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Bank Impersonation Scams

4 minute read

Calls and texts pretending to be from your bank.

How It Works

  1. You get a call, text, or email appearing to be from your bank
  2. They claim there’s “suspicious activity” or a “security problem”
  3. They ask you to “verify your identity” by providing personal info
  4. Or they ask you to move money to a “safe account”
  5. They steal your money or identity

What It Looks Like

Scam text:

[Bank Name] ALERT: Suspicious transaction detected on your account ending in 1234. If not you, call immediately: 1-888-XXX-XXXX

Scam call:

“Hi, this is Sarah from [Bank Name]’s fraud department. We’ve detected unauthorized charges on your account. I need to verify some information to protect your account.”

They might ask for:

  • Your PIN
  • Your full password
  • One-time security codes sent to your phone
  • To “move money to a safe account”
  • To “confirm” your card number

Red Flags

  • They contacted YOU (you didn’t initiate)
  • They ask for your PIN or full password
  • They ask for security codes they just sent you
  • They want you to move money to “protect” it
  • Caller ID shows your bank (it can be faked!)
  • They’re creating urgency or pressure
  • They get defensive when you want to verify

What Your Bank Will NEVER Do

Your real bank will NEVER:
  • Ask for your PIN
  • Ask for your full password
  • Ask you to move money to protect it
  • Ask for one-time security codes
  • Threaten you or pressure you
  • Tell you to keep the call secret

Banks might call about suspicious activity, but they’ll let you verify and call back.

The Golden Rule

Hang up and call the number on the back of your card.

Don’t call the number they gave you. Don’t call the number from caller ID. Use the number printed on your physical card or your bank statement.

If the alert was real, your bank will have a record of it when you call back.

Specific Scenarios

“We need to verify your identity”

Real verification: They ask you to confirm info they already have (last 4 of SSN, recent transactions).

Scam verification: They ask you to GIVE them information like your full password or card number.

“We need to move your money to a safe account”

This is ALWAYS a scam. Banks don’t do this. Your money is already in a safe account—your account.

“Don’t tell anyone about this call”

Major red flag. Real fraud departments don’t ask for secrecy.

“Stay on the line while you go to the bank”

Scammers do this to prevent you from verifying with real staff. A real bank wouldn’t demand you stay on the phone.

If You Gave Information

  1. Hang up immediately
  2. Call your bank right away using the number on your card
  3. Tell them your account may be compromised
  4. Change your online banking password
  5. Request a new card if you shared card details
  6. Monitor for unauthorized transactions

Full steps: I think I was scammed →