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Clute, TX
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Bank Impersonation Scams Skyrocket

Posted on 03/20/25

An illustration of two phones. One features a woman reaching out with a credit card to the other phone with a thief holding a mask over his face.
Watch for these red flags to avoid bank impersonation scams.
AARP

Over the past year, I have received numerous text messages from my bank indicating issues with my account. Surprisingly, some of these messages were from banks where I do not even hold an account. When I checked my accounts, I realized these texts were bank impersonation scams.

In 2024, the Federal Trade Commission (FTC) reported that business and government impersonation scams accounted for nearly half the reported scams. The losses from these scams topped $1.1 billion last year, more than three times what consumers reported in 2020. In that period, reports of scams by text increased more than 100 percent.

These attacks involve criminals pretending to be from the bank’s security departments. They send out text messages, emails or phone calls warning you of unusual activity on your account that requires immediate action. The criminals are trying to steal your money or access account information like your PIN, debit card, password, or one-time access codes. They may also try to get you to move your money to “keep it safe.” Scammers often use spoofing technology to make it seem like the text or call is coming from your bank. They also use sophisticated replicas of real bank websites or the names of bank employees to fool you.

If you have signed up for text notifications from your bank, it’s easy to mistake the scam texts for legitimate bank alerts. The scam typically unfolds like this: you receive a text message from "your bank" asking for confirmation of recent account activity. When you reply "no," you receive a call, supposedly from your financial institution's "fraud investigations unit” informing you that your account has been hacked. They assure you they can help protect your assets and ask for account access information such as your PIN, debit card details, passwords, or one-time access codes. This is a scam! Your bank will not call you to ask you to verify security information or move your money to a "safe location." If you are unsure, visit your bank's official website – not a link provided by text – to check your account or call the bank using the phone number provided on their website or your bank statement.

Bank Impersonation Scams Red Flags

In the email version of this scam, criminals send an email that appears to be from your bank, stating that your account has been locked and requesting you to click on a link or call a phone number to verify the transaction. If you receive such an email, DO NOT click on any links or call the number in the email. Go directly to your bank's website to log in or call them using the phone number from the website.

In the final scenario, criminals call you directly, asking you to verify your account or personal information, send a payment, or reverse a payment. They often create a sense of urgency, telling you to protect your accounts immediately from being emptied. Criminals can "spoof" phone numbers to make it appear as though the call is coming from your bank. Hang up and call your bank using the phone number on your statement or from the bank's official website. Remember, banks will never ask you to provide your login credentials, PIN, or access codes.

Other red flags indicating a text, email, or call is an imposter scam include: a sense of urgency requiring immediate action, requests for secrecy, threats of arrest, or instructions not to hang up. If you encounter any of these tactics, it is a scam.

If you receive a text, email, or call from your bank that you suspect is a scam, report it to your bank immediately. Banks want to know about scams targeting their customers. If you lose money in a bank impersonation scam, contact your bank right away, as they may be able to refund your losses. Additionally, report any loss to the police, as documentation of the crime can be valuable when attempting to recover your funds. It is also beneficial to file reports with the Federal Trade Commission (FTC) or Federal Bureau of Investigation (FBI). These agencies use fraud reports to guide their investigations. The more information they have, the better they can identify patterns, link cases, and ultimately apprehend the criminals. Contact the FTC at reportfraud.ftc.gov and the FBI at IC3.gov.

The AARP Fraud Watch Network offers a helpline (877-908-3360) where you can report a scam and talk with a trained specialist for guidance on what to do next. Additionally, the AARP Fraud Watch Network provides online group support sessions for individuals who have been victims of scams. Visit aarp.org/fraud for more information and resources related to fraud.

This story is provided by AARP Alaska. Visit the AARP Alaska page for more news, events, and programs affecting retirement, health care, and more.

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