"Bank fraud department" calls and safe accounts

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How it works

1. A call or text says there’s suspicious activity on your account. The caller’s number may even look like your bank’s, because numbers can be spoofed.
2. They sound calm and professional. They know your name, and sometimes your last few transactions.
3. They say your money is at risk and you must act now: read out a code, install an app, or move your money to a “safe” or “secure” account.
4. They tell you not to tell anyone, including branch staff. The “safe account” belongs to them.

The tells

• A “safe account”. Real banks don’t have one for you to move money into.
• A request to read out a one-time code. That code is how they log in as you.
• Secrecy: “don’t tell the branch, they may be involved”.
• Pressure to act within minutes, and to stay on the line.
• An instruction to install remote-access software.

What the numbers say

Imposter scams were the most reported kind of fraud in the FTC’s 2025 data, with more than a million reports and more than $3.5 billion reported lost.

What to do

• Hang up. Wait a few minutes, or use a different phone, then call your bank on the number printed on your card or shown on its official website.
• Don’t call back a number the caller gave you, and don’t trust caller ID.
• If you already moved money or shared a code: call your bank immediately, say it’s fraud in progress, and ask them to try to recall the payment.
• Change your online-banking password and any password you reused.

Where to report it