Fake bank fraud alert scams: texts and calls that empty accounts

A text or call from your “bank's fraud team” about a charge, then a request for a code or to move your money.

How it works

It often starts with a text asking whether you made a large purchase. Reply, and someone calls from what looks like your bank's number (caller ID can be faked). They know your name and maybe part of your card number. To “stop the fraud” they ask for the one-time code your bank just texted you, or tell you to move your savings to a “safe account”.

The code lets them sign in as you. The “safe account” is theirs. Your bank will never ask you to move money to protect it.

Red flags

• Someone asks you to read back a code your bank sent you.
• You're told to move or withdraw money to “protect” it.
• You're told not to tell anyone, including bank staff at a branch.
• The caller ID shows your bank's name, which can be faked.

What it looks like

A minute ago a text asked whether you'd spent $1,280 at an electronics store. You replied NO. Now your phone rings.

The tells:

1. Asking you to read back a code. The code is what they need to sign in as you.
2. Pressure to stay on the line so you can't call your bank yourself.
3. Caller ID can be faked to show your bank's name.
4. The text first, then the call: your “NO” told them the number is live and you're worried.

A training example written for this site. Names, numbers and links are made up, and links are disabled.

What to do

1. Hang up. Call the number on the back of your card or in your bank's app.
2. Never share a one-time code with anyone who contacts you.
3. No real bank asks you to move money to a “safe account”.

If you already paid or shared information

1. Contact the company you used to pay (your bank, card company, gift card company, payment app or wire service) right away and ask them to reverse the payment.
2. If you shared a password, change it now and turn on two-factor authentication.
3. If you gave out your Social Security number or other ID details, go to IdentityTheft.gov for a recovery plan.
4. Report it to the FTC at ReportFraud.ftc.gov. For scams that happened online, you can also report to the FBI at ic3.gov.

From FTC: What to do if you were scammed.

Latest alerts about this scam

No recent FTC, CISA or FBI alerts are tagged with this scam. The guidance below still applies.

Sources

• FTC: Got a call about fraud activity on your bank account? It could be a scammer
• FTC: Never move your money to “protect it.” That's a scam

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