Scams & fraud
“This is your bank calling”: how to spot bank impersonation scams
The call sounds professional. The person knows your name and the last digits of your card. They say someone is trying to take money from your account, and they need your help to stop it. This is one of the most costly scams in Australia, and it works because it feels like the bank is protecting you.
The short version
If “your bank” calls
- Hang up, even if it sounds real.
- Call back on the number on your card or in your banking app.
- Never move money to a “safe account”.
- Never share a code or approve a payment you didn’t start.
How the scam usually goes
Most bank impersonation scams follow the same pattern, whether they start with a text or a phone call.
A warning arrives
You get a text about a suspicious payment or new device, or a call from someone saying they’re from the bank’s fraud team. The text may appear in the same thread as real messages from your bank. The call may show the bank’s real number.
They prove they’re “real”
The caller knows your name, address, or part of your card number. They might read out recent transactions. This information often comes from earlier data breaches or a fake website you visited, but it feels like proof.
They create urgency
Money is “leaving your account right now”. Someone “at the branch” is involved. You mustn’t tell anyone because it’s an “internal investigation”. The pressure is the point.
They ask you to act
This is where the money goes. You’re asked to read out a code, approve a notification in your banking app, install an app so they can “secure” your phone, or transfer your savings to a new “safe account” in your name. That account belongs to the scammer.
The rules your real bank follows
Australian banks say they won’t ask you to do the following. If someone does, it isn’t your bank.
- Move money to another account to keep it safe.
- Tell them a one-time code sent to your phone, or your banking password.
- Approve a payment or new payee in your app that you didn’t set up yourself.
- Install remote access software on your phone or computer.
- Keep the call secret from family, friends or bank staff.
- Buy gift cards or cryptocurrency.
Caller ID and personal details prove nothing
Scammers can make a call or text appear to come from a real bank number, and personal details are widely available after data breaches. The only reliable check is hanging up and calling the bank yourself.
How to check safely
Hang up politely
You don’t need to argue or explain. Say you’ll call the bank directly, and end the call. A real bank employee will understand.
Wait a minute, or use a different phone
Some scammers keep the line open and pretend to be the bank when you call back. Waiting a minute, or calling from another phone, avoids that.
Call the number on your card or in the app
Use the phone number printed on the back of your card, on a statement or inside your banking app. Not a number from a text, email or search ad.
Check your account in the app
Look for the transactions they mentioned. If there’s genuinely a problem, the bank can see it too.
If you’ve already moved money or shared a code
Act straight away. Banks can sometimes stop or recover payments, but the chances drop quickly.
- Call your bank now on the number from your card or app. Say you’ve been scammed, and give them the amounts, times and account details you sent money to.
- Ask them to lock your accounts and cards, and change your online banking password once they’re secure.
- If you installed an app, uninstall it, disconnect from the internet, and get the device checked before you use banking on it again.
- Get free support from IDCARE on 1800 595 160.
- Report it to Scamwatch and to ReportCyber.
Be careful of follow-up calls. Scammers sometimes call back pretending to be the bank, the police or a recovery service to take more.
Make yourself a harder target
- Turn on transaction notifications in your banking app, so you see every payment as it happens.
- Use the banking app rather than texts or emails for anything to do with your account.
- Set a daily transfer limit that suits how you actually use the account.
- Talk about this scam with older relatives. It’s one of the most effective things you can do. See our guide on helping older relatives avoid scams.
Practise on fake examples
Handle suspicious calls is a free NovaSoft Labs course with six fictional scenarios and an explanation for every answer. Pass it to print a completion certificate.
Common questions
The caller knew my recent transactions. How?
They may have got into your email or a shopping account, seen a fake website you used, or simply be guessing common purchases. None of it means they work for the bank.
What if the bank really is calling me?
Then calling them back costs you five minutes and changes nothing. A genuine fraud team will be happy you checked.
Will the bank refund me?
It depends on the circumstances. Tell the bank as soon as possible and ask how it will handle your case. If you’re unhappy with the outcome, the Australian Financial Complaints Authority can review complaints for free.
Sources
This guide is general information, not legal or financial advice. If you think you’ve lost money or personal information, contact your bank and the services named above straight away.
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