Fraud Alert: Scam Targeting Business Banking Customers

Fraudsters Are Working Both Sides of the Conversation

Main Street Bank recently intercepted a sophisticated fraud attempt targeting a business customer. While the attempt was successfully identified and stopped, we want our customers to be aware of this emerging tactic.

In this scam, fraudsters work together to impersonate both the customer and the bank at the same time.

One fraudster contacts the customer while pretending to be a Main Street Bank employee. At the same time, a second fraudster contacts Main Street Bank while pretending to be that customer.

As part of our normal security procedures, a one-time verification code may be sent to the customer's phone. The fraudster posing as the bank then convinces the customer to share that code and immediately passes it to the second fraudster, who attempts to use it to authenticate as the customer.

The goal is to trick customers into unknowingly helping a criminal bypass security controls and gain access to their accounts.

How to Protect Your Business

If you receive a call from someone claiming to be Main Street Bank:

• Never share a one-time verification code, passcode, or authentication token.
• Hang up immediately if the caller asks for a security code.
• Call Main Street Bank directly using our official phone number to verify the request.

Remember: A one-time verification code is intended only for the authorized customer receiving it. Main Street Bank employees will never initiate a call to you and ask you to read back or disclose that code during a phone call.

How Main Street Bank Helps Protect You

Our team uses multiple security controls and verification procedures to help safeguard your accounts. We may ask additional questions, verify unusual requests, and perform further authentication before processing certain account changes or transactions.

These safeguards help us identify suspicious activity and stop fraud before it impacts your business.

If you believe you may have shared a verification code with a fraudster, contact Main Street Bank immediately.

Frequently Asked Questions

What is happening in this scam?

Two fraudsters work together. One pretends to be a Main Street Bank employee and calls the customer, while the other pretends to be the customer and contacts the bank. The scammers attempt to obtain a security verification code and use it to impersonate the customer.

Why would I receive a verification code if I didn't request one?

The fraudster contacting the bank may have initiated a login attempt, account change request, or other activity that triggered the code. If you receive an unexpected verification code, treat it as a warning sign for unauthorized activity.

Will Main Street Bank ever ask me for a one-time verification code?

Yes, but only when you initiate a phone call to us as a means to verify your identity. Main Street Bank will not call and ask you to read back or disclose a one-time verification code, authentication token, or similar security credential.

What should I do if someone asks for my verification code?

Do not provide the code. Hang up immediately and contact Main Street Bank directly using our official phone number: 508-481-8300.

What if the caller ID shows Main Street Bank's phone number?

Do not rely on caller ID alone. Fraudsters can spoof phone numbers to make calls appear legitimate. If you are unsure, end the call and contact Main Street Bank directly.

I already provided a verification code. What should I do?

Contact Main Street Bank immediately. The sooner we are notified, the sooner we can help protect your accounts and monitor for suspicious activity.

Who in my business should be aware of this scam?

Anyone who has access to business online banking, ACH services, wire transfers, cash management services, account administration, or other banking-related responsibilities should be informed about this fraud tactic.

What are the biggest warning signs?

• An unexpected call claiming to be from the bank.
• Requests for verification codes, passcodes, or authentication tokens.
• A sense of urgency or pressure to act immediately.
• Receiving a verification code you did not initiate or expect.

Posted in Business , News, Security