Scammers taking over bank accounts, stealing funds

More people are getting scammed out of money by thieves taking over their bank accounts.  

Account takeover attacks are up 307% since 2019 and cost people $11.4 billion last year, according to SpyCloud.

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George Cray, Vice President of telecom security company iconectiv, says it often happens when a scammer sends you a text that looks like it’s coming from your bank or another business where you have an account.

The text usually says there’s some problem, and to click on a link to fix it. But once you enter your username and password, the scammer can get in.

"They can change the password, which blocks you out. From getting access, they can drain the account, all the funds. Whatever might have been in that account, they can take possession," said Cray.

Here are tips to protect yourself:

- Texts from legitimate banks and businesses usually come from 5 or 6-digit number. If it comes from a full 10-digit phone number, that’s a red flag.

- Monitor your financial accounts and billing statements for unexpected withdrawals.

- Use strong passwords and an antivirus firewall on your computer.

- Don’t use WiFi at hotels or restaurants.  Use secure networks.