Shoal will never call to ask you to move your money to another account.
In fact, we will never call you without a pre-booked appointment.
Scammers today are becoming more sophisticated in their efforts to impersonate financial institutions and authorities in order to gain access to your hard earned savings, so we've written this article to help navigate some of the common scammer calls - also known as 'Vishing.'
The latest scamming techniques that we've observed include scammers trying to convince you to urgently move your money to a new 'safe' account due to security concerns. This is mostly done over phone calls from an authoritative-sounding individual in order to apply extra pressure.
Shoal will never ask you to transfer your funds to another account. Ever.
For that matter, no financial service provider will ever ask you to do this.
We will also never contact you and:
Threaten you with legal action if you don't move your funds to another account
Ask you to share any passwords or sensitive account information
Ask you to download additional software or share access to your device
If you ever receive a call from someone who presents themselves as an employee of
Shoal, hang up straight away and contact support to let us know.
📝 Note: Scammers can change their phone numbers. It can sometimes look like you are receiving a call from a genuine company (this is called spoofing or vishing) but chances are, if they prompt you to make a transfer, it's a scam. Hang up immediately.