This is one of the most convincing scams circulating right now because the caller ID on your phone shows your real bank's name and number. Your phone says "Chase Bank" or "Bank of America" — but the person on the line is a criminal.
Phone spoofing technology lets anyone display any number they choose on caller ID. It costs scammers almost nothing to make their call appear to come from your bank's official fraud line. The number showing on your screen means nothing about who is actually calling.
How the call goes
"This is the Chase fraud department. We've detected suspicious activity on your account — a transaction for $847 at a retailer in Miami. Did you make this charge?" You say no. "We need to verify your identity to protect your account. Can you confirm your full account number and online banking password?"
From there they may ask you to "transfer funds to a safe account" while they investigate, or ask for a one-time verification code they send to your phone (which is actually a 2FA code they triggered to access your account).
The verification code trick
When they ask you to "read back the verification code we just sent you" — they have already started a password reset or money transfer on your real account. That code is the key. Never read a code to anyone who called you, no matter what they say it's for.
What your real bank actually does
Real banks do call about fraud — but they will never ask for your full password, PIN, or verification code over the phone. If a transaction looks suspicious, your real bank will ask you to confirm or deny specific charges — not ask for your credentials.
- Hang up on anyone asking for passwords, PINs, or verification codes
- Call your bank back using the number on the back of your debit card
- Never transfer money to a "safe account" — real banks never ask this
- Never read a one-time code to someone who called you
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