Bank impersonation scams: fake fraud alerts and "send it to yourself"

The text looks exactly like your bank's: "Did you attempt a purchase of $1,249.99 at Walmart? Reply YES or NO." You reply NO. Within minutes, "the fraud department" calls, and the caller ID shows your bank's real number.

Fake bank fraud alerts are among the text scams Americans report most often, according to the FTC's data on 2024 text scams. They work because they feel like the bank protecting you.

How it usually goes

1. The alert: a text, email or robocall about a suspicious charge, a locked account, or a new device logging in.
2. The call: a calm, professional "fraud specialist" confirms the "fraud". They may know your name, the last four digits of your card, or your address. The number on screen may be your bank's, because scammers spoof caller ID.
3. The fix: to "stop the fraud" or "reverse the charge", you're asked to do something that actually moves your money to them.

The tricks to know

"Send the money to yourself"

The caller says the thief is trying to take your money through Zelle, so you need to "send it to yourself" to block them, using your own phone number or email. Zelle describes how this really works: the scammer asks for the one-time passcode your bank just texted you, then uses it to enroll their own account under your phone number or email. When you "pay yourself", the money goes to them. Some versions give you an email address that looks official, like one containing "Zelle Dispute" or "Fraud".

"Read me the code"

You get a text with a verification code, and the caller asks you to read it back "to confirm your identity" or "to cancel the transaction". That code is usually what lets them sign in to your account, add a new device, or approve a payment.

"Move it to a safe account"

Your account is "compromised", so you must transfer your savings to a new, "secure" account while the bank investigates, or withdraw cash, or buy gold or crypto. The new account belongs to the scammer.

"We'll send someone for your card"

You're told to cut your card, put it in an envelope with your PIN, and hand it to a courier. Your bank will never collect your card, cash or gold at your door.

"Let me check your phone"

The caller asks you to install a screen-sharing or remote access app so they can "secure" your account. Once installed, they can watch you log in.

Red flags

• A "fraud alert" that ends with you sending money.
• Being asked to read out a code that just arrived by text.
• Urgency: "the thieves are draining your account right now."
• Instructions to lie to bank staff if they ask why you're withdrawing cash.
• A caller who gets angry or panicky when you say you'll call back.

How to check

Hang up. Then call your bank yourself on the number on the back of your card or in your banking app, or use the app's secure messaging. If there's a real problem, the bank's real fraud team will see it. Don't call back the number in the text, and don't trust a number just because it matches your bank's. Incoming caller ID can be faked, but the number you dial yourself is the real bank.

If you already sent money or shared a code

1. Call your bank immediately on its official number and say you've been scammed. Ask them to freeze or recall the payment, lock the account and change your login.
2. Change your passwords for online banking and your email, and remove any app the caller had you install.
3. Ask about reimbursement. Federal rules give stronger protection for transfers you didn't authorize than for ones you were tricked into making, but banks don't all handle these cases the same way. Zelle says some imposter scams may qualify for reimbursement, so ask your bank directly.
4. Escalate if needed. If your bank won't help, file a complaint with the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.
5. Report it to the FTC at ReportFraud.ftc.gov, and to the FBI at ic3.gov if you lost money.

More steps are in what to do if you've been scammed.

Report the number

Forward the fake fraud text to 7726 (SPAM) so your carrier can block similar ones, and paste it into the Scam Text Checker if you're unsure. Look up the calling number too: many bank-impersonation numbers on ShadyCall have spoofed caller or impersonation reports, but remember a spoofed number may belong to an innocent business.