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Fraud Alert

March 5, 2018

Please be advised that a telephone scam is currently circulating where an automated message claiming to be from Bay State Savings Bank or another financial institution gives a “final notice” in offering a “great rate” on a credit card.  Variations of the scam include messages falsely claiming that a loan is delinquent, a home is being foreclosed on, and/or that the listener will be arrested if they do not settle their debt.  If you receive what you believe to be a fraudulent call or letter claiming to be from Bay State Savings Bank, please hang up and contact us at 1-800-244-8161 or via a known phone number (e.g., on our website or on your statements).

With tax season underway, please also exercise caution against fake IRS representatives and others attempting to obtain taxpayer information and money. Read more on the most common forms of tax related scams via the IRS’ website here.

Finally, we have seen a surge in scams relating to online marketplaces and online dating websites. 

  • In the marketplace scams, an honest seller receives a payment check for more than they are expecting.  The buyer advises that they made a mistake and asks the seller to immediately deposit the check and send a separate check back or do a wire/money order/funds transfer/etc. for the difference.  The buyer’s check bounces, and the seller shoulders the loss. 
  • In the online dating scams, the perpetrator sets up a fake profile and engages in what is usually a long-distance relationship with the victim.  Over time, the perpetrator convinces the victim to send money for any number of reasons (personal emergencies, etc.).  Some victims have sent scammers hundreds of thousands of dollars over the course of years before learning that the relationship is a ruse.

To help protect your identity & your finances, we recommend that you:

  • Avoid disclosing sensitive information such as account number, debit card number, SSN, or PIN over the phone.
  • If you receive what you believe to be a fraudulent call or letter claiming to be from Bay State Savings Bank, please hang up and contact us using a known phone number (e.g., on our website or on your statements).
  • If you believe you might have revealed sensitive information by mistake, please contact us immediately.
  • Remember that we will NEVER call you to ask for personal information regarding you or your accounts.

If you have a question or concern, please do not hesitate to contact us at 1-800-244-8161.


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