Impersonation Scams
Bank Impersonation Scam
Scammers pose as your bank's fraud department claiming suspicious activity on your account, then trick you into moving money to "protect" it.
Reported Losses
$330 million in bank impersonation losses (FTC 2024)
Primary Targets
Bank customers of all ages
Last Updated
2026-01-06
Also Known As
Fraud Department Scam
How Scammers Contact You
How This Scam Works
This is one of the most sophisticated scams because it exploits your trust in your bank and your fear of fraud.
**How it works:** 1. You receive a text or call appearing to be from your bank about "suspicious activity" 2. The caller ID may show your bank's real number (spoofed) 3. The "fraud specialist" knows your name and may know partial account details 4. They say someone is trying to steal your money 5. They instruct you to move money via Zelle or wire to a "safe account" 6. Or they ask you to read back a code they're sending (actually a 2FA code to hack your account) 7. The "safe account" is actually the scammer's account
**Why it's so effective:** - The call seems to come from your bank - They're "warning" you about fraud (seems helpful) - They create urgency so you don't have time to think
Red Flags to Watch For
- ⚠️Bank calls you about fraud (legitimate banks rarely initiate calls)
- ⚠️Asked to move money to "protect" it
- ⚠️Pressure to act immediately
- ⚠️Asked to send money via Zelle, wire, or gift cards to yourself or anyone
- ⚠️Asked to read back a code sent to your phone
- ⚠️Told not to go to a branch or call the number on your card
- ⚠️Caller gets upset or pushy when questioned
📝 Real Victim Account
"My caller ID showed Chase Bank, so I answered. They said someone was trying to wire $3,500 from my account. To stop the fraud, they said I needed to Zelle $3,500 to myself at a 'new secure account number.' I did it, thinking I was protecting my money. It went directly to the scammer. Chase said they couldn't help because I authorized the transfer."
— CFPB Consumer Complaint
How to Protect Yourself
- 1Hang up and call your bank directly using the number on your card
- 2Banks will NEVER ask you to move money to protect it
- 3Banks will NEVER ask you to send money via Zelle to yourself
- 4Never share 2FA codes with anyone who calls you
- 5Don't trust caller ID — it can be spoofed
- 6Visit your bank branch in person if concerned
- 7Set up account alerts directly through your bank's app
🆘 What to Do If You're a Victim
- 1Contact your bank immediately using the number on your card
- 2If you sent money via Zelle, ask your bank about fraud claims
- 3Change your online banking password
- 4Enable two-factor authentication
- 5Monitor your accounts closely
- 6Report to FTC at ReportFraud.ftc.gov
- 7File a police report
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📚 Sources & References
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