"Your account needs immediate verification due to our upcoming merger," the text message read.
It looked real, even displaying the bank's name. A local business owner clicked on the link and entered his information, thinking he was protecting his accounts. Instead, he gave scammers direct access to his business funds.
Mergers draw the attention of scammers. They know customers have questions about any changes. They use this uncertainty to their advantage, posing as bank staff to steal sensitive information.
We created this guide to help you spot these scams and keep your accounts safe. One rule matters above all others: Mechanics Bank will never contact you asking for account numbers, passwords, Social Security numbers, card numbers, PINs, or other personal details.
How Merger Scams Work
Scammers follow a simple playbook during bank mergers. They send official-looking emails claiming your account needs verification because of the merger. Or, they call pretending to be bank staff, saying they need to confirm your informaiton before the transition. Some even text links to fake websites that look exactly like your bank's real login page.
The pressure tactics are always the same:
- Act now or risk losing access to your account.
- Verify your information immediately or face account suspension.
- Complete this security update before the merger takes effect.
These criminals often known basic details about the merger from public announcements. They use his information to sound legitimate. They might mention real dates or specific aspects of the merger to gain your trust.
What makes merger scams so effective? Simple: They target you when you're already expecting changes to your banking relationship. Real mergers often do require updates to your online banking or debit cards. Scammers exploit this reality to catch you off guard.
Who do scammers target most? Anyone with a bank account, but they're getting smarter about who they go after. If you run a business, watch out - scammers know you handle bigger transactions and might try complex schemes with fake invoices or urgent wire requests.
If you're a personal banking customer, you'll usually see basic verification scams. We've noticed scammers especially target our older customers during mergers, hoping to catch them off guard when banking services change.
Red Flags to Watch for
When it comes to merger-related scams, certain warning signs should raise immediate concerns. Pay close attention if someone:
- Contacts you, asking for account numbers, passwords, Social Security numbers, card numbers, or PINs, it's not us. Period.
- Requests remote access to your computer for any reason.
- Tells you to transfer money to a different, "secure" account during the transition.
Watch for slight variations in email addresses or web links. Scammers often use addresses that look similar to the real thing, like MechanicsBanks.com or Mechanics-Bank.com. When in doubt, don't click! Verify using contact information from your bank statement or the back of your debit card.
Smart banking means staying alert, especially during mergers. The best protection? Trust your instincts when something feels off. If you get a suspicious email, text or call about the merger, pause. Don't click links or share information. Instead, reach out to us through our official channels. A quick call to your local branch or Customer Care can save you from becoming a scam victim.
Banking Safely During Changes
Not sure if a message is really from us? Take a moment to verify. Call Customer Care 800.797.6324, visit your local branch, or visit our website directly by typing our web address into your browser.
Most importantly, protect your personal information. Even if someone seems to know details about your account or the merger, never share sensitive details. Mechanics Bank employees won't ask for your account number, password, PIN, or other private information.
Next Steps: Report and Protect
If you're worried someone tried to scam you, contact Customer Support immediately 800.797.6324. The sooner you reach out, the better chance we have of protecting your money.
Got questions about the merger? Visit mechanicsbank.com/welcomehomestreetbank for additional details.