High riskBank & Payment

Bank Impersonation Phone Scam

In this scam a caller pretends to be your bank's fraud team, claims your account is under attack, and pressures you to move money to a 'safe account', read out one-time codes, or grant remote access so they can steal your funds.

Quick verdict

Risk level
High risk
Scam type
Bank impersonation scam
Main red flag
A caller claiming to be your bank rushes you to move money or read out a security code to 'protect' your account.
What to do first
Hang up and call your bank back using the number on the back of your card or its official website.

How this scam works

In this scam a caller pretends to be your bank's fraud team, claims your account is under attack, and pressures you to move money to a 'safe account', read out one-time codes, or grant remote access so they can steal your funds.

Bank and payment scams weaponise your trust in your bank and your fear of losing money. They fake fraud alerts, blocked payments, or refunds, then steer you into moving money to a "safe account", sharing a one-time code, or approving a transfer, actions a genuine bank will never ask of you.

In short, the giveaway is usually simple: A caller claiming to be your bank rushes you to move money or read out a security code to 'protect' your account. Hang up and call your bank back using the number on the back of your card or its official website.

Scammers rotate tactics constantly, the same operation may also run the Fake Bank Alert Text Scam and the SIM Swap Scam. See the full Bank & Payment Scams guides hub, or test a suspicious message with the scam checker.

How to spot this scam

  • An unexpected call claiming your account is under attack and money must be moved now
  • Pressure to transfer funds to a new 'safe' or 'secure' account
  • A request to read out a one-time passcode or verification code over the phone
  • Being told to keep the call secret or not to hang up and check
  • A request to install software or grant remote access to your device

What the message looks like

Example pattern, not a real report
Example pattern: 'This is the fraud department. We have spotted a suspicious payment leaving your account. To keep your money safe you must transfer it to the new secure account I set up. Please read me the code we just texted you to confirm.'

This is a fictional, anonymised example used to illustrate the pattern. It is not a verified real message, and any names are used only to show how the scam typically reads.

What gives it away: A caller claiming to be your bank rushes you to move money or read out a security code to 'protect' your account.

The scale of it

#1
copycat bank fraud alerts were the most-reported text scam in the US in 2022
Source: US Federal Trade Commission
£459.7M
lost to authorised push payment (APP) fraud in the UK in 2023
Source: UK Finance

How to protect yourself

  • Hang up and wait a few minutes before calling your bank on its official number
  • Use the phone number printed on your bank card or statement, not one the caller gives you
  • Tell the bank exactly what the caller asked you to do so they can check your account
  • Report the call to your bank's fraud line and your national anti-fraud centre

Already responded? Do this now

  • If you moved money or shared a code, call your bank immediately to try to stop or recall the transfer
  • Ask the bank to freeze affected accounts and reissue your cards
  • Change your online banking password and any reused passwords
  • Remove any remote-access app the caller had you install and watch your statements

Mistakes to avoid

  • Do not move money to any account a caller tells you is 'safe'
  • Do not read out one-time codes or PINs to anyone who phones you
  • Do not install software or let a caller take control of your device

Related scams to know

High risk Bank & Payment

Fake Bank Alert Text Scam

This scam sends a text claiming suspicious activity on your account, then steers you to a fake login page or a 'fraud agent' who pressures you to move money.

Created by Scam or Safe Editorial Team
High risk Text Message

SIM Swap Scam

In a SIM swap scam, a fraudster persuades your mobile carrier to move your number to their SIM, then intercepts your calls and one-time codes to break into your accounts.

Created by Scam or Safe Editorial Team
High risk Text Message

Two-Factor Code Text Scam

In this scam a fraudster triggers a genuine two-factor or one-time code to your phone, then poses as support staff or a contact to pressure you into reading it back so they can take over your account.

Created by Scam or Safe Editorial Team

Common questions

Would my real bank ever ask me to move money to a safe account?
Genuine banks do not ask you to transfer your balance to a new account to keep it safe. A request like this over the phone is a common scam pattern, so hang up and call the bank yourself.
The caller knew my name and some account details, so are they real?
Scammers often have basic details from data leaks or earlier phishing, which makes them sound convincing. Knowing some information does not prove the call is genuine, so always verify independently.
Why do they ask for the one-time code that was texted to me?
That code can let them log in or authorise a payment from your account. Banks normally tell you never to share these codes, so a caller asking for one is a strong warning sign.
What should I do if I already transferred the money?
Contact your bank straight away on its official number and report it as fraud. Acting quickly gives the best chance of recalling the payment, and you should also report it to your national anti-fraud centre.

Last reviewed June 2026 · Written & reviewed by the

Disclaimer: This page provides educational information only to help you recognise common scam patterns. It is not legal, financial, cybersecurity, or law enforcement advice, and it does not confirm whether any specific message, company, or person is genuine or fraudulent. When in doubt, contact the official organisation directly and report concerns to your local authorities.