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Be vigilant about new phone scams involving cash withdrawals and mobile wallets

In the latest scam, imposters are pretending to be from Bank of America. They will reach out and claim you are the victim of an "inside job," and to protect yourself, you need to add a “new debit card” to your digital wallet, withdraw cash and deposit it into the new account at the ATM.

Here's how it works:

  1. You get a call that appears to be from the bank; your Caller ID might even show "Bank of America" but the caller isn’t a bank associate — it’s a scammer trying to trick you.
  2. The caller will tell you that you’re a victim of an “inside job,” and Bank of America is trying to steal your money. Then, the caller tells you that you need to withdraw cash to protect yourself.
  3. They’ll try to convince you to add a ”new” digital debit card to your digital wallet. (This “new” account is the scammer’s account.)
  4. Then, they will tell you to go to a financial center to withdraw a large amount of cash, instructing you to tell the financial center associate that you’re using the money for a home improvement project, to buy a car or pay for a vacation.
  5. After you’ve withdrawn the money from your current account, the scammer will tell you to go to an ATM to deposit the cash into your “new account” using the digital card in your mobile wallet. Now, the scammer has your money and can deplete the funds.

Know that Bank of America will never contact you to ask you to withdraw or move money to resolve fraud or any other issue:

  • Stop: Don’t let anyone rush you into a decision, especially if it involves money or sharing personal information or codes. Slow down and take time to evaluate any requests especially if asked to pay in less common ways.
  • Verify: Does the story or request make sense? Confirm who the person really is. Are they really from the organization or company they say they are? Hang up and use a number you trust, such as a number from a statement or the back of your card, to contact the supposed family member, bank or organization. You can’t always trust numbers found online.
  • Help prevent scams: Stay vigilant. Know what to look for. Keep up with scammers’ latest tactics by regularly viewing our Security Center for trending scams.

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