If you have been targeted by a bank impersonation scam, you are not alone. Bank impersonation fraud rose by 13% in 2024*, and over half of Britons have been impacted at some point*.
The more positive news is that there are many ways to stay protected. Below, we share the most effective tactics and explain how you can recover funds if you’ve fallen victim to this scam.
What Are Bank Impersonation Scams?
This type of impersonation scam is when someone pretends to be from your bank in order to steal your sensitive information or money. These scammers may contact you by text, email, or phone call, and will often create a sense of urgency to pressure you into sharing funds or details.
The Signs of a Bank Impersonation Scam
The most effective way of staying protected from bank impersonation scams is to be aware of the common signs.
Below are some of the red flags to watch out for:
- Grammar and punctuation errors, for example, spelling mistakes in the website URL or in the message itself.
- Being pressured to share sensitive information or funds.
- Calls from unknown numbers.
- Email addresses that look unusual and unfamiliar.
- A link to websites within the message or email.
- A lack of branding in communication. However, it’s worth noting that branding and grammar issues are becoming less common with the advancement of AI.
Do Banks Ever Call or Text You?
Banks may call or text you, but they will never ask for funds or sensitive information this way.
Below are reasons why your bank may genuinely contact you.
- Through banking portals and push notifications for login attempts, password resets, or transaction alerts.
- Through a phone call, if you’ve requested it, for example, to discuss an ongoing application or verify suspicious activity.
- Through text messages to send transaction alerts, one-time passcodes, or security notifications.
- Through email for policy updates, monthly statements, or promotional offers.
- Through the post for official account changes, new cards, or compliance information.
Remember, only engage with messages from your bank if you’re expecting them.
What To Do If Your Bank Sends You a Suspicious Message
Firstly, don’t interact with the message. That means not clicking on any links, calling the number back, replying to messages, or downloading any attachments.
Report the scam to the bank directly by searching for their official contact number on their website or visiting your local branch. It’s also worth reporting the scam to Action Fraud, which helps build awareness and supports efforts to combat fraud.
We recommend collecting evidence, too. Screenshots of the message or a call log can be particularly useful if you’ve fallen victim to a bank impersonation scam, as they can be included in your report to help recover the money you’ve lost.
Can I Be Scammed from a Bank Transfer?
Yes, you can be scammed through a bank transfer. This type of scam is called Authorised Push Payment (APP) fraud, and it happens when a scammer deceives you into sending money to them by impersonating a trusted person or organisation.
For example, a scammer may get in touch, claiming to be from your bank. They may say your account is at risk of being compromised, encouraging you to move funds to a “safe account” that they provide details for. However, the account is linked to the scammer, and the victim ends up losing significant sums of money.
How Long Do Bank Fraud Investigations Take?
Typically, they can take anywhere between 30-90 days, but this depends on the complexity of your individual case.
How to Protect Your Bank Account from Fraud
To protect your bank account from fraud, you can:
- Use a strong, unique password for your financial accounts: Create complex passphrases with a mix of numbers, letters, and symbols. It’s also a good idea to avoid reusing passwords across multiple sites.
- Enable multi-factor authentication: Add an extra layer of protection by requiring a one-time passcode from your registered device, or a fingerprint or facial scan, in addition to your password.
- Never share personal banking details: Remember, your bank will never ask for your full password, PIN, or one-time passcode (OTP), so don’t disclose these details to anyone.
- Avoid online banking on public Wi-Fi: Public networks are vulnerable to hackers. That’s why it’s best to use mobile data or a secure private connection when managing your money online.
- Set up fraud alerts or transaction notifications: Many banks allow you to receive instant alerts for unusual activity on your account, helping you act quickly if fraud occurs.
How Can You Recover Funds Lost to Bank Impersonation Scams?
Losing money to bank impersonation fraud is devastating, and trying to recover it can be highly stressful, especially when you consider the bank only allows one investigation into your lost funds.
WRS is an SRA-regulated firm specialising in fraud recovery. In the past 3 years alone, we’ve helped our valued clients reclaim more than £50,000,000 from scams through our legal expertise. We also operate on a no-win, no-fee basis, meaning you won’t pay a thing unless your claim is successful.
Get in touch today and talk to one of our claim specialists. They’ll listen to your case, provide guidance, and advise on your chances of success.
If we can help, we’ll manage the recovery process from start to finish, ensuring you’re supported and updated at every stage. It’s this commitment to client care that’s earned us an ‘Excellent’ rating on Trustpilot.
References
- Lloyds Banking Group: https://www.lloydsbankinggroup.com/media/press-releases/2024/lloyds-bank-2024/lloyds-bank-issues-warning-on-impersonation-scams-as-they-rise-thirteen-percent.html
- Santander UK: https://www.santander.co.uk/about-santander/media-centre/press-releases/brits-beware-over-half-of-brits-targeted-by-an