The AARP Fraud Watch Network™ Helpline (877-908-3360) is hearing from more people about bank impersonation scams. Consumers are targeted, usually through a call or text, by a criminal pretending to be from your bank.

They claim there’s suspicious activity on your account, and you need to act immediately to protect your money. The warning can sound convincing because they are impersonating your actual bank and may have specific information about you and your account.

A major red flag is being told to transfer or withdraw money to keep it “safe.” The bank impersonator may instruct you to wire funds, use a payment app, or withdraw cash and feed it into a designated cryptocurrency kiosk for “safekeeping.”

The playbooks for this and other financial crimes are focused on a form of manipulation that serves to get past the logic center in our brains and go right to action through emotion. Any unexpected or unsolicited contact these days is a fraud risk. If you receive a concerning message from your bank, contact them using a phone number you know belongs to your bank, or check your account online or in the app if you have that access.

Learn how to spot and avoid scams with AARP Fraud Watch Network™. Suspect a scam? Call our free helpline at 877-908-3360 and talk to one of our fraud specialists about what to do next. 

Need a scam prevention speaker for your group? Send an email to me@aarp.org.