Bank “Safe Account” Scam: Don't Move Your Money

In the bank “safe account” scam, a caller posing as your bank's fraud team says your money is at risk and you must move it to a “safe” or “new” account.

How the bank “safe account” scam works

No real bank ever asks you to move money to protect it — the “safe” account belongs to the scammer. They may also ask for a one-time code they've triggered, which hands them your account.

Red flags to watch for

• A caller says your account is compromised and money must move now
• You're told to move funds to a “safe” or “new” account
• They ask you to read back a one-time security code
• They tell you to keep it secret from bank staff in person

What it looks like

“This is your bank's fraud team. Read me the code we just sent and move your money to a safe account.”

What to do

1. Hang up — a real bank never asks you to move money to protect it.
2. Never read back a one-time code to a caller.
3. Call your bank using the number on the back of your card.
4. Put a free fraud alert on your credit — Experian 888-397-3742.

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