Bank of America Text Message Scams Are on the Rise – How to Spot Them

If you received a text message from Bank of America alerting you of a recent transfer or that your account has been locked, it could be a scam.

March 7 2023, Updated 3:15 p.m. ET

• How to tell when a Bank of America text alert is a scam.
• What should you do if you receive a scam text from Bank of America?

If you received a text message from Bank of America alerting you of a recent transfer or one that requests sensitive information, beware, it could be a scam.

Bank of America text scams have been making headlines since October 2021 and earlier, and they continue to be a problem for customers of the multinational investment bank.

Here’s what you need to know regarding Bank of America text alert scams, including how to spot them, and what you can be doing to protect yourself from cybercriminals.

How to tell when a Bank of America text alert is a scam.

Mobile banking isn’t a new concept but one that continues to increase in popularity. In fact, banks have had to shut down several branches across the U.S. because the demand for physical locations has lowered.

In 2021, it was estimated that 64.6 percent of the U.S. population turned to digital banking. That figure was expected to increase to 65.3 in 2022, according to Statista.

As convenient as online banking may be, it has only given criminals yet another avenue to take to try and steal your information and money. If you receive a message from Bank of America that contains any of the following, this should raise a red flag rather than prompt you to respond to the text:

1. The text message asks you to confirm a Zelle transfer.

Whether you made a Zelle transfer or not, Bank of America isn’t going to send you an alarming message asking you to confirm the transaction. The bank chain also won’t call you and ask that you make a subsequent transaction to cancel out the last one you were questioned about.

Unfortunately, this is what happened to a woman in California back October 2021, who watched $3,500 quickly disappear from her account after she fell victim to a Bank of America text scam.

2. The text message asks you to confirm sensitive information.

If you receive a text message from Bank of America that asks you to confirm your bank account number, Social Security number, or provide your login credentials, it’s a scam.