Bank Impersonation: The Call That Tries to Empty Your Account

How it starts

A message or a call arrives that creates a sense of emergency: a suspicious charge was detected, the account was locked, or someone is trying to log in to it. The message is always urgent, and it always asks you to do something right now.

How it works

If it is a message, the link leads to a page that looks like the bank's site and asks for a username and password. If it is a call, the impersonator guides you: he asks you to confirm details, to read him a verification code you got by text, or to move the money to another account he calls a secure account. Each request sounds reasonable on its own, but together they hand the attacker control of your account.

What the scammer wants

The impersonator wants one of three things, and sometimes all of them: your account login details, the one-time verification codes that approve actions, or a direct transfer of money that you make yourself. The self-made transfer is the worst, because as far as the bank is concerned, you are the one who approved it.

Common phrases

• Unusual activity was detected on your account
• Your account has been locked for security reasons
• We are from the bank's security team
• The money must be moved to a secure account temporarily
• Read me the code you received to cancel the charge
• Do not hang up, we are handling this together right now

Red flags

• A contact that demands you act immediately, with no time to think
• A request for a verification code, a password, or card details
• A request to move money to another account to protect it
• The caller asks you not to hang up and not to consult anyone
• A link in a message leading to a bank login page

What to do now

• Hang up. It is fine to hang up; a real representative will not be offended
• Call the bank using the number on the back of your card or on the official site, not the number the caller gave you
• A real bank will never ask for a verification code or a password, and will never ask you to move money to another account
• Do not tap links in messages about your account. Reach the bank only through the app or the official address
• If you already gave details or transferred money, contact the bank and the police immediately

Example scenario

Ruti gets a call. The voice on the other end is calm and polite and says he is from the bank's security department. He says a suspicious withdrawal attempt was detected on her account, and that to protect the money it must be moved temporarily to a secure account. He reads her an account number. Ruti, frightened, transfers it. There is no withdrawal attempt. The money has simply now reached the attacker, and the bank sees a transfer that Ruti approved herself.

Prevention tips

• Set yourself a rule: a call that asks for codes, passwords, or a money transfer ends with you hanging up
• Save the bank's official phone number in your contacts, and call only that
• Remember that time pressure is the main tool of the scam. A real bank will let you think
• If someone calls in the name of the bank, consult a family member before you act
• Turn on alerts for account activity so you can spot a suspicious charge yourself, early

Full description

Bank impersonation is one of the most dangerous scams, because it plays on the most basic fear: that something bad is happening to your money. It comes in two main forms. The first is a text with a link to a fake login page. The second, and the more dangerous one, is a phone call from someone who sounds calm and professional, presents himself as a bank security officer, and walks you through it step by step. He sounds credible because he speaks the language of the bank, and sometimes he even knows a few details about you in advance.