A recent scam has surfaced where fraudsters use barcodes to trick victims into transferring money. The scam begins with a call or text from someone claiming to be from the Federal Reserve. They state that your financial account has been compromised and money needs to be transferred to a federal safe deposit box as soon as possible to keep it safe.
To perpetrate the scam, the caller will text you a barcode and instructions to visit a large retailer to have it scanned at the service desk. You will then be asked for your debit card to pay the funds requested. The money is sent using the information from the barcode, which is tied directly to the scammer through the money wire transfer service.
Remember, the Federal Reserve will never contact you about your financial accounts. If you receive a call like this, immediately hang up and contact your financial institution.
Never transfer money to someone you do not know in person. Once the money is sent, it is gone.
Go to consumer.ftc.gov/articles/you-wire-money to learn more about wire scams and steps you can take to avoid becoming a victim or to report them.
If you are a MVSB customer and you are concerned your personal or financial information was compromised due to a money transfer scam, please call us directly at 800.922.6872 so that we can assist you with protecting your accounts and identity.