“This Is You Bank Calling”: The Alarming Rise of Credit Union and Bank Scams and How to Avoid Them

Bank scams are on the rise and getting harder to spot as the scammers have become smarter with their tactics. However, the good news is you can avoid them by understanding how these schemes work and how to protect yourself.

In this article, we share real customer stories from online reviews and forums to show you how bank and credit union scams typically unfold. We also offer practical tips to protect yourself from these top scams.

Key Insights

• Imposter scams were the most reported fraud type to the Federal Trade Commission (FTC) in 2024, with total losses reaching $12.5 billion.
• In 2023, 79% of credit unions and community banks experienced over $500,000 in direct fraud loss.
• In some cases, the scammers have your accurate personal information, making them seem trustworthy.

What Are the Biggest Pain Points Consumers Report About Rising Bank Scams?

Customers say that bank imposter scams are becoming harder to spot. Scammers have become insidious, devising subtle ways to lure customers.

In some cases, they go to great lengths to spoof your financial institution’s phone number and may be privy to recent activity in your account. They may also have your personal or bank information, such as your social security number or your account number. 

From July to August 2025, PissedConsumer surveyed 228 respondents to better understand consumer experiences with bank scams. Seniors aged 65 and older represented the largest group, making up more than 55% of participants.

According to the survey, scammers most commonly reach victims via phone or voicemail (in 24% of cases), impersonating the bank or financial institution. 

That’s exactly what happened to a customer, who reported a scam directly to PissedCustomer.

I received a phone call from someone saying he was with my credit union and was verifying a large withdrawal that was made from my account that morning. The phone call came from the credit union phone number.

Luckily for them, they noticed that the caller had a heavy accent, which made them suspicious. They immediately checked their checking account, and there was no activity. The customer then called their credit union, and the customer representative confirmed that it was a fraud attempt. 

While in the cases above, the customer was able to catch on to the scammer’s tactics and avoid being scammed, in one Reddit review, the customer fell victim. 

Understandably, the scammer called using a number similar to the credit union’s line, leading the customer to believe that someone had accessed their account. The customer was skeptical at first and asked the caller for any information to verify their legitimacy.

…They asked for a verification code and then demanded for my debit card number for more “verification”. This is where i ended the call and when trying to log back into my account, it was locked and the password was changed…

How Bank Imposter Scams Work

Based on the online reviews highlighted above, most bank imposter scams follow a similar script.

First, the scammer reaches out using a spoofed phone number. The number may look exactly like your bank’s customer service number or vary by a few digits.  

Keep in mind that most of these are often a form of customer support scams. Therefore, the scammers typically claim that there is unusual activity on your account and offer to help you “reset” your login to resolve the issue. However, most customers say that upon checking, there is usually no evidence of the said suspicious activity.

If you express skepticism, the caller may provide you with your accurate personal or account details to “prove” they are with your bank.

Once you’re convinced, they ask for sensitive information, such as your phone number, email, Social Security number, or a one-time passcode, or instruct you to send them the verification code yourself. With this data, they can take over your account, change recovery contacts, and move your funds.

How To Avoid Bank Scams

Here are tips to avoid falling victim to bank and credit union scams:

• If someone calls claiming to be your bank, hang up immediately and call the institution yourself using the number on your card or in the official app.
• Do not share your personal or bank information with anyone over the phone. Do not share your one-time passcodes (OTPs) too. Legitimate banks and credit unions will never call you to request this information.
• Use strong, unique passwords and turn on two-step verification for extra protection, especially if banking online.
• Do not use public wi-fi to access your banking app or account. It is prone to phishing attacks. Instead, use your phone’s cellular data or a trusted private network.
• Watch out for consumer news on increasing incidents of credit card fraud as the scammers use similar tactics.

If you become a victim, contact your bank with the number provided on your card or official app and report the incident. If the scammers managed to transfer any money, request transaction reversal if possible. Reset your passwords and block access to your account from unrecognized devices. 

You may also report such an incident on PissedConsumer.com. We analyze reported scams to identify tendencies or alarming cases and warn others.

Choose Your Bank Wisely

According to a PissedConsumer survey, the difference between the best and worst banks is that the former offer prompt assistance while the latter may not be responsive in case of a fraud incident. 

Therefore, before opening an account with a bank, do your due diligence on their fraud policies and customer service quality. Read bank reviews to identify common consumer issues with the bank and avoid those with low ratings.