May 14, 2026
It feels like financial scams used to either be elaborate, like Ponzi schemes, or easy to spot, like emails from Nigerian princes. But fraudsters have become increasingly convincing.
That's why Jennifer Lichthardt, of Elgin, Ill., lost $40,000 in a banking scam. She received a call from the phone number that matched the one on the back of her Chase debit card. Naturally, she thought it was from the Chase fraud department.
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When she answered, the person on the other line claimed to be from Chase and the FBI. They told her that Chase employees had been accessing customers' accounts, so she needed to take action to protect her money.
"They read me my account number," Lichthardt told ABC7 in Chicago. "They had my account balance down to the penny. "They had fake FBI agents that gave me an agent number (1)."
To supposedly keep her money safe, the fraudsters walked Lichthardt through moving nearly $40,000 from her regular Chase account into a new, "secured" account they claimed was at her local branch, then more into an account with a different online bank. And then her money disappeared (2).
How banking spoof calls work
Lichthardt fell victim to a type of fraud known as a "banking spoof call." These schemes involve scammers calling your phone and convincing you to move money into a different account. The FBI says the caller will try to get you to reveal sensitive information, such as bank PINs and account passwords, so they can ultimately access the money in your account.
Lichthardt said the caller knew her bank account number and balance, which made them seem legitimate. So, how can criminals get this information?
The FBI says fraudsters use various methods to access your bank information, from rummaging through trash to going through data leaks on the dark web. Once they have what they need, they can call your financial institution's automated system to access your balances and transactions.
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Can you recover your money?
It's possible to get your money back after a banking spoof call — but unlikely.
If a scammer steals your money by making an unauthorized transfer from your bank account, the bank may be required to return the funds. For example, if someone steals your debit card and uses it to make a bunch of large purchases, you may be able to get the money back, according to the U.S. Government Accountability Office.
Unfortunately, banks are typically not required to recover money from authorized transfers that you initiate (3).
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A banking spoof call is a type of authorized transfer. In Lichthardt's case, she gave the scammer permission to transfer her money into different accounts. Even though she didn't know she was speaking with a fraudster, she did technically authorize the transaction.
How to recognize and report a banking spoof call
By learning how to spot red flags, you can avoid falling victim to a banking spoof call scam.
The FBI says that real bank representatives will not ask for your account username or password. If the caller requests this sensitive information, they could be a scammer (4). It's also a red flag if your "bank" calls you and says you need to transfer money into another account.
"We urge all consumers to ignore phone, text, or internet requests to move money or gain access to their computer or bank accounts," Chase told ABC7. Banks and legitimate companies won't make these requests, but scammers will."
Whether you fall prey to phone fraud or recognize the signs and avoid the scam, it's crucial to report the instance to the proper authorities. Report suspected scams to the Federal Trade Commission at ReportFraud.ftc.gov (5). The FTC can use the information to catch onto criminals' trends, build data, and educate the public (6).
You should also report the incident to the FBI online at the FBI's Internet Crime Complaint Center (7).
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Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
Fox Business (1); ABC7 Chicago (2); U.S. Government Accountability Office (3); USA Today (4); Federal Trade Commission (5),(6); FBI Internet Crime Complaint Center (7)
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Laura Grace Tarpley is a contributing reporter for Moneywise who has been covering personal finance and working in digital media for 10 years. Her expertise spans banking, investing, retirement, loans, mortgages, and taxes.
