The "bank fraud department" call

What the scam looks like

You get a call or text that appears to come from your bank's fraud department, warning of a suspicious transaction. The caller may already know a few of your details, which makes it feel real. To "protect" your account, they ask you to confirm a security code they just sent you, move your money to a "safe account," or read back a one-time passcode.

The call is spoofed and the urgency is manufactured. A one-time passcode or a transfer to a "safe account" is exactly what the scammer needs to take over your account or move your money out.

Red flags

• An unexpected call or text about fraud that pressures you to act in the moment.
• A request to share a one-time passcode or verification code - banks never ask for these.
• Instructions to move money to a "safe" or "holding" account.
• Caller ID showing your bank's name (caller ID is easy to fake).
• A short code to dial on your phone's keypad, starting with a star or a hash, to "secure the line" or "verify your number".

What to do

• Hang up. Call your bank back using the number on the back of your card.
• Never share a one-time passcode, and never move money because someone called you.
• Never dial a code someone reads out to you over the phone. Some of those codes switch on call forwarding and send every incoming call to the fraudster, so each check you make afterwards reaches them instead of your bank.
• Your real bank will never ask you to transfer funds to "protect" them.
• Already shared a code, dialled something, or moved money? Contact your bank now - and if your calls may have been forwarded, phone your wireless provider from a different phone and have call forwarding switched off. Then report it to the Canadian Anti-Fraud Centre (1-888-495-8501), and see our "I've been scammed" guide for the next steps.