The Grand Junction Police Department is warning community members about a financial scam involving individuals impersonating bank representatives. This scam has already resulted in over $500,000 in reported losses from two local businesses.
How the Scam Works:
Scammers are targeting businesses by posing as legitimate employees of financial institutions. They often use technology to make their caller ID appear as though it is coming from the business's actual bank. These impersonators use urgent language and convincing tactics to pressure victims into revealing sensitive financial information, including:
- Transaction Authentication Numbers (TRANs)
- Tokenized account numbers
- Account login credentials or other personal details
Once obtained, these numbers are used to authorize Automated Clearing House (ACH) withdrawals, effectively moving funds from the business’s legitimate account into fraudulent accounts.
TRANs or tokenized numbers are designed to protect sensitive financial information by substituting it during transactions—but when shared with scammers, these safeguards are bypassed.
Red Flags to Watch For:
- Spoofed caller ID: The number may appear as your bank, but it’s not.
- Urgency and fear tactics: Scammers may claim your account is compromised and that immediate action is needed.
- Requests for sensitive data: No legitimate financial institution will ask for TRANs, passwords, or full account details over the phone or email.
Protect Yourself:
- Slow down: Scammers rely on urgency to catch you off guard.
- Verify the source: Hang up and call your financial institution directly using a trusted number.
- Guard your information: Never share passwords, TRANs, or account details with unsolicited callers or emails.
The Grand Junction Police Department encourages anyone who believes they may have fallen victim to this scam to immediately notify their financial institution and file a report with the FBI’s Internet Crime Complaint Center at www.ic3.gov or the Federal Trade Commission at www.ftc.gov.
Stay alert, stay informed—and protect your business from fraud.