Bank Impersonation Scams

What Is a Bank Impersonation Scam?

Bank impersonation scams happen when a scammer pretends to be from your bank — often claiming there’s suspicious activity on your account. They use fear and urgency to convince you to give up personal details like your account number, PIN, or a security code.

These scams are designed to sound official. Scammers may call you directly, send realistic-looking texts or emails, or even spoof your bank’s phone number to appear trustworthy.

How These Scams Work

Scammers usually begin with a fake alert — something like “Unusual activity has been detected” or “Your account has been locked.” They may say your money is at risk and try to walk you through “securing” your account. In reality, they’re trying to access it themselves.

Some use spoofed phone numbers to look like your bank is calling. Others ask you to confirm sensitive details or enter passcodes they just sent — which gives them full access to your account. In more advanced scams, they may even guide you through fake fraud claims, only to steal your funds.

Who They Pretend to Be

Scammers impersonate trusted financial institutions. The most commonly impersonated include:

• Chase

• Bank of America

• Wells Fargo

• Capital One

• Citibank

• Your local or regional credit union

If it’s a bank you recognize, scammers will use its name, logo, and style to fool you.

What the Numbers Say

According to the FBI’s 2024 data, business and government impersonation scams — including bank impersonation — accounted for nearly half of all reported scams, with total losses exceeding $1.1 billion.

These scams often start with:

• Fake fraud alerts via text or email

• Caller ID spoofing to look like your bank

• Requests for one-time passcodes or PINs

• Urgent claims that you must “act now” to protect your money

(Source: FBI IC3 2024 Annual Report)

Real-World Examples

Phone Call Scam: “Hi, this is Sarah from your bank’s fraud department. We’ve noticed unauthorized charges on your debit card. Can you confirm your account number and the one-time passcode we just sent?” (The scammer uses this info to drain your account.)

Text Message Scam: “Alert: Suspicious login attempt on your account. Click here to secure your profile.” (The link takes you to a fake site that captures your login info.)

Spoofed Call Scam: “This is Chase. Your account is frozen due to a fraud alert. We need to verify your Social Security number and recent transactions.” (The scammer uses fear to collect identity data.)

How to Protect Yourself

• Don’t share sensitive information. Your bank will never ask for full account numbers, PINs, or one-time passcodes over the phone or by text.

• Avoid clicking links in messages. Go directly to your bank’s website or app to check for alerts.

• Watch for urgency. If someone pressures you to act immediately, it’s likely a scam.

• Use official channels. If you get a call, hang up and call your bank directly using the number on your card or their website.

• Report scams. You can report bank impersonation scams to the FTC at reportfraud.ftc.gov and to your bank’s fraud department.

Staying calm and double-checking can save you from falling into a scammer’s trap. Share this article to help friends and family stay protected, too.