Watch Out for Bank Impersonation Scams
September 17 2026
The Federal Communications Commission recently issued a warning about an increase in bank impersonation scams. This type of fraud results in the highest losses of any impostor scam category, and victims often lose all the money in their accounts.
The Scam
In bank impersonation scams, criminals often use scare tactics. They will push you to take immediate action, saying you need to secure your account or protect your money right away. Scammers may call or text with phony “fraud alerts” that ask you to authenticate your account by confirming account details or sharing personal information.
More complicated scams may try to convince you that the financial institution is working with a government agency to investigate suspicious activity in your account. In these cases, they’ll say that you need to move your funds to another account or convert them to gold or cryptocurrency to protect them.
Here’s an example of a bank impersonation scam call:
“Hello, this is XYZ Credit Union’s automated security system. We are reaching out to you as part of our standard security protocols. A password change request for your XYZ Credit Union account has been initiated due to a phone call customer support received. If this was not you, please press ‘1.’ If this was you, you may hang up.”
Don’t fall for these ploys!
Protect Yourself
Follow these tips to safeguard your money against bank impersonators:
- Don't answer calls from numbers you don't recognize.
- Hang up immediately if someone asks for money or personal information.
- Never share account numbers, Social Security numbers, passwords, PINs, or other sensitive information.
- Don’t respond to texts or click on links from unknown numbers.
- Ask your phone company about call-blocking tools and consider using call-blocking apps.
Bank anytime, anywhere.
Download the CCU mobile app for fast, secure access to your accounts, easy transfers, mobile check deposits and more.
