some of the latest scams carried out by fraudsters, we have compiled some common attacks targeting individuals and companies this holiday.
Imposters Posing as Bank Employees Offering New Services
Cardholders have recently reported receiving phone calls from imposters posing as a bank employee, offering to add Samsung Pay to their card account. The fraudster then tells the cardholder that in order to activate this new service they must confirm a six-digit passcode sent to their mobile device. These calls are fraudulent. SVB will never ask you for your password or a one-time passcode. If you receive a call like this, please hang up and contact your relationship team or email email@example.com.
SVB will never ask you for your password or a one-time passcode.
Text Messages Claiming Fraud on a Bank Account
Another common tactic fraudsters use is sending a text message that appears to be a fraud alert from your bank. These text messages may ask the accountholder to validate transactions that occurred via ACH, wire transfer, card or Zelle. In these cases, the fraudster is typically hoping to get the accountholder to either click on a link that contains malware or get a response to the text that validates the accountholder’s phone number. Many fraudsters then call the accountholder posing as a bank employee to try and gain information, such as a password or a one-time passcode.
While SVB may send text alerts for some card transactions, these texts always come from a short code like the one below, and not a full phone number. If you have any concerns or doubts about the authenticity of a message, please don’t respond and call client services or the number on the back of your card.
Pay Yourself Scams via Zelle
Increasingly targeting Zelle clients, the “Pay Yourself Scam” has been growing in popularity amongst scammers. It begins with a fake fraud alert text message that appears to be from your bank. If you respond to the text, the fraudster will call you from what appears to be a legitimate bank phone number, claiming to be a bank employee. They will ask for a one-time passcode in order to, supposedly, validate your identity. This passcode is then used to enroll the fraudster’s bank account using your phone number. The fraudster will then say that the only way to stop the supposed fraud from occurring is to send yourself a payment via Zelle; however, when you send a payment, it goes to the fraudster’s account instead of your own.
For more information about how to spot this scam, please watch this video from Zelle.
Other Common Scams
Find additional details about online fraud schemes, like business email compromise and other cyber scams, by visiting SVB’s Fraud Prevention Center. If you suspect that you may be a victim of fraud, contact your relationship manager or firstname.lastname@example.org.