The 71-year-old man received a call at his home in Galashiels on Wednesday, July 18 from someone claiming to be from his bank.
The caller claimed that the man’s internet banking had been hacked and requested that money be transferred to an alternative account to safeguard it.
A five-figure sum of cash was moved to an account provided by the caller who then terminated the call.
When the victim later suspected he had been defrauded he contacted his bank who confirmed they had not contacted him and the police were then contacted.
Detective Sergeant Callum Peoples from Galashiels CID said: “In these type of scams the caller will seem very convincing and will utilise a number of different tactics to convince you they are genuine.
“However, we want to stress once again that no bank or building society will ever contact you and ask you to transfer money to an external account, nor will they cold-call and request you provide your personal information.
“If you receive a call like this, hang up and make sure the line has been cleared and contact police immediately.
“We have a range of useful information on our website aimed at safeguarding the public against fraudsters. This can be obtained by visiting www.scotland.police.uk.”