In all English-speaking countries, there has been an increase in reports of highly polished, high-pressure scam calls that claim to be from bank fraud teams or regulators. As of February 13, 2026, scammers use official-looking phone numbers to convince their targets that they are legitimate.
How the Scam Works:
The caller claims to be from a bank Fraud Department (USA) or Fraud & Security Department (UK), or that they are the Financial Conduct Authority (UK) or the Office of the Comptroller of the Currency (USA). The scammers want to get their hands on their victim’s confidential security information. The targets receive calls or messages informing them that there has been fraud detected with their bank card.
The scammers make their targets believe that unusual transactions have been detected with their bank cards. They want to get their targets’ security information to stop any further unauthorized transactions. However, this information is used to access legitimate bank accounts and make fraudulent transactions.
Verification Red Flags:
- Unsolicited calls claiming to be from your bank’s fraud department
- Caller ID displays your bank’s official number (spoofed)
- High-pressure tactics demanding immediate action
- Requests for passwords, PINs, or full account numbers
- Instructions to transfer funds to a “safe account”
How to Protect Yourself:
- Never provide security codes over the phone — legitimate banks never ask for these
- Hang up and call back — use the number on your bank card, not the caller’s number
- Verify through official channels — log into your bank’s app independently
- Report immediately — contact your bank’s fraud department if targeted
- Enable multi-factor authentication — adds protection even if credentials are compromised
Regulatory Response:
The FTC, FCA, and OCC have all issued consumer alerts. If you suspect something is suspicious, it is vital to immediately report it to the FTC at ReportFraud.ftc.gov (US) or Action Fraud at actionfraud.police.uk (UK). The sooner you report it, the fewer people will be scammed.
What This Means for Payment Platform Users:
This scam reminds you to always check any unexpected contact from your bank or financial institution. Banks have good fraud detection systems in place, but they will never pressure you to take immediate action on a phone call or ask for your full login details. If you receive a call that does this, it is likely a scam until you have verified it yourself.
Caller ID can be spoofed — seeing your bank’s official number doesn’t guarantee legitimacy.
