07/27/2026

FCC Consumer Alert: Bank Impersonation Scams

FCC

The Federal Communications Commission today warned consumers to be alert for bank impersonation scams. Imposter scams continue to bombard consumers and, according to the FTC, bank impersonation scams account for the highest losses of any impersonation scam category. Victims will often lose everything in their account.

Bank imposter scams typically press consumers to take immediate action in order to secure their account or protect their money. Scammers may call or text with phony “fraud alerts” that require you to authenticate your account by confirming your account details or sharing personal information. More complicated scams may try to convince you that the bank is working with a government agency to investigate suspicious activity in your account and that you will need to move the funds to another account or convert them to gold or cryptocurrency to protect them.

Regardless of the pitch, it is always a scam. Banks will never call or text and ask you to move your money to protect it.

Tips to Avoid Bank Imposter Scams
If you get a call claiming to be from a bank or credit card company, hang up and call back using the customer service phone number on your account statement