Impersonation scams are extremely common. Here, the scammer calls you or sends you an SMS pretending to be your bank. Sometimes they call or text from the official phone number of your bank (this is known as number ‘spoofing’ and is quite easy to do).
You will receive a message or a phone call, usually telling you that your account is under threat and your funds are at risk. Often, you will be told of transactions that you don’t recognise as a way of making you panic.
The next step is that you will be told the only way to stop all the funds leaving your account, is to send it to a new ‘safe account’. No such thing exists; if you hear this hang up immediately as it is a scam.
How do I stop an impersonation scam from happening?
Never trust contact from your institution that tells you to urgently move money
Remember that scammers can contact you from the bank’s phone number
If you’re being asked to send money from your account to a ‘safe account’, hang up
