Bank fraud department calling? How to tell if it's a scam
If a caller from your bank's "fraud department" tells you to move money to a safe account or read back a one-time code, it's a scam. Your real bank never asks you to move money to protect it. Hang up and call the number on the back of your card.
The phone rings and it's your bank. Or it sounds like it. A calm voice from the "fraud department" says someone is in your account right now. They know your name. They might even know the last few digits of your card. They want to help you stop it.
The callThis is the fraud department at your bank. Someone is trying to take money from your account. To protect it, we need you to move your savings to a secure account while we trace the hacker.
That's an example of the kind of call going around. Sometimes it starts with a text about a "suspicious charge" that asks you to reply or call a number. Then the call comes.
How the scam works
There is no hacker. The caller is the scammer. The FTC says these callers tell people their account was hacked, then talk them into moving money to a "safe" account. That account belongs to the scammer.
They may ask you to send the money by Zelle, wire, cash, or gift cards. Some ask you to read back a one-time code from a text. That code lets them into your real account. The FTC says no real caller, including a fraud department, will ask for a verification code.
The red flags
- They tell you to move money to protect it. The FTC is clear: never move your money to "protect it." That's the scam.
- They ask you to read back a code. Those codes are for you only. The FTC says no real caller will ask for one.
- They ask for gift cards, cash, or crypto. A real bank never asks for these to fix fraud.
- They tell you to keep it secret or lie to the teller. That's a sign someone wants to get past the people who could stop it.
- Caller ID shows your bank. That proves nothing. The FCC warns that scammers fake caller ID to look like a company you trust.
What to do
- Hang up. You won't hurt the real bank's feelings.
- Call the number on the back of your card, or the number on your statement or the bank's real website. Never use a number the caller gives you.
- Ask the bank if there's a problem. If there is, they'll help you from there.
- Report it at ReportFraud.ftc.gov.
Already sent money or shared a code?
- Call your bank now using the number on your card. Tell them it was a scam. Ask them to stop or reverse the payment and lock your account.
- If you used Zelle or a wire, say so. The FTC notes these can be hard to get back, so speed matters.
- Change your online banking password, and your email password too.
- Report it at ReportFraud.ftc.gov. If your personal details were shared, go to IdentityTheft.gov for a recovery plan.
Talk about it as a family
This one works because it sounds like help. The caller is calm and kind, and they sound like they're on your side. Agree on one simple rule with the people you love: if anyone calls about your bank, hang up and call the number on your card. No exceptions, even if it sounds real. Your bank will never mind that you checked.
Lock down your accounts
These go beyond any one scam. Do them once and most scams get much harder.
- Turn on two-step sign-in for your email and bank. A passkey or security key is safest; a code by text is better than nothing.
- Use a different password for every account. A password manager remembers them for you, or write them in a notebook kept locked in a safe.
- Freeze your credit at Equifax, Experian, and TransUnion. It's free, and it stops new accounts being opened in your name.
- Ask your phone carrier for a number lock or transfer PIN, so no one can move your number to their phone.
- Pick a family code word that's never been posted anywhere.
Questions people ask
The caller ID showed my bank's real number. Isn't that proof?
No. Scammers can fake caller ID so the call looks like it's from your bank. Hang up and call the number on the back of your card. If there's a real problem, the bank will tell you.
They said the account is in my own name. Is that safe?
No. The FTC warns that scammers tell people to send money to an account "in your name" that the scammers actually control. No real bank asks you to move money to keep it safe.
I read them the code from my text. What now?
Call your bank right away using the number on your card. Tell them someone may have your code and ask them to lock the account and check for changes. Then change your online banking password.
They told me not to tell the bank teller why I'm moving money. Why?
Because the teller would stop it. The FTC says being told to lie to bank staff is a strong sign of a scam. Talk to the teller and tell them the whole story.