In short
A caller says your account is under attack and offers to protect your money by moving it. The "safe account" belongs to the scammer.
What it looks like
What the caller says, written by us as an example.
"This is the fraud department at your bank. Someone is taking money from your account. Move your money to this safe account now. We just texted you a code, please read it to me."
How to spot it
They tell you to move your money
The FTC: your money is fine where it is.They ask for a verification code
No caller will ever ask for it.Urgency
You must act now, before you can check.A number to call back
The FTC warns that number will take you to the scammer.What to do
- Hang up. Do not move money and never share a code.
- Call your bank or investment company on the number on your statement or card.
- If you already moved money or shared a code, tell your bank right away.
- Report it at ReportFraud.ftc.gov. If your identity was used, go to IdentityTheft.gov.
What the sources say
The FTC says business impersonators took nearly $1 billion in 2025, with the highest losses tied to bank impersonators. [2]
Where to report it
FTC ReportFraudreportfraud.ftc.gov
IdentityTheft.govidentitytheft.gov
Sources
- US Federal Trade Commission: Got a call about fraud activity on your bank account? It could be a scammer (8 Jul 2024)
- US Federal Trade Commission: FTC data show people reported losing $3.5 billion to imposter scams in 2025 (15 Jun 2026)
More like this
Written from public fraud-agency notices. Figures and advice are checked against the pages listed under Sources.