Last year was a banner year for scammers. In November 2025, the FBI’s Internet Crime Complaint Center (IC3) reported that Account Takeover fraud has caused more than $262 million in losses since the start of the year. If you haven’t heard about the Acount Takeover scam, be aware that it’s a clever trick to get into your bank or other accounts. This includes commercial accounts like Amazon or Best Buy.
How the Scam Begins
Imagine you get a text or a phone call that looks like it’s from your bank. It says something scary, like: “Urgent: Someone is trying to spend $1,200 on your card. Click here to stop the payment.” By the way, this scam isn’t limited to bank accounts.
Naturally, you want to stop the fraud. Should you click the link or call? Either would be a huge mistake. If you do call or click, you’ll get a friendly representative, who will act like they’re on your side. They’ll listen to your concerns and then promise to help you with something like, “I’m going to send a security code to your phone to prove it’s you. Just read it back to me so I can lock your account.”
Don’t Fall for this Trick
That code the friendly representative is supposedly sending you isn’t coming from him at all. In fact, he’s on the bank’s real website at that very moment trying to reset your password. If you give him the One-Time Passcode that you receive, you are giving them the keys to your digital front door. At that point, they can clean you out by changing your password, transferring funds, and much more. So, how, exactly, do you avoid becoming a victim?
Three Rules to Stay Safe
To keep your money safe this month, follow these simple rules:
- Never Share Your Codes: A real bank, Amazon, or Google employee will never ask you for a security code over the phone or via text. Those codes are for you and you alone.
- Don’t Trust “Caller ID”: Scammers can make their phone number look exactly like your bank’s official number. The trick is called “spoofing” and is easy for scammers to pull off.
- Call Back on a Known Number: If you receive a phone call and are worried about your account (which you should be!), hang up the phone. If you receive a text message, don’t click the provided link. Instead, find the official phone number on the back of your debit or credit card and call the bank yourself. Of course, if you’re dealing with Amazon or another big company, you’ll need to wade through their website for contact info.
The Bottom Line
Scammers use time as a weapon. Their goal is to make you panic and react before you can think clearly. If someone contacts you about a security problem and asks for a code, it is a scam 100% of the time. Stay calm, keep your codes to yourself, and enjoy a safe start to the New Year!
Have you encountered this scam? Please leave a comment with any questions or tips for others. I’d also love to hear your thoughts on the post! Thanks for being here!
