Bank Impersonation Scams: How Fraudsters Pose as Financial Institutions
Updated 26 January 2026
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Check Now →Bank impersonation scams are terrifyingly effective. Scammers can make their caller ID show your bank's actual phone number. They know your name. They sound professional. And they create just enough panic to make you act before you think.
Quick Verdict
What it usually is: Social engineering to get you to transfer money to a "safe account" (the scammer's account) or share 2FA codes.
Who gets targeted: Everyone with a bank account. Scammers often target older Australians but anyone can get caught.
Red Flags to Look For
- "We've detected fraud on your account" — The classic opener designed to create panic.
- "Did you authorise this transaction?" — Creates urgency when you say no.
- "Move your money to a safe account" — Banks NEVER ask you to do this. Ever.
- "Read me the code we just sent" — 2FA codes are for YOU to use, not to share.
- "Don't tell anyone about this call" — Isolation tactic so you can't get a second opinion.
- They call you — If you didn't initiate the call, be suspicious.
- Pressure to act immediately — "The transaction is going through now, we only have minutes."
Realistic Examples
The Fraud Team Call
Your phone rings showing "CommBank" or the actual bank number. "Hi, this is Sarah from CommBank's fraud prevention team. We've detected suspicious activity — did you just authorise a $3,500 transfer to a Bitcoin exchange?"
Reality: Caller ID can be spoofed. This "Sarah" is a scammer. The real CommBank fraud team will NOT ask you to move money or share codes.
The "Reply N" Text
"NAB: A payment of $1,200 has been requested from your account. If you did NOT authorise this payment, reply N immediately."
Reality: Replying confirms your number is active. They'll call immediately pretending to be NAB, then try to get your details or have you transfer money.
The Remote Access Request
"We can see the hackers are in your account right now. I need you to download a security app so we can remove them. Go to anydesk.com..."
Reality: Remote access software gives them full control. They'll drain your accounts while you watch. Banks NEVER ask you to install software.
What to Do Next
- Hang up — Even if it seems rude. You can always call back.
- Call your bank yourself — Use the number on the back of your card, not any number they gave you.
- Never share 2FA codes — These are for you only. No bank employee needs them.
- Never transfer to a "safe account" — There's no such thing.
- Take your time — Pressure to act fast is always a red flag.
If You've Already Shared Details or Transferred Money
- Call your real bank immediately — Use the number on your card. Explain what happened.
- Lock your accounts — Your bank can freeze outgoing transfers.
- Change your passwords — Especially internet banking. Do this from a different device if you installed remote access software.
- Report to police — Via ReportCyber (cyber.gov.au)
Frequently Asked Questions
How do they know my real name?
Data breaches. Your name, phone, email and sometimes more are for sale on dark web databases. This doesn't mean your bank was hacked — any old service you used might have been.
Can they really make my bank's number appear on caller ID?
Yes, it's called caller ID spoofing and it's disturbingly easy. Never trust caller ID alone. Always call back on a known number.
Would my bank ever call me about fraud?
Yes, sometimes. But they'll never pressure you, ask for 2FA codes, or request fund transfers. If unsure, hang up and call them back.
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