Bank Impersonation Scam
Fraudsters posing as a victim's bank — by phone, email, or text — to steal credentials, authorisation codes, or money under the guise of protecting the account from fraud.
Also known as: safe account scam, bank fraud call, bank security scam
Last reviewed: 1 June 2026
Bank impersonation scams are among the most financially damaging types of consumer fraud. Attackers contact victims claiming to be their bank's fraud team, security department, or customer service, often displaying the real bank phone number via number spoofing. The caller constructs a realistic scenario — unusual transactions, a compromised card, a hacking attempt — to create urgency and fear.
Under the guise of 'securing' the account, the fraudster may ask the victim to confirm recent transactions (gathering intelligence), share one-time passwords or card reader codes (enabling account takeover), transfer money to a 'safe account' (which the attacker controls), or hand over a new card that a courier will collect. The safe-account variant is particularly devastating because victims willingly authorise large transfers believing they are protecting their own money.
Legitimate banks will never ask customers to transfer funds to a new account for safekeeping, share full PINs or one-time codes, or hand over a debit or credit card to a courier. Customers should hang up and call the number on the back of their card using a different telephone to verify any bank-related security concern.
Examples
- A victim receives a spoofed call from their bank's fraud line; the caller says large transfers are being made and instructs the victim to move funds to a 'safe account' provided by the caller.