Bank Wire › Bank transfer scams to watch for
Bank transfer scams to watch for
Scammers rely on pressure, secrecy and urgency. Knowing their favourite stories makes them much easier to spot.
Safe account scams
A caller claims to be from your bank, the fraud team or the police and says your money is at risk. They ask you to move it to a "safe account". No genuine bank asks you to do this. Hang up, wait, and call your bank on a number you trust, such as the one on your card. The 159 service can connect you to participating banks (check which banks support it).
Impersonation of organisations
Fraudsters pretend to be HMRC, a utility, a delivery company or a government service. They may send a text or email with a link, or call about a "tax refund" or "unpaid bill". Check by using the organisation's official website or app, not the link. You can forward suspicious texts to 7726, which is free.
Invoice and mandate fraud
A builder, solicitor, supplier or landlord supposedly emails new bank details. In fact, the email was faked or the account was hacked. Phone the person on a number you already have and confirm any change in payment details before paying. Businesses should train staff to verify changes in supplier details.
Purchase scams
A seller on social media or marketplaces asks for a bank transfer for an item that does not exist, often at a bargain price. Card and some online payment methods offer more protection than a bank transfer. Be wary of pressure to pay outside the platform.
Romance scams
A person builds a relationship online over weeks or months, then asks for money for an emergency, travel or a business opportunity. Never send money to someone you have not met in person.
Investment scams
Promises of high returns with little risk, often involving crypto or "trading platforms", are a red flag. Check any firm on the FCA's Firm Checker, and be alert to clone firms that copy a real firm's name or reference number. Cold-calling about investments is a warning sign.
"Hi Mum" and family messages
A message from an unknown number claims to be your child with a new phone and needs money urgently. Call the person on their known number first.
General warning signs
- Urgency and pressure to act now.
- A request to keep it secret or to lie to your bank.
- An unexpected call, text or email.
- Payments to a personal account for a business.
- A promise too good to be true.
If you think you have been scammed
- Call your bank straight away on a trusted number (the 159 service connects you to participating banks).
- Report to the police through the national fraud reporting service, or on 101 in Scotland.
- Change passwords on affected accounts.
- Ask your bank about reimbursement (see APP fraud reimbursement).
Do not be embarrassed: these scams catch clever people. The Take Five campaign gives a simple rule: stop, challenge, protect. For wrong-payment mistakes see wrong account steps, and learn how the name check works on Confirmation of Payee.
Why smart people fall for it
Scams work by playing on emotion: fear of losing money, hope of a bargain, love or loyalty. Fraudsters rehearse their scripts, can fake caller ID so a call looks like it comes from your bank, and may already know some of your details. Feeling rushed is the clearest sign. Stepping away to think, or asking a trusted friend, is the best defence.
This is general information, not financial or legal advice. Rules, limits and fees differ between banks and change over time, so check with your bank and the official sources listed.
Frequently asked questions
Would my bank ever ask me to move money to a safe account?
No. Hang up and call your bank on a trusted number.
How do I report a scam text?
Forward it to 7726 and report fraud to the police through the national fraud reporting service.
What does 159 do?
It lets you check whether a call claiming to be from your bank is genuine, via participating banks. You call it yourself; it never calls you.