US Update: Your Bank Asks You to Confirm a One-Time Code — When Should You Refuse?

A genuine bank verification text can be exploited by scammers, making it important never to disclose login codes to unexpected callers.

Halfpoint/Shutterstock Your phone rings, and the caller says he’s from your bank’s fraud department.

Someone has supposedly tried to withdraw $4,800 from your checking account, but the bank caught the suspicious activity just in time.

He knows your name, identifies the correct bank, and even provides a case number.

Then your phone receives a text message containing a six-digit verification code.

The message appears in the same conversation where you’ve received legitimate security codes before.

The caller asks you to read the number aloud so he can stop the fraudulent transaction.

It sounds convincing, but that single request could give a criminal access to your bank account.

There are a number of scams impostors use to get access to your money.

When should you refuse to give the information?

What Does a One-Time Bank Verification Code Actually Do?

Banks use one-time verification codes to confirm a customer’s identity during certain account logins, password resets, and sensitive transactions.

Continue reading at the original source →