📞 Call July 20, 2026

FCC Warns: Bank Impersonation Scams Cause the Highest Losses of Any Imposter Category

Bank impersonation scams cause the highest losses of any imposter category, according to FTC data cited in an updated FCC advisory. Scammers call or text with a phony fraud alert, then ask you to "authenticate" your account by confirming your account number, Social Security number, password, or PIN. More advanced variants claim to be working with a government agency and pressure you to move funds to another account or convert them to gold or cryptocurrency to "protect" your money.

Banks will never call or text and ask you to move your money. The FCC has taken enforcement action against enablers — in April 2026, it proposed a $4.5 million fine against a phone provider that allowed tens of thousands of fake bank impersonation calls to reach consumers.

What to look for

Unexpected calls or texts claiming to be from your bank about suspicious activity or a fraud alert
Requests to confirm your account number, Social Security number, password, or PIN over the phone
Instructions to move your money to a "safe" account or convert it to gold or cryptocurrency
Pressure to take immediate action before you have time to verify

What to do

Hang up and call your bank directly using the customer service number on your account statement or the back of your card — never use a number from the suspicious call or text.

Source: FCC Consumer Advisory →