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Bank Impersonation Scams

6 minute read

How to recognize when someone is pretending to be your bank—and what your real bank would never ask you to do.

Bank impersonation scams are among the most convincing—and costly—scams out there. Criminals pretend to be from your bank’s fraud department, creating urgency and fear to get you to hand over your money or information.

This guide will help you recognize these scams and know exactly what to do when you receive a suspicious call, text, or email about your bank account.

How These Scams Work

The scammer’s goal is simple: get your money or your banking credentials. Here’s the typical pattern:

Step 1: You receive a call, text, or email that appears to be from your bank

Step 2: They claim there’s a problem—”suspicious activity,” “fraud detected,” “your account is locked”

Step 3: They create urgency—”Act now or lose access to your account”

Step 4: They ask you to “verify your identity” by providing sensitive information, OR they ask you to “move your money to a safe account”

Step 5: They drain your account or steal your identity

What These Scams Look Like

The Scam Text Message

[Bank Name] ALERT: Suspicious transaction detected on your account ending in 1234. We’ve temporarily locked your card. If this wasn’t you, call immediately: 1-888-XXX-XXXX to unlock.

This message looks official. It might even show your bank’s name. But the phone number goes to a scammer.

The Scam Phone Call

“Hello, this is Sarah from Chase Bank’s fraud department. We’ve detected some unusual activity on your account and I need to verify your identity to protect your funds. Can you confirm the last four digits of your Social Security number?”

The caller sounds professional and helpful. The caller ID might even show your bank’s real number (they can fake this). But it’s a scam.

The Scam Email

Subject: Urgent: Unusual activity detected on your account

Dear Valued Customer,

We’ve noticed suspicious login attempts on your account. Click here to verify your identity and secure your account immediately.

[Verify Now]

The email looks official with your bank’s logo. But the link goes to a fake website designed to steal your login.

What Scammers Ask For

If someone contacts you claiming to be your bank, watch out if they ask for:

🚩 Your PIN — Your bank will never ask for this

🚩 Your full password — Banks don’t need your password to help you

🚩 One-time security codes sent to your phone — These codes let them into your account

🚩 Your full Social Security number — Your bank already has this

🚩 To “move your money to a safe account” — This is always a scam

🚩 Gift card numbers — Banks never ask for payment in gift cards

🚩 To download software or apps — They want remote access to your device

What Your Bank Will NEVER Do

Your real bank will NEVER:
  • Ask for your PIN — Never, under any circumstances
  • Ask for your full password — They don't need it to help you
  • Ask you to move money to "protect it" — Your money is already protected in your account
  • Ask for security codes they just sent you — These codes prove it's YOU logging in
  • Threaten you or create panic — Real fraud departments are calm and professional
  • Tell you to keep the call secret — This is a manipulation tactic
  • Ask you to stay on the line while going to the bank — They're preventing you from verifying with real staff
  • Ask for payment in gift cards or cryptocurrency — Never

If the caller does any of these things, hang up immediately. It’s a scam.

The Golden Rule: Hang Up and Call Back

When in doubt: Hang up. Look at the phone number on the back of your debit or credit card. Call that number.

This simple action defeats most bank scams. Here’s why it works:

  • The number on your card goes directly to your real bank
  • If there’s actually a problem, your bank will have a record of it
  • Scammers can’t intercept you calling the real number

Important Details

  • Don’t call the number they gave you — That’s the scammer’s number
  • Don’t call the number from caller ID — Caller ID can be faked
  • Don’t search for the number online — Scammers plant fake numbers in search results
  • Use the number printed on your physical card — Or from your bank statement

If the call was legitimate, your bank will have all the information when you call back. If it was a scam, you just protected yourself.

Specific Scam Scenarios

“We need to verify your identity”

Real verification: Your bank might ask you to confirm information they already have—like whether you made a specific transaction, or to confirm the last 4 digits of your SSN (not the full number).

Scam verification: They ask you to GIVE them information like your full password, full SSN, or security codes.

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

This is ALWAYS a scam. 100% of the time. No exceptions.

Your money is already in a safe account—your account at your bank. Banks don’t move your money to “protect” it. That’s not how banking works.

What’s really happening: The “safe account” is the scammer’s account. Once you transfer money there, it’s gone.

“Don’t tell anyone about this call”

This is a major red flag. Real bank employees would never ask for secrecy.

Scammers say this because they know that if you talk to family, friends, or another bank employee, someone will recognize the scam.

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

Scammers do this to:

  • Prevent you from talking to real bank staff
  • Keep you from having time to think
  • Maintain their manipulation

A real bank would never demand you stay on the phone while visiting a branch.

“There’s a warrant for your arrest” or “Your account is being used for money laundering”

These terrifying claims are designed to panic you into compliance. Your bank would never call you about warrants—that’s law enforcement’s job, and they don’t call you asking for money.

If You Already Gave Information

If you’ve already shared information with someone you now suspect was a scammer, take these steps immediately:

If You Gave Login Information

  1. Log into your real bank account immediately (go to the website yourself, don’t click any links)
  2. Change your password right now
  3. Turn on two-factor authentication if you haven’t
  4. Check for unauthorized transactions
  5. Call your bank using the number on your card and report the situation

If You Gave Your Card Number

  1. Call your bank immediately using the number on your card
  2. Report your card may be compromised
  3. Request a new card with new numbers
  4. Check for unauthorized charges

If You Transferred Money

  1. Call your bank immediately
  2. Ask if the transfer can be reversed (act fast—sometimes transfers can be stopped)
  3. File a report with the FTC at ReportFraud.ftc.gov
  4. File a police report for your records

If You Gave Your Social Security Number

  1. Place a fraud alert with one credit bureau (they’ll notify the others):
  2. Consider a credit freeze for stronger protection
  3. Monitor your credit reports closely

For complete recovery steps: I Think I Was Scammed →

How to Report Bank Impersonation Scams

Reporting helps protect others:

  • Report to the FTC: ReportFraud.ftc.gov
  • Report to your actual bank: They track scams using their name
  • Forward scam texts to 7726 (SPAM): This reports them to carriers
  • If you lost money: File a police report for your records

Quick Summary

✓ Banks will never ask for your PIN, full password, or security codes

✓ Banks will never ask you to move money to “protect” it

✓ When in doubt, hang up and call the number on your card

✓ Caller ID can be faked—don’t trust it

✓ Never let someone pressure you into acting immediately

✓ If someone asks for secrecy, it’s definitely a scam