Bank impersonation scams have surged four-fold since 2020, resulting in over $262 million in losses since January 2025. Scammers are getting savvier at impersonating trusted financial institutions, but there are ways you can protect yourself. To help, we’ve outlined how to identify and respond to these scams so you can better protect yourself and your finances.
What is a bank impersonator scam?
A bank impersonation scam occurs when a cybercriminal poses as a legitimate financial institution to trick you into revealing sensitive personal and financial information. The ultimate goal is to gain unauthorized access to your accounts and assets.
How do bank impersonation scams work?
Bank impersonators target individuals via urgent phone calls, text messages or emails with claims of suspicious account activity, or a problem that needs to be fixed immediately to prevent a loss. This sense of urgency and fear can pressure victims into giving up sensitive information or money.
A bank impersonator pretends to be from a legitimate financial institution to trick you into revealing sensitive information or sending money.
What to watch: Identifying a bank impersonator scam
Understanding how these schemes work is your best defense to stay protected.
Common signs of a bank impersonation scam include:
Urgent and fearful language
Requests for personal information
Unusual payments demands (like gift cards or wire transfers) or requests to move money to “protect” it
Links to suspicious URLs (scammers can go so far as to create fake websites that mimic your bank with the goal of capturing your login credentials)
Remember, a legitimate bank will never pressure you to:
Provide sensitive personal information like your PIN, password or Social Security number
Send money to yourself or another person via a payment app
Make purchases using gift cards or cryptocurrency
Download unverified attachments
What to do if you suspect a bank impersonator
If you believe you’ve been contacted by a bank impersonator:
End Communication Immediately: Hang up the phone, delete the text or mark the email as spam without further interaction
Contact Your Bank Directly: Call your bank using their official phone number (from their trusted website or the back of your card) to report the incident
Report the Scam:
File a report with the Federal Trade Commission (FTC)
If you have lost money, file a police report with your local authorities.
If you believe you’ve encountered someone impersonating Ally Bank or suspect fraud, contact the official Ally Bank fraud hotline at 1-833-226-1520.
Additional ways to protect yourself from bank impersonator scams
Help keep your personal financial information secure with these best practices:
Do not click links, download attachments or log in to websites from suspicious emails or texts
Enable security alerts with your bank to get real-time notifications for suspicious activity
Create strong, unique passwords and enable multi-factor authentication whenever possible
Check your online and mobile banking accounts regularly for any suspicious activity
Be aware that phone numbers and caller IDs can be spoofed
Use secure devices and networks and avoid conducting sensitive financial transactions on public Wi-Fi
Spot the fraud and the fraudster
As scammers up their game, you can, too. Keep your guard up, always verify unexpected messages and remember what a legitimate financial institution will and won't ask for. By staying informed and following these best practices, you can protect your money, identity and peace of mind against impersonation scams.
