Scam type
Fake bank fraud department and «safe account» scams
In a bank impersonation scam, a caller claims to be your bank’s fraud department. They ask you to read back a code they texted, or say your account is hacked and your money must be moved to a «safe account», withdrawn as cash or turned into gold. In the «phantom hacker» version, the call is passed from fake tech support to a fake bank to a fake government agent. A real bank never asks you to move money to keep it safe.
How the call works
- Caller ID can show your bank’s real name.
- The caller reports a suspicious charge and asks for the code «we just texted you». That code opens your account to them.
- Or they say your money isn’t safe in the bank and must be moved, withdrawn or turned into gold for «safekeeping».
- You’re told not to tell bank staff the real reason, and a courier may come to collect the cash or gold.
How it often sounds
- «We see a suspicious charge. To stop it, read me the code we just texted you.»
- «Your account is hacked. Move your savings to a safe account.»
- «Don’t tell the teller why. They may be involved.»
Typical lines described by officials and news reports.
Red flags
- Any request for a code from a text message
- «Your money isn’t safe in the bank»
- Being told what to say to the teller
- Buying gold or withdrawing cash for «safekeeping»
- The call passes from «tech support» to «the bank» to «the government»
What to do
- Hang up and call the number on the back of your card.
- Never read out a code from a text message.
- Never move or withdraw money because a caller told you to. Talk to family first.
Real cases
- Scam caseBitcoin ATM Scams and Seniors: Why a Caller Wants You at a Crypto KioskNo real business or agency asks for payment through a Bitcoin ATM. What the D.C. lawsuit and FBI data show about crypto kiosk scams targeting older adults.
- How-to guideCaller ID Spoofing: Why the Number on Your Screen Can LieScammers can make any name or number show up on caller ID, including your bank, a government agency or a local number. Here’s how spoofing works and what to do.
- Scam caseFake Bank Fraud Call: How a Scammer Sent Rideshare Drivers to Collect Victims’ CashA man posing as bank fraud investigators told victims to withdraw cash so it could be “safeguarded,” then sent rideshare drivers to collect it. He got 3 years.
- How-to guideHow to Tell if a Call Is Really From Your BankYou can’t tell from caller ID. Hang up and call the number on the back of your card. Banks don’t call to have you move money to protect it or read back a code.
- Scam casePhantom Hacker Scam: How Victims Lost Over $6 Million in Gold BarsA pop-up, a fake Microsoft call, a fake bank and a fake government agent: how the phantom hacker scam took gold from victims aged 61 to 80.
Questions
Would my bank ever ask me to move money to a safe account?
No. A real bank will never ask you to move, withdraw or convert your money to keep it safe.
The caller ID showed my bank. Is it real?
Not necessarily: caller ID can be faked. Hang up and call the number printed on your card.
I read out a code. What now?
Call your bank right away on the number on your card, change your passwords and report it at ReportFraud.ftc.gov.