What is Pretext Calling?
Pretext callers use different ploys to extract information. Callers can pretend to be customers, higher-level employees in the same bank, officials at other banks, government regulators or law enforcement officers. Their approaches can exude intimidation, helplessness and breathless emergency. They can appeal to bank employees’ natural inclination to assist others or browbeat bank officials into complying with supposed official government business. Often, they call employee after employee at a bank until they find one they can manipulate.
Pretext calling was made illegal by the Gramm-Leach-Bliley Act, which requires bank regulators to make sure all financial institutions have policies and procedures in place to prevent the unauthorized disclosure of customer financial information and to deter and detect fraudulent access to such information.
How do banks help prevent Fraud from Pretext Callers?
In order to prevent fraud from resulting from Pretext Calling, banks often ask questions which can be answered only by the legitimate customers. This may include “out-of-pocket” questions, or identifiers that were collected from the customers at the time of account opening. We, at Bank of the Orient have developed these additional security measures when transacting business with customers for their own protection and for the protection of their assets at the bank.
If you are unsure about the authenticity of an email or a phone call from Bank of the Orient, or if you want to know why we have adapted new security procedures, please call our Customer Service Center at 1-800-881-2686. We will be happy to assist you with your needs.