Phone and voice scams
The fake bank “fraud department” call
Someone calls, texts, or messages saying they’re from your bank’s fraud team. They report suspicious activity and offer to help “protect” your money by moving it to a safe account, withdrawing cash, or reading back a verification code. Every part of that is the scam. Your money is fine where it is.
This scam often starts with a text that looks like a real fraud alert, followed by a phone call. The caller may know your name, your bank, and the last digits of your card, and the caller ID may even show your bank’s number. None of that proves who they are.
What it sounds like
When you call (or they call you), the “fraud specialist” confirms your account is under attack. Then comes the fix: move your savings into a new “safe” account, withdraw cash for a courier, buy gift cards, or read back the code your bank just texted you. Some callers say bank staff are in on the crime, so you shouldn’t tell the teller why you’re withdrawing money.
How to spot it
- They ask you to move money to “protect it”. The FTC is blunt: anyone who says you must move your money to protect it is a scammer. Your money is fine where it is.
- They ask for a verification code. No real bank employee, especially in the fraud department, will ask you to read back a code. That code lets the scammer sign in as you.
- They tell you to keep it secret from bank staff, family, or anyone else.
- They want gift cards, cryptocurrency, a wire, or cash handed to a courier.
- They keep you on the phone and won’t let you hang up and call back.
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What to do
- Hang up. You never have to sort out fraud on a call someone else started.
- Call your bank yourself, using the number on your card, your statement, or the bank’s app. Never use a number from the text or the caller.
- Never move money or share a code, however urgent it sounds.
- Report it to your bank and at ReportFraud.ftc.gov (opens in a new tab).
If you already moved money or shared a code, call your bank’s fraud line right away. Bank transfers have fewer protections than credit cards, so speed matters. Then follow I sent money to a scammer: what to do now.
Sources
- Got a call about fraud activity on your bank account? It could be a scammer (opens in a new tab) Federal Trade Commission
- Never move your money to “protect it.” That’s a scam (opens in a new tab) Federal Trade Commission