Common Signs of Bank Imposter Scams and How to Protect Yourself

Your phone rings and a familiar name comes up — it’s your bank. But when you answer the call, the representative on the other end claims there’s a problem with your account. He speaks with urgency, pressuring you to provide your information quickly to rectify the issue.

You’re at a loss on what to do. On one hand, you’re concerned about a potential problem with your account, but on the other you’re uncomfortable sharing your personal and financial information over the phone.

And that hesitation is valid—because while sometimes it really is your bank calling, other times it’s not. Scammers are getting increasingly sophisticated, often posing as bank representatives to create a sense of urgency and trick you into acting quickly. Knowing how to tell the difference can help you stay protected without missing important, legitimate outreach.

In this article, we’ll walk you through how to recognize when a call is truly from Seacoast Bank, the red flags that signal a scam, and what steps to take if you’re ever unsure.

What Are Financial Scams?

Financial scammers are bad actors who attempt to get you to share personal financial information, such as your bank account number. These individuals aren’t affiliated with your bank—they’re fraudsters trying to commit financial crimes. They may call, email or text you, often claiming that there’s an urgent problem with your account. But in reality, there’s no problem at all, and they’re simply trying to get access to your money.

Scammers often pose as bank representatives, sending communications via email, phone or text message. Almost without exception, the fraudsters claim to be representatives from Seacoast’s Fraud Department, leveraging this guise to create a false sense of urgency and legitimacy. 

How to Tell the Difference: Red Flags vs. Real Contact

While a scammer might initially seem like a legitimate bank representative, there are a few red flags that can offer insight into their illegitimacy. Here’s what to watch out for:

• Manipulated caller ID and communications: Scammers often manipulate caller IDs and emails to make it seem as though they’re legitimate bank representatives. They may spoof caller ID so it appears your bank is the company making the call or use an email similar to official accounts your bank uses. Watch for minor misspellings or inconsistencies with phone numbers, text messages or email addresses.
• Requests for private financial information: Legitimate representatives from your bank won’t contact you unexpectedly and request your bank account number or other private information, such as your PIN number, Social Security number or digital banking password. If someone asks for this information over the phone or via email or text, it’s a major red flag. 

  Visit Banks Never Ask That to learn more about identifying suspicious requests.

• Use of urgent language: Financial scammers typically try to get their targets to respond quickly. They often use urgent language to instill fear in potential victims, including but not limited to the following types of statements:
  • "There's been unauthorized activity on your account, and you need to transfer funds to a secure account immediately."
  • "Your account has been compromised, please move your money to this safe account to prevent loss."
  • "We need remote access to your computer to fix a security issue with your account."
  • "Withdraw cash and deposit it into this account to protect your funds from hackers."
  • "If you don't act now, your account will be frozen and you'll lose access to your money."

When it really is Seacoast Bank, here’s what you can expect:

• We may call to verify recent activity on your account
• We might share new products or services that could benefit you
• We’ll provide important updates about your account or card
• We’ll always identify ourselves clearly and never pressure you to act immediately

Legitimate calls from Seacoast are meant to support your financial well-being—not to alarm you. If you’re ever unsure, it’s okay to hang up and call us back directly to confirm.

How to Protect Yourself from Financial Scams

Recognizing common red flags is one way you can safeguard yourself from financial scams and fraud, but there are also other steps you can take to protect your money and personal information.

The first is verifying the authenticity of communications. If you receive a call or email from someone claiming to be a bank representative, do not provide them with any personal or financial information. Instead, don’t engage at all — end the call or avoid replying to any emails until you can verify their legitimacy.

Call the number on your bank account statement or your bank’s official website to ask about any recent communications. A bank representative can help verify the legitimacy of phone calls, texts or emails.

In addition to confirming the authenticity of communications, you’ll also want to understand and apply best practices for online banking safety. Here are effective strategies you can implement to safeguard your finances:

• Set up multi-factor authentication
• Use a strong, unique password
• Set up transaction alerts
• Never provide a texted security code to anyone over the phone
• Avoid accessing your bank account on public Wi-Fi networks
• Log into your account regularly to review recent transactions and reconcile your budget

Note that financial scammers may also use tools like AI to manipulate potential targets. Recent reports highlight the uptick in banking losses due to deepfake fraud. In 2023, these losses amounted to $12 billion, and they’re expected to climb to $40 billion by 2027.

Wire transfer scams are also common. While many of these scams don’t center on banking, there are wire transfer scams focused on loans. With a wire transfer loan scam, a bad actor may reach out to you promising a guaranteed loan if you provide an upfront fee. Once you wire the fee, your money is in the hands of scammers and it’s virtually impossible to get back. Perpetrators of wire transfer scams often target vulnerable people who are struggling financially.

What to Do If You Suspect a Scam

If you suspect you’ve been targeted by a financial scammer, you can also take immediate and longer-term actions to protect your finances. In the case of a phone scam, don’t provide any personal information to the caller and hang up. If a scammer tries to engage you via email or text message, avoid clicking on links.

Contact Seacoast Bank immediately if you receive a questionable communication or suspect you’re the victim of financial fraud. This will help you verify its legitimacy (or illegitimacy).

If Seacoast identifies the communication as a scam, it is important to file a formal report outlining the incident. Additionally, you should take proactive measures to protect your personal and financial information. This includes regularly reviewing your recent transactions, securing your debit card by locking it, and placing fraud alerts on your credit reports with the three major credit bureaus.

You may also need to report the scam to relevant authorities, and these authorities could vary depending on the type of financial scam. Be prepared to provide details about the communications channel, the interaction, and other relevant information. Authorities you may want to contact:

• Local law enforcement: After contacting your bank, it’s a good idea to file a police report with local law enforcement, if only to have an official record of how the scam unfolded. This can help raise awareness of potential scams within your community.
• The Federal Trade Commission (FTC): Financial scammers often pretend to be legitimate bank officials. This type of scam is called a bank imposter scam. In this case, you can contact the FTC to report what happened.
• The Anti-Phishing Working Group (APWG): If a financial scammer targets you via email, you can report your issue to the APWG, a group that specializes in phishing scams.

If you have not yet taken action, it is advisable to change your Seacoast digital banking passwords and request a new debit card. Additionally, you may need to update your automated billing with the new debit card information. Although this may be inconvenient, exercising caution is prudent if you are targeted by a financial scammer.

Conclusion

Unfortunately, financial scams have evolved in complexity with technological advancements. Gaining a comprehensive understanding of these scams and the common methods employed by perpetrators is essential for safeguarding your personal and financial information.

Visit Seacoast Bank’s fraud prevention resource center for more information on how you can protect yourself from financial scams.