Scam record · 902 reader reports
The bank fraud department scam
Also called: bank impersonation scam, fake fraud alert, Zelle scam, fraud department call, spoofed bank call
The bank fraud department scam is a call or text that appears to come from your bank's fraud team, warning of a suspicious charge and then walking you through "securing" your money by reading them a code, moving funds to a "safe account," or sending yourself a Zelle payment that actually goes to the scammer.
What to do right now
- Hang up. Call the number on the back of your card and ask whether the fraud team contacted you.
- Never read a code to anyone who calls. The code is how they get into your account.
- Never move money to protect it. Banks do not do this; a real freeze happens on their side without you sending anything.
- If a text alert seems real, respond only inside your bank's app, never to the text.
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How it works
It starts with a text that looks exactly like a real fraud alert: “Chase: did you attempt a $912.47 purchase at Best Buy? Reply YES or NO.” You reply NO. The phone rings, caller ID shows the bank, and a calm, professional voice says they are from the fraud department and will help you secure the account.
To “verify your identity,” they send a code to your phone and ask you to read it back. That code is your bank’s two-factor login; reading it lets them in. Or they explain that your account is compromised and you must move the balance to a “secure account” they set up, or send yourself a Zelle payment to “cancel” the fraudulent one. The Zelle goes to a phone number they control.
The whole script depends on you staying on the line. Hanging up and calling the bank yourself ends it every time.
If you already paid or gave information
- Call the bank immediately, report fraud, and ask them to reverse the Zelle or transfer; speed matters.
- Change your online banking password and the password on your email.
- If you read a code to them, assume they are in the account; have the bank lock it and reissue cards.
Where to report it
- FTC: reportfraud.ftc.gov
- FBI IC3: ic3.gov
- CFPB complaint
- Report it to Latchkey Daily so we can warn other readers
Questions people ask
- What is the bank fraud department scam?
- The bank fraud department scam is a call or text that appears to come from your bank's fraud team, warning of a suspicious charge and then walking you through "securing" your money by reading them a code, moving funds to a "safe account," or sending yourself a Zelle payment that actually goes to the scammer.
- What should I do if I got the bank fraud department scam?
- Hang up. Call the number on the back of your card and ask whether the fraud team contacted you. Never read a code to anyone who calls. The code is how they get into your account. Never move money to protect it. Banks do not do this; a real freeze happens on their side without you sending anything. If a text alert seems real, respond only inside your bank's app, never to the text.
- What if I already paid or gave information?
- Call the bank immediately, report fraud, and ask them to reverse the Zelle or transfer; speed matters. Change your online banking password and the password on your email. If you read a code to them, assume they are in the account; have the bank lock it and reissue cards.
- The caller ID said it was my bank. How is that fake?
- Caller ID can be set to any number by the caller. It proves nothing. The only proof is you calling the bank at the number on your card.
- Will the bank refund a Zelle payment I sent myself?
- Sometimes, especially if reported within hours and the bank treats it as fraud rather than an authorized payment. Report immediately and be clear that you were deceived into sending it.
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Lockdown guide
Lock down your bank loginOnline banking is the account scammers are actually after; everything else is a route to it.
Lockdown guide
Lock down your iPhoneYour phone is your bank, your email, your photos and your two-factor codes. A stolen passcode is a stolen life.