- Posted November 2, 2012 by
Bank Of America Bill Pay Scam?
In an ever evolving and fast pace society, Americans are becoming more reliant on mobile technology. In the 8 years that I have been banking with Bank Of America I have had little security concerns. While using my banking app on my iPhone I noticed an unapproved Payee (American Express) in my account. I immediately called BOA and took a screenshot. After 90mins on the phone with the bank the e-bill and Payee simply vanished. I then called American Express to see if an account was opened under my name and social; no match.
To anyone that may be curious as to why I'm concerned about this apparent glitch in the system, here's why. Lets say that 1 in 100 Bank Of America customers have an American Express Card. Out of that group, lets say 1 in 1000 unknowingly pay this "Inconspicuous" $35 e-bill. It doesn't take a mathematician to see that a scammer could rack up money extremely fast.
Security within Bill Pay
In order to add a Payee to an account 4 levels of security have to be broken through. They are as followed:
1.) User Name/ Online ID
2.) User IP Address/ Picture
4.) Text Message Approval
In closing I would simple advise any online banker to take a good look at their account. Sadly hard times call for smarter scammers.