Your phone rings, and the caller ID matches your credit union’s number. So, you pick up without hesitation, and the person on the other end says, “This is your bank calling about suspicious activity on your account.” They might know your name, have your account details, and genuinely sound concerned about the safety of your money or your account. Therefore, you stay on the phone, follow their instructions, and provide any information they ask for, only to realize later that it was a scam and that you lost your money. 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. Many unsuspecting customers end up losing money to bank and credit union impersonation fraud, as scammers use tactics that are becoming increasingly difficult to spot. Over 37% of customers who have fallen victim to bank and credit union scams say that neither their financial institution nor other relevant authorities offered a solution to resolve the issue. Red Flags of a Bank or Credit Union Scam Below are the common warning signs to watch for to avoid bank or credit union customer support scams: Scammers contact you using a phone number or email address that closely resembles your Credit Union’s or bank’s. The caller claims there is an urgent issue with your bank account and that you need to act immediately. They request sensitive information such as your personal identification, OTP, or verification code. They create pressure and panic. Asks you to transfer money to an account they provide. They tell you that your account will be emptied or closed unless you do what they tell you. They are aggressive or impatient when you ask questions. They discourage you from hanging up or calling them back. How Bank Imposter Scams Work Bank impersonation scams are becoming harder to spot. Most bank impersonation scams follow a similar pattern. Scammers now spoof real bank phone numbers and may already have personal information. They may also have your personal or bank information, such as your Social Security number or your account number. In some cases, they may be privy to recent activity on your account. 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. Report a Scam Cases like this are not unusual. According to a PissedConsumer bank impersonation survey, scammers commonly target seniors aged 65 years and above through phone calls and voicemails. The ultimate goal is account takeover. To achieve this, scammers first establish credibility and convince victims that they are speaking with a legitimate representative. Once the victim is convinced, the scammer requests sensitive information such as verification codes, login credentials, or card details. This information is then used to access the account and transfer funds. Legit Banks and Credit Unions Scammers Never ask customers to provide one-time passwords (OTP), verification codes, or other sensitive authentication information. Ask customers for OTPs, verification codes, passwords, or other sensitive information. Do not pressure customers to take immediate action. Pressure customers to act immediately and follow instructions without delay. Use secure and verified communication channels listed on their official website. Use spoofed phone numbers, fake email addresses, and impersonation tactics. Encourage customers to independently verify account activity and contact the institution through official channels. Insist customers stay on the line and discourage them from independently verifying suspicious activity. 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. Report a Scam 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 its fraud policies and customer service quality. Read bank reviews to identify common consumer issues with the bank and avoid those with low ratings.