Stay Alert: The Hidden Dangers Behind Verification Requests

Blog Highlights

• Definition: Understand what a verification code scam is and how emotional manipulation is used to exploit victims.

• Protection: Master recognizing and identifying signs of a verification code scam.

• Education: Retrain instinctive reactionary behaviors to thoughtful protective counteractions.

What is a Verification Scam?

Verification scams use phishing and imposter tactics to deceive people into giving criminals access to their accounts. Verification codes are used to confirm your identity and protect your financial and sensitive information. They should not be shared or given out to anyone. When your verification code is shared, you're providing access to your accounts and personal information.

Helpful Tip: Verification code scams may also be known as two-factor (2FA) authentication scams. Learn more about common bypass techniques and additional signs to watch for in our ‘Understanding Two-Factor Authentication (2FA) Scams: How to Protect Your Identity’ blog.

How Verification Scams Work

Scammers target people through text, email, and phone calls. They'll pretend to be trusted people, companies, and even your financial institution. In verification code scams involving financial institutions, a scammer may contact you claiming there’s a problem with your account, credit card, or suspicious activity has been detected. To “fix it”, they’ll ask you to share your verification code, password or other personal details but the reality is they’re using this information to gain access to your account.

Here’s how a typical verification scam might unfold:

1. • The Impersonation: You receive a text, email, or phone call that appears official – maybe even using a real phone number or familiar logo.
   • The Urgency: Using fear to instill worry, they’ll claim your account is locked or at risk.
   • The Hook: To gain your trust, scammers often sound helpful, calm, and professional. They’ll ask you to share a verification code sent to your phone or click a link to “confirm your identity”.
   • The Trap: Once you give the code or click the link, the scammer uses it to log into your account and commit fraud.

Emotional Manipulation: Psychology of Scams

Emotional manipulation is a form of control that scammers use to gain power, control behavior and exploit our vulnerabilities. Their goal is to get an immediate reaction before their victim can think critically and act rationally.

These are common emotional manipulation techniques used by scammers to bait unsuspecting individuals.

• Exploiting Fear and Urgency: Creating time pressure or threats of negative consequences.
• Generating Excitement and Greed: Promising unrealistic returns or exclusive opportunities – too good to be true offers.
• Exploiting Sympathy and Goodwill: Appearing eager to help through supportive and cooperative motives.
• Instilling Authority and Trust: Establishing authority by impersonating legitimate companies, government agencies, and financial institutions.
• Creating Confusion and Complexity: May deliberately use confusing or complex language to overwhelm you and prevent you from asking questions.
  
  

How to Protect Your Financial Information

Verification code scams are designed to create panic and make you act fast – even the most cautious person can be caught off guard. Staying alert to language and emotional cues can prevent you from falling into a criminal’s trap.

Here are a few smart ways to keep your information safe from verification scams.

• Screen Communications. Let unknown callers go to voicemail (then block the number), and delete unsolicited emails and text messages without clicking links.
• Be Skeptical of Requests. If someone is requesting your verification code to “fix” a problem or to verify your identity – it’s a scam.
• Never Share Verification Codes. Your financial institution will never ask you to share a code, password, or PIN.
• Slow Down. Pause before reacting, confirm the request through the company’s official contact information and ask questions when in doubt.
• Set Up Account Alerts. Regularly monitor your accounts and set up alerts to notify you of any changes.
• Use Strong, Unique Passwords. Use a unique combination of letters, numbers and special characters or short phrases to keep passwords strong. Always keep your software updated.
  
  

Stay Ahead and In the Know with Peach State

At Peach State, your security is our number one priority. If you are contacted from someone claiming to be from Peach State but are unsure if they call is legitimate, disconnect and call the number listed on the back of your card, on your statement or via our website.

When it comes to evading financial scams and fraud, we believe education is key. We encourage you to review our additional fraud prevention resources to help keep you and your family safe.

• Fraud and Scam Prevention Tips: Check out this page for common examples of scams, prevention tips and more!
• Balance: As a member of Peach State, you have FREE access to financial education and resources – including ways to protect your information – from the industry experts at Balance.
• Follow Us on Social: We regularly share helpful tips and ways to stay protected against financial fraud. Be sure to follow us on social to get the latest tips and updates!
• Dollars & Sense Blogs: Learn more about different scams, fraud and other essential security tips for protecting your financial information.

We also offer real-time account alerts and secure online banking to help you identify fraud before it happens. Stay proactive by regularly reviewing your accounts and contacting us immediately if you suspect fraud or suspicious activity.