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Caution: Scam Warning Is A Scam

'Warning' asks bank customers to call a toll-free number

By Mark Huffman
ConsumerAffairs.com

February 11, 2008

• Read More Scam Alerts ...

You've got to hand it to those identity thieves – they're usually a step ahead of the banks whose customers are their primary targets.

When a spam email went out last month, disguised as a message from Valley National Bank's security department, the bank quickly responded, posting a warning on its Web site.

"A fraudulent e-mail has circulated to some Valley customers claiming that the bank has temporarily suspended their account due to "Billing Failure," the warning states. "This e-mail also provides a link to click on in order to complete an account update to unlock their account."

The bank, which has 175 branches in New York and New Jersey, says the e-mails are not legitimate and says they should be deleted. It points out that clicking on the link will take victims to a bogus site where they will be asked to reveal username, password, and other sensitive data.

But the scammers have moved on to "phase two" of their scam operation. Millions of other spam emails are now hitting inboxes, purporting to be warnings from the bank about this very scam.

"Members and Non-Members may have received an e-mail that "appears" to be from VALLEY NATIONAL BANK," the bogus email reads. "This is an e-mail fraud attempt designed by hackers to obtain your personal information. The e-mail has a link that sends you to a site similar to our Internet Branch site and requests you to supply your card information. We urge you not to follow the links or enter any account information."

So, the scammer is sending out an email warning consumers about his own scam. What gives?

As one reads further, the hook is revealed.

"For your security, your online banking profile has been locked," the email says. "Unlocking your profile will take approximately one minute to complete."

The email then gives – not a Web link, but a toll-free number to call. Of course, those who call will be asked to provide their username, password, and other sensitive information. But the scammer is betting consumers will fall for it, because the scam is delivered in the form of a warning about the scam.

Pretty clever guys, those scammers.

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