Bank of America Gamestop Scam | How the Scam Works

The “Bank of America GameStop scam” is a type of scam that relies on impersonation and social engineering. It’s not a real Bank of America or GameStop promotion, but rather a fraudulent scheme designed to trick people into giving up their personal and financial information.

How the Scam Works

The scam follows a common pattern:

1. The Initial Contact:

   • You receive an unexpected phone call, text, or email. The caller ID or sender information is often “spoofed” to make it look like it’s coming from a legitimate Bank of America phone number or email address.

2. The False Pretext:

   • The scammer, pretending to be a Bank of America fraud specialist, tells you that there has been a suspicious or large transaction on your account. The transaction is often a specific amount (e.g., $500) and is said to be from “GameStop.”

3. Creating a Sense of Urgency:

   • The scammer will use high-pressure tactics to make you believe your account is in immediate danger. They might say, “We need to verify this transaction immediately to prevent further fraudulent charges.”

4. The Information Grab:

   • To “verify” your identity and “stop” the transaction, the scammer will ask you for sensitive information. This is where they try to steal your data. They might ask for your:
   • Full account number
   • Social Security number
   • Online banking password
   • PIN for your debit card
   • One-time passcodes (OTPs) sent to your phone

5. The “Transfer” Trick:

   • In a more advanced version of the scam, the fraudster will tell you that to secure your funds, you need to transfer money to a “safe account.” This is a major red flag, as a real bank will never ask you to transfer money to yourself or a third party to protect it.

Why GameStop?

GameStop is a common company used in these scams because it’s a well-known retailer, and a charge from a video game company can seem plausible enough to be a mistake or a fraudulent charge to someone who doesn’t frequent the store. The familiarity of the name makes the initial claim more believable.

Also read : 1-800-432-1000 | Legitimate Customer Service

How to Protect Yourself

• Be Skeptical of Unsolicited Contact:

  • Never trust an unsolicited call, text, or email that asks you for personal financial information.

• Don’t Trust Caller ID:

  • Scammers can easily spoof phone numbers to make them look legitimate.

• Hang Up and Call Back:

  • The most important rule is to hang up and call the bank directly. Use the phone number on the back of your debit card, on a recent bank statement, or from the official Bank of America website. This ensures you are speaking with a genuine representative.

• Know What a Bank Will Never Ask:

  • A legitimate Bank of America employee will never ask you for your PIN, online banking password, or full Social Security number over the phone.

• Never Transfer Money to a “Safe Account”:

  • If anyone, regardless of who they claim to be, tells you to move money to protect it from fraud, it is a scam.

• Report the Scam:

  • If you receive a call like this, report it to Bank of America and to the FTC at ReportFraud.ftc.gov.