Impersonation scam
Meet Mark, 47*
He thought it was MyState Bank calling about suspicious activity needing a code. It wasn't, it was a scam.
“They sounded so real. I nearly lost everything.”
Mark, a 47 year old MyState Bank customer and dad of two, was making lunch when his phone rang. The caller introduced himself as ‘Jake’ from MyState Bank's Fraud team and said there was suspicious activity on Mark's account that needed immediate attention.
With his mind racing about his savings, Mark listened as ‘Jake’ explained the situation. The call seemed legitimate, ‘Jake’ sounded professional and seemed to know what he was talking about.
The red flags
‘Jake’ asked Mark for his account number, email address, and date of birth to "verify his identity." Then came the clincher, ‘Jake’ asked for the one-time-password (commonly known as an OTP) that had just been sent to Mark's phone, saying it was needed to block the suspicious transactions. If an organisation ever asks for the OTP it is a scam call, don’t ever share this and hang up immediately.
Not long after hanging up, Mark received an email notification about his password being changed. That's when alarm bells started ringing. He immediately called MyState Bank’s official number he found on the back of his MyState Bank debit card.
Our team confirmed what Mark feared, no one from the bank or the fraud department had called and his account had been accessed by a scammer.
One of our fraud team members explains: "These scammers are trained in the art of deception. They sound official, use banking terms, and create a sense of panic that clouds your judgment."
Signs it could be a scam:
- A surprise call about "urgent" problems with your account.
- Calls that request personal details or verification codes.
- Pressure to "act now" without time to think.
- Discouraging you from calling the bank yourself to check.
Remember: We'll never call out of the blue asking for your verification codes or passwords.
Getting back on track
The fast payment the scammer made couldn't be reversed because it happened so quickly.
However, following consumer protection guidelines, MyState Bank refunded Mark's money.
The team then worked with Mark to secure his account and helped him protect his personal information from future attacks.
The warning signs
- Asks for money, usually starting with small amount
- You've met through a free platform that doesn't need payment to play
- Always has reasons why they can't meet in person
- Keeps telling stories about needing financial help
Keeping yourself safe
Here's how to protect yourself from these scams:
- Stop and Check: – Hang up and call us back on our official number.
- Protect: – Never share verification codes, passwords or PINs with callers, or anyone that asks for these.
- Know the warning signs: – Familiarise yourself with common scam tactics by visiting MyProtection hub.
- Call us. – If you're unsure about an email claiming to be from us, just give us a ring. We'd rather chat with you than see you scammed.
