How Does It Work?

An account takeover can begin with a fraudster sending a text message to your mobile phone. They might claim they‘re from a financial institution‘s fraud department. They may ask you to confirm a suspicious payment that was sent from your account — this may not be true and could be part of the fraud.

If this is a fraud attack, the fraudster typically follows up with a phone call and asks for your personal or business account information or online banking credentials to “cancel the payment.” NOTE: One Florida Bank will NEVER ask for this information over the phone, email, or text.

The account takeover fraud usually begins on a Friday, after business hours, and runs through the weekend.

The phone shows an example of a fraudulent “account takeover” text message.