What is a bank impersonation scam?
A bank impersonation scam involves criminals posing as your bank's fraud or security team to trick you into moving your money to a 'safe account' or revealing your credentials, leading to complete loss of the transferred funds.
Last reviewed: 10 June 2026
Explanation
Bank impersonation scams are among the most financially devastating consumer frauds, partly because the impersonation is so effective. Caller ID can be spoofed to display your bank's genuine fraud department number; the caller may know your name, partial account number, and recent transaction history (obtained from breaches or social engineering).
The scenario is always urgent: suspicious transactions have been detected on your account; there is an insider fraud at your branch; your account is compromised and funds must be moved immediately for protection. The 'safe account' where you are directed to transfer your money is controlled entirely by the fraudster.
Key distinguishing facts that victims often learn too late: your bank will never ask you to move money to a safe account; your bank will never ask for your full PIN or online banking password; your bank will never send a courier to your home to collect your card. These requests, however plausible the caller sounds, are always fraud.
Authorised Push Payment (APP) fraud — where the victim is tricked into authorising transfers themselves — is now treated more sympathetically by regulators in many countries, with banks required to contribute to reimbursement. However, prevention is far preferable to recovery.
Common red flags
- A call claiming to be from your bank's fraud team asking you to move money to a 'safe account'
- The caller knows partial personal and account details and uses this to build trust
- You are asked to confirm your full PIN, online banking password, or one-time passcode
- A courier is offered to collect your bank card at your door
- The urgency and confidentiality of the situation makes normal verification feel inappropriate
- You are told your local branch staff cannot be trusted due to an ongoing investigation
What to do now
- Hang up immediately — your bank will not be offended, and if the situation was real, you can call back
- Wait several minutes (some attacks maintain the line) or use a different phone to call your bank's official number
- Never transfer money to a 'safe account' suggested by an inbound caller
- Report to your bank's fraud team immediately if you did transfer funds
- Report to your national fraud authority
- Document everything for an APP fraud reimbursement claim
Frequently asked questions
Can I get my money back if I was tricked into an APP transfer?
In many countries, including the UK, regulations now require banks to reimburse victims of APP fraud in most circumstances. Contact your bank immediately and request a reimbursement under the APP fraud rules. A police report and fraud authority report strengthens your case.
Would my bank ever call me without a scheduled appointment?
Yes — banks do make fraud alert calls. The difference is that genuine bank fraud calls never ask you to move money, never ask for your PIN or full password, and never ask for one-time passcodes. If asked for any of these, hang up and call back.