Scammers Pose as Banks in Text Alerts, Prompting Millions in Losses
Fraudsters send fake bank messages about new payments, then coax victims into transferring money or handing over cards, with losses climbing at Lloyds and Santander.
A common scam begins with a text that says a new payment has been arranged on the recipient’s account, prompting the user to call a supplied number. The caller, claiming to be from the bank’s security team or the police, tells the victim the account is compromised and requests details to “protect” the money, often suggesting a transfer to a safe account or asking for the debit card. Lloyds bank data shows fraudsters impersonating trusted organisations stole 10% more from customers in the year to June end, with the average loss rising to £3,516, while Santander reports more than £3 million lost this year at an average of £6,000 per victim.
The messages are sent indiscriminately, sometimes referencing a bank the recipient does not use, which heightens their credibility. Fraud experts like Elaine Ross of Nationwide and Chris Ainsley of Santander UK urge people to disregard texts from mobile numbers, verify any request by calling the number on the back of their card, and use bank tools such as Nationwide’s app call-checker.
Why it matters
Bank impersonation scams are growing, costing individuals thousands and exploiting trust in familiar institutions.
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