The "bank fraud department" call
A call or text appears to be from your bank's fraud department, warning of a suspicious charge. They ask you to read back a security code or move money to a "safe account."
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).
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.
- Your real bank will never ask you to transfer funds to "protect" them.
- Already shared a code or moved money? Contact your bank now and see our "I've been scammed" guide for the next steps.
Learn more: Two-factor authentication (2FA): what it is and why you need it