Fake savings account: the investment that impersonates a known bank

An offer too good, under a reassuring name

A savings account that pays far more than the usual products, presented in the name of a bank or insurer you know: that is the bait. The fake savings account plays on two powerful levers, the appeal of a high return and the trust placed in a respected brand. Behind the facade there is no account and no savings, only an account into which your money disappears.

How the scam presents itself

The setup is careful with its appearance, so it looks official.

The criminals impersonate a well-known institution: name, logo, brand identity, sometimes right down to a fake address and a fake authorisation number. A fake adviser contacts you, courteous and competent, to guide you through the subscription. You believe you are dealing with a professional mandated by a major bank.

The way in is often through a fake comparison site for investments or an online advert. You leave your contact details to "compare the best accounts", and the call-back follows shortly after. The documents you are sent, contracts and statements, look authentic but are entirely fabricated.

The warning signs

Several elements should stop you before any payment:

• a return well above what ordinary savings products offer;
• an unsolicited cold approach, by phone or email;
• pressure to decide fast, on the pretext of a "limited offer";
• a payment IBAN that does not match the institution named;
• the impossibility of finding the offer on the official site of the bank cited.

Checking the authorisation, the act that protects you

No sales pitch replaces a simple check: is the provider authorised to offer this investment? Any serious operator appears in the official registers of the financial regulator. Conversely, the authorities publish warning lists of unauthorised sites and operators.

Take the time to consult these registers before committing a single pound. Also check the name of the bank or insurer by going through its official site, never through a link supplied in the email or by the adviser. If the offer exists nowhere except in your contact's words, it is a scam.

Cross-check, always cross-check

Impersonation works because it leans on real brands. The right reflex is therefore to separate the messenger from the institution they claim to represent. Call the bank back on its official number, ask whether it sells this account, and verify every bank detail before any transfer.

If you have already paid

Contact your bank immediately to try to block the transfer, especially if it is recent. Gather all the documents received: contracts, emails, screenshots of the fake comparison site. File a report, then flag the facts to Action Fraud.

To discover the other traps targeting your savings, return to the guide Investment scams.