Bank impersonation and Zelle scams: warning signs

What is a bank impersonation scam?

A bank impersonation scam is a fake message or call that pretends to come from your bank’s fraud department. It usually says someone is trying to use your account, then “helps” you by getting your codes or your money.

These scams are among the most expensive impostor scams in the country. According to the Federal Trade Commission, people reported losing nearly $1 billion to business impersonators in 2025, and bank impersonators caused the highest reported losses of any business type. Across all impostor scams, reported losses reached $3.5 billion that year.

The FTC says some of the costliest impersonation scams start with a fake security alert, often one that seems to come from a bank. People are talked into moving their money to “protect” it, and their losses are often limited only by how much they have.

How do fake fraud alerts work?

The first message is usually a text. It looks like an automatic alert and asks whether you made a large purchase or transfer, often with a reply like “YES or NO.” When the FTC studied a sample of text scams reported in 2022, fake bank security messages were the most common type. They were built to create urgency by asking people to confirm a large transaction they didn’t make.

If you reply or call the number in the text, you reach a “fraud specialist” who already knows your name and may know part of your account number. From there, the scam follows one of a few paths:

• The code trick. The caller says they’ll send a verification code to “confirm it’s you.” That code is actually a sign-in or payment code for your real account. Once you read it out, the scammer can get in.
• The safe-account trick. The caller says your account is compromised and you must move your money to a new “secure” account right away. The new account belongs to the scammer.
• The hand-off. The “bank” transfers you to someone posing as a police officer or federal agent who says your money is part of an investigation and must be withdrawn in cash or sent elsewhere.

Caller ID is no help, because scammers can make a call show your bank’s real name and number. Learn more about caller ID spoofing.

Why do scammers ask you to use Zelle?

Payment apps like Zelle move money between bank accounts within minutes, which is why scammers like them. Once the money arrives, it can be withdrawn or moved again before anyone notices. A common line is that you need to “send the money to yourself” to reverse a fraudulent charge. In reality, the account you’re sending to belongs to the scammer.

Scammers also use other hard-to-reverse methods: wire transfers, cash, gift cards, cryptocurrency and cash deposits into Bitcoin ATMs. Any request to pay this way to fix a problem with your bank is a red flag. Read our guide to credit and debit card scams for the card versions of the same tricks.

What will your real bank never ask you to do?

Your bank may contact you about suspicious activity, but a real bank will never:

• Ask you to move money to another account to keep it safe.
• Ask you to send money to yourself through Zelle or another app to stop fraud.
• Ask you to read back a one-time code it just sent you.
• Ask for your full card number, PIN or online banking password.
• Tell you to keep the call secret from bank branch staff or your family.
• Ask you to withdraw cash and hand it to a courier or deposit it in a Bitcoin ATM.

If any of these come up, the call is a scam, no matter how official it sounds. Hang up and call the number on the back of your card.

What should you do if you already sent money?

Speed matters. The FTC’s advice for people who paid a scammer is to contact the company you used to pay right away and ask it to reverse the transaction:

1. Call your bank or card company using the number on your card or statement. Say you were scammed, and ask them to stop or reverse the transfer and to secure your account.
2. Change your online banking password and any other account that uses the same password, and turn on two-step verification.
3. Report the scam at ReportFraud.ftc.gov. If you lost money online, also file with the FBI at IC3.gov.
4. Watch out for a second scam. People who lose money often get calls offering to “recover” it for a fee. That’s another scam.

Our first-hour checklist for scam victims walks through each payment method step by step. To report the scam, see where to report a scam.

More guides: Zelle scams: fake bank alerts and “safe account” tricks, fake check scams, gift card scams and how to spot card skimmers.