Bank Impersonation Scams: What They Are and How to Protect Yourself

How do you know if you’re really talking to your bank? Through bank impersonation scams, fraudsters try to trick you into disclosing passwords, verification codes, PINs and account information. Learn the warning signs and how to protect yourself against these common scams.

How a bank impersonation scam starts

A bank impersonation scam may start with a phone call, text or email from what looks to be your bank. In many cases, the communication will claim there is an urgent issue with your account – such as a security breach, an unauthorized transaction or some other suspicious activity that has taken place.

Posing as a legitimate representative, the fraudster may ask for your online banking password, your PIN or a one-time code you may have received from your bank. They claim these codes will verify your identity but in reality, they act as the key that gets them access to your account. 

How fraudsters trick you

Bank impersonation scams can be very convincing for a few reasons. For one, they may call from a phone number that looks legitimate – it might either mimic or closely resemble your bank’s phone number. They may even use caller ID spoofing, where the ID shows that “RBC” is calling, but it is actually a scammer. 

They may also have information about you that makes you feel the call, email or text is coming from a real source – for instance they may call you by your full name or recite your address or date of birth to you. As fraudsters could have collected this information from other sources (i.e., they could have hacked your email or seen these details on social media), the fact they have these details about you should not qualify them as legitimate.

Fraudsters will also often state that the situation is highly urgent, and you have to act immediately to “protect” or “secure” your account. Their tactic is to make you act right away without taking time to think and assess the situation.

Warning signs it’s a scam

While bank impersonation scams have become increasingly sophisticated and believable, there are a few red flags that give them away.

• A request for sensitive information: If your bank calls to verify a transaction, they will never ask you to confirm sensitive information such as a PIN, password, or verification code. They will never ask you to complete a transaction to “secure” your account or share the link from an Interac e-transfer. 

• Aggressive or urgent language: If the person on the other end is pressuring you into making a decision or giving away information, it’s a definite red flag.

• Unusual requests: If something feels off to you, it probably is.

6 ways to protect yourself

There are a few simple ways you can protect yourself against bank impersonation scams:

• Reject unsolicited calls or messages: If you receive a call, email or text from someone claiming to be from your bank and it sounds suspicious, hang up and/or delete the message and don’t click on any links. 

• Don’t give away personal information: No matter how convincing the message, never provide your PIN, password, account numbers or one-time access code to anyone. Your bank will never ask for this information from you.

• Take 6 seconds: An effective tactic of fraudsters is the sense of panic they create. Take 6 seconds to breathe, process the request and establish if it seems legitimate.

• Don’t trust Caller ID: Fraudsters are skilled at spoofing phone numbers, so don’t be fooled by a number that looks like a call from your bank. If you receive a call you’re not sure is fake or real, contact your bank directly using the phone number on the back of your credit or debit card.

• Sign up for Alerts: By receiving fraud and transaction Alerts, you’ll stay on top of any suspicious activity on your account by getting notifications first-hand.

• Stay informed: Regularly visit RBC’s Scam Alerts page to keep up to date on the latest cyber scams.

It also helps to have a reminder that these scams are out there – after all, if a caller catches you at a busy or vulnerable time, it could be easy to fall for their tactics. 

Protect yourself and your loved ones

Download this printable sheet that covers the red flags of bank impersonation scams and reviews the key ways you can protect yourself. 

Remember, bank impersonation scams are on the rise and the best way to stay safe is through awareness – so be sure to share this with your loved ones and keep it in a handy location so it stays top of mind. 

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