Fraud alert: Banks don’t do that

Banks ask a lot of questions, but there are certain things banks will never do. In 2021, the Federal Trade Commission received 2.8 million reports of fraud against consumers. In addition to scammers being creative, they are busy.

The benefit of their bad behavior is that their tactics can seem like red flags once you know what to look for. So, we’ve put together a list of fraud attempts that a legitimate financial institution would never do.

• Ask for personal information through text – Simmons Bank or any financial institution would never send you a text requesting information such as your account number, debit card number, online and mobile banking passcode, and Social Security Number. This is an attempt to gain your personal information. If this ever happens, it is a sign of a scam. Do not click any links, do not call the phone number provided in the message, do not reply to any text messages, and do not provide any of your personal information.
• Create a false sense of urgency – Scammers like to play on your emotions. They do this by creating a false sense of urgency that doesn’t exist. Simmons Bank or any financial institution will never rush you into a decision. If you receive a text message with a link that is set to expire if you don’t click, this is a red flag that it is not from a legitimate source.
• Make me repeat a one-time passcode -- Remember, Simmons Bank will only ask you for a one-time passcode when you have initiated the request. If you receive a request for a one-time passcode that you did not initiate, do not provide any information. Fraudsters may ask you for a one-time passcode to gain access to your profile.

Your bank will never make an unsolicited request for sensitive information or tell you to transfer money. So, remember if something feels wrong, it probably is. If you ever have questions about the legitimacy of a situation, contact Simmons Bank here, and an associate will help you! More information on common frauds can also be found by visiting our Fraud Education page.