Bank imposter scams are on the rise, and criminals are using increasingly convincing tactics to trick consumers into sharing personal information, account credentials, and even transferring money. KeyBank is sharing tips and advice that can help people understand how these scams work. It’s one of the most effective ways to protect yourself from fraud.
In a typical bank imposter scam, fraudsters pose as legitimate bank representatives and contact consumers through email, text messages, phone calls, mail, or even in person. Their goal is to create a sense of urgency and persuade victims to reveal sensitive information or move funds into accounts controlled by scammers.
Common Types of Bank Imposter Scams
Email Phishing Scams
One of the most common tactics involves fraudulent emails that appear to come from a trusted financial institution. These messages often urge recipients to review transactions, verify account information, or update security settings.
The email typically contains a link directing users to a fake banking website designed to capture usernames, passwords, and other login credentials.
Text Message Scams (Smishing)
Scammers also use text messages to target consumers. These messages may claim a bank account or debit card has been locked, suspended, or is about to expire and requires immediate action.
In some cases, recipients receive alerts asking them to verify suspicious transactions. Responding to these messages can lead to follow-up phone calls from fraudsters posing as bank representatives.
Phone Call Scams (Vishing)
Phone-based scams remain one of the most effective fraud tactics because they often create a heightened sense of urgency.
A scammer may claim to be calling from a bank’s fraud department and warn of suspicious account activity. They may ask individuals to verify personal information, provide login credentials, or transfer money to a purported “safe account” that is actually controlled by criminals.
To make the calls appear legitimate, scammers frequently use caller ID spoofing, causing the incoming phone number to look like it belongs to the bank.
In-Person and Mail Fraud
While less common, some criminals impersonate bank employees in person or send counterfeit letters that closely resemble official bank communications. These tactics are intended to gain access to sensitive information or persuade victims to send funds.
Warning Signs of a Bank Imposter Scam
Consumers should be cautious when they receive communications that:
- Arrive unexpectedly
- Create a sense of urgency or panic
- Reference account problems requiring immediate action
- Warn about an alleged “inside job”
- Discourage contacting the bank directly or visiting a local branch
- Contain poor grammar, spelling errors, or unusual formatting
Experts also advise consumers never to comply with requests to:
- Screen-share or mirror their device
- Transfer money to a “safe account”
- Visit suspicious web addresses
- Purchase gift cards as payment
- Download unfamiliar software
How to Protect Yourself
Verify Before Taking Action
If a message, phone call, or email seems suspicious, independently verify the source before responding.
Instead of using contact information provided in the message, reach out through a trusted phone number, bank website, or local branch.
Never Share Sensitive Information
KeyBank will never call, text or email you to ask for sensitive information, like your full Social Security number, username, password or PIN. One exception is: clients who have recently applied for a KeyBank product may be contacted regarding information related to their application.
Be Skeptical of Urgency
Fraudsters rely on fear and pressure to encourage quick decisions. Legitimate financial institutions do not typically demand immediate action or pressure customers to move money.
Check Website Addresses Carefully
Before entering information online, consumers should verify that the website address begins with “https://” and matches the institution’s official website.
Strengthen Account Security
Enable Multi-Factor Authentication
Multi-factor authentication adds an additional layer of protection by requiring a second verification step when signing into accounts.
Monitor Accounts Regularly
Consumers should review account activity frequently and examine monthly statements for unauthorized transactions.
Turn on Account Alerts
Banking alerts can provide early warning of account activity and help consumers identify suspicious transactions quickly.
How to Verify Communications from KeyBank
Customers who receive unexpected messages or phone calls claiming to be from KeyBank should verify the communication through trusted channels.
KeyBank clients can call 1-800-KEY2YOU®, using the phone number on the back of their debit or credit card, or visiting a local branch. Clients can also verify text messages by reviewing KeyBank’s list of authorized five- and six-digit short codes at key.com/shortcodes.
What to Do If You Suspect Fraud
Anyone who believes they may have been targeted by a scam should contact their bank and other affected account providers immediately.
KeyBank clients can reach the KeyBank Fraud Client Service Center at 1-800-433-0124 (or dial 711 for TTY/TRS) for assistance.
Staying Ahead of Evolving Fraud Threats
As criminals continue to adopt new technologies and tactics, fraud prevention remains an ongoing effort. Consumers are encouraged to stay informed about emerging scams and security best practices by regularly reviewing fraud prevention resources and monitoring updates from their financial institutions.
Remaining vigilant, verifying communications independently, and refusing to share sensitive information can significantly reduce the risk of becoming a victim of a bank imposter scam.
Stay up to date on the latest fraud trends and security tips by regularly visiting KeyBank’s fraud prevention resources page at key.com/fraud.
This material is provided as general information only; the information contained herein may not apply to all situations. Nothing in this material shall be regarded as an offer or solicitation by KeyBank or its affiliates. This is not intended to be a recommendation or advice for your specific situation (including financial, accounting, legal, or tax advice). Consult appropriate professionals for your specific circumstances.
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