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Fake bank fraud department

A caller posing as your bank says your account is under attack, then asks for codes or a money transfer.

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What it looks like

Text: Did you attempt a purchase of $1,248.00 at ElectroMart? Reply YES or NO. A specialist will call you shortly.
Call transcript: "This is the fraud department. Someone inside the bank is involved, so you need to move your savings to a protected account today."
Call transcript: "To cancel the fraudulent charge, I'm sending a verification code. Please read it back to me."

How it works

It often starts with a fake fraud alert text. When you reply, a friendly caller who seems to know your bank calls, and the caller ID may even show the bank's name. They ask for the one-time code sent to your phone, which lets them into your account, or they convince you to send money by Zelle, wire or cash to a safe account they control.

Warning signs

  • They ask you to read back a one-time code
  • They tell you to move money to a new safe or protected account
  • They say bank staff or police are involved and to tell no one
  • They want you to withdraw cash or buy gold for pickup
  • Caller ID shows the bank. That can be faked.
If you got one of these
  1. Hang up. Call the number on the back of your card or in your bank's app.
  2. Never read a code to anyone who called you. Your bank will not ask for it.
  3. Do not reply to fraud alert texts with YES or NO if you are unsure. Check in the bank's app instead.
  4. No real bank asks you to move money to protect it.
If you already paid or shared something
  1. Call your bank's fraud line now from the number on your card. Ask them to stop or recall the transfer.
  2. Change your online banking password and check that your phone number and email on the account are yours.
  3. Report it at reportfraud.ftc.gov. If a lot of money went out, also report to ic3.gov and local police.

Who gets targeted

Anyone with a bank account. Careful people get caught because the call sounds like protection.

Also read: Is this call from my bank, the IRS, or the police real?

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