Fraudsters are using increasingly sophisticated tactics to impersonate banks and trick clients into giving them access to their accounts. One method involves something designed to protect you: your multifactor authentication (MFA) security code.
Understanding how this scam works can help you recognize it before it's too late.
How the Scam Works
The fraudster may already have obtained your online banking username and password. However, they still need the one-time MFA or security code sent to your phone to access your account.
That's where the phone call comes in.
The fraudster calls you pretending to be Paradise Bank. They may even manipulate caller ID so that the Bank's name or phone number appears on your screen, making the call seem legitimate.
They may tell you:
- "We've detected suspicious activity on your account."
- "Your online banking account may have been compromised."
- "We need to verify your identity."
- "We're sending you a security code to protect your account."
You then receive a real security code on your phone. Because you believe you're speaking with the Bank, you provide the code to the caller.
The code itself is legitimate—but the person asking for it is not.
Once the fraudster has your username, password, and security code, they may be able to gain access to your online banking.
🚨 Remember: Paradise Bank Will NEVER Ask for Your MFA Code
Paradise Bank will never call you and ask you to provide an MFA, verification, or security code.
If someone calls claiming to be from Paradise Bank and asks you to read them a security code, do not provide it—even if the caller ID appears to show Paradise Bank.
Caller ID information can be manipulated, or "spoofed," to make a fraudulent call appear legitimate.
How to Protect Yourself
Never share security codes. MFA and one-time verification codes are intended for you. Do not provide them to someone who calls you.
Never share your online banking credentials. Keep your username and password private.
Don't trust caller ID alone. A familiar name or phone number on your screen does not guarantee the caller is legitimate.
Hang up and call us directly. If you're unsure about a call, end the conversation and contact Paradise Bank using a trusted phone number you already have or one listed on our official website.
Act quickly if you've shared information. If you believe you provided your username, password, or security code to a fraudulent caller, contact Paradise Bank immediately.
Stop. Verify. Protect.
Fraudsters rely on creating fear and urgency so you'll act before you have time to think.
If a caller tells you something is wrong with your bank account and pressures you to provide information, take a moment.
Hang up. Contact Paradise Bank directly. Verify before you act.
A few extra seconds of caution can make all the difference.