In short
A caller from your bank's "fraud team" says your money is at risk. No bank ever asks you to move money to a safe account. Here's what to do.
Top warning signs: Moving money to a “safe account”; Being told to lie to bank staff; Asking for one-time codes or your PIN.
First thing to do: Hang up. Then call your bank using the number on the back of your card, ideally from a different phone, or wait five minutes, because some scammers keep the line open.
How the scam works
It often starts with a fake alert text, as above, or a fake delivery form that collected your details. When you call the number, or they call you, a calm, professional “fraud officer” takes over.
They say criminals, sometimes even staff inside your branch, are about to empty your account. To protect it, you must move everything to a new account they've set up for you. They may coach you to lie to your real bank if it asks questions: “say it's for a family member”.
Other versions ask you to read out one-time codes to “cancel” fraudulent payments, install a remote access app, or hand your card to a courier.
Red flags to look for
- Moving money to a “safe account”. No genuine bank will ever ask you to do this. Ever.
- Being told to lie to bank staff. “Don't tell the branch, they may be involved” is a script line.
- Asking for one-time codes or your PIN. Your bank will never ask you to read these out.
- Caller ID shows the bank's real number. Numbers can be spoofed. The display proves nothing.
- A courier coming to collect your card. Banks don't collect cards from your door.
What to do if you get one
- Hang up. Then call your bank using the number on the back of your card, ideally from a different phone, or wait five minutes, because some scammers keep the line open.
- Some countries have a safe shortcut to your bank. In the UK, for example, you can call 159.
- Never move money, share codes or install apps because a caller told you to.
If you already paid or shared details
Act quickly. It makes a difference.
- Call your bank immediately and say you've been the victim of an authorised push payment (APP) scam. In some countries, including the UK, many victims are entitled to reimbursement.
- Report it to the police or your national fraud service. See where to report in your country.
- Change your online banking password and check for new payees or devices.
More help: what to do after a scam, and where to report it in your country.
Questions people ask
They knew my name, address and recent transactions. Doesn't that prove it's my bank?
No. Personal details are easy to obtain from data breaches or fake forms. Knowing about you is not proof of who they are.
What if the call really is from my bank?
Then there's no harm in hanging up and calling back on the official number. A real bank will understand and encourage it.
Official sources and further reading
We check our guides against advice from government agencies and consumer protection bodies.
- Never move your money to "protect it." That's a scam (US Federal Trade Commission)
- Impersonation scams (Take Five to Stop Fraud, UK Finance)
- Bank investigator (Canadian Anti-Fraud Centre)