Have you ever received a phone call claiming that your bank account has been compromised? You’re not alone. Banking phone scams are on the rise, and criminals are becoming more convincing by the day.
These scammers often pose as bank representatives, using pressure tactics and spoofed phone numbers to trick you into handing over sensitive information—or even transferring your money to a so-called “safe” account. In some cases, victims receive follow-up calls from fraudsters impersonating FBI agents, claiming to help recover lost funds—only to steal even more.
According to the FBI and FTC, millions of dollars were lost to banking scams in 2024. To help you avoid falling for a banking scam, K2 Integrity is providing a list of best practices to follow if you receive a suspicious call from someone claiming to be from your bank:
Dos
- Be cautious of unknown numbers. Let calls from unknown phone numbers go to voicemail instead of answering. Many providers include a warning such as “scam likely” if a phone number is associated with a known scam.
- Be aware that criminals can spoof phone numbers. The phone number may appear as if your bank is calling you but instead it is a criminal making the call. Let unexpected calls go to voicemail. Listening to a voicemail message gives you the opportunity to assess if the call is legitimate.
- Think before you act. Criminals rely on fear and urgency to try to prevent you from thinking critically. They hope to convince you to give them information or money before you realize you are being scammed. Keep in mind that legitimate banks will never push you to make a financial decision on a phone call.
- Hang up if you suspect the call is fraudulent. Instead of calling a number the scammer may have given you, contact your bank directly using a verified source such as the information printed on your card or found on the bank’s official website.
- Report the call to your bank. Many banks have fraud departments that track scams. Reporting the call could help others.
- Monitor your accounts. Set up account alerts for transactions and regularly check your accounts. If you find discrepancies, report them immediately.
Don’ts
- Do not say “yes” or your name during the phone call. Criminals could record and misuse your voice to commit fraud by impersonating you. Do not respond if you are asked to confirm your identity.
- Do not press any number. Doing so confirms that your phone number is real and could add you to a list for future targeting. Hang up if you are prompted to press a number.
- Do not share passwords, PINs, or any other personal information. The caller may claim that they need to verify your identity or access your account. Keep in mind that a legitimate bank will never contact you to verify personal or financial information or ask for your account password.
- Do not transfer your money to another account. Criminals may tell you to move your money to protect it. But doing so would move your money into their account—and you may never get it back. Legitimate banks will never call you to ask you to transfer your money to another account.
- Do not provide a multifactor authentication (MFA) code or approve an authentication prompt. Criminals may claim that they are sending a code to verify your identity. Instead, they may be trying to sign into your account and need the MFA code to complete the sign in. Banks will never ask you for an MFA code—in fact, many authentication messages that send a code include a warning to never share the code.
If you do become a victim of a financial scam, take the following steps:
- Contact your bank right away using a verified number.
- Report the fraud to local law enforcement and to the Federal Trade Commission.
- Change the account password. If you reuse the password in other accounts, change those passwords as well.
- Enable multi-factor authentication (MFA) on all your accounts.
- Monitor your accounts and credit reports.
- Place a fraud alert and credit freeze with the credit bureaus.
Stay Alert. Stay Protected.
Banking phone scams are increasingly sophisticated, but staying informed is the best first line of defense. Share this guide with friends and family, especially those who may be more vulnerable to phone fraud.
