Dear Dr. Per Cap: 

I’ve heard you say that anyone can fall victim to a scam.  Have you ever been scammed?

Signed, 

Scam Hater

Dear Scam Hater

Fortunately, I’ve never been conned out of a significant enough amount of money to consider myself a scam victim.  However, I sure came close last month.

We took a family vacation, our first long distance trip since Covid, and I used my credit card to pay for hotels, meals, and gifts.  In the past my bank has a habit of freezing my card when I’m making purchases out of town.  Really annoying when it gets declined at a store checkout or restaurant but I understand it’s nothing personal.  Just a safety precaution and after a quick call to verify my identity and purchases the card is immediately placed back into service.

That’s why I wasn’t surprised when on our way to dinner one evening I received the text message in the photo.

My first thought was that it all made sense.  I was traveling, spending more money than usual, and the bank’s fraud algorithms kicked into high gear.  I’m also a Wells Fargo customer.  So I called the number in the text and listened to what sounded like a very legitimate recorded message stating that my credit card had been temporarily suspended due to unusual activity.  It then directed me to input my credit card number using the keypad.

I was so convinced it was legit that I entered the first few digits of my card number.  A relative was with us so I felt the extra pressure of being embarrassed if my card got declined later at the restaurant.  Then I stopped to think for a moment and hung up.

Yea, yeah…..banks never call or text asking for credit card info. Or do they?

Here’s official verbiage from wellsfargo.com regarding phishing email and text scams like the suspicious one sent to me.

“Wells Fargo may email, text, or call you if we detect unusual account activity. We will not ask for your card PIN, temporary access code, or online banking password.”

Not too clear regarding credit card numbers, huh?

Later that evening I googled an online forum of people ranting about the exact same text and calling it out as a total scam.  But sheesh – that was a close call.  

That’s the power of an inopportune moment that can turn me, you, or anyone else into a fraud victim.  It’s all about catching a person in a situation when they are vulnerable emotionally, psychologically, or physically.  In my case it was a combination of being away from home, driving on an empty stomach, and receiving a text that checked all the right boxes.  Vague, inconsistent, and constantly changing security policies by banks and credit card companies can sometimes confuse people more than help.

Your financial security is ultimately your responsibility.  So keep your guard up and don’t ever make the mistake of thinking you’re too cool to get schooled.

Ask Dr. Per Cap is a program funded by First Nations Development Institute with assistance from the FINRA Investor Education Foundation. For more information, visit www.firstnations.org. To send a question to Dr. Per Cap, email askdrpercap@firstnations.org.