Impostor Bank Scams: A Growing Threat

Someone you care about might be at a bank counter, ready to wire money to a stranger. This seemingly trustworthy and urgent voice could belong to a professional scammer. The FBI’s Internet Crime Report for 2025 reveals reported losses from internet crimes exceeded $20 billion. The FTC notes that impostor scams topped scam categories in 2025, with losses reaching $3.5 billion.

Preventing Impostor Bank Scams

Scammers often prepare their victims with planned explanations for bank withdrawals. Darius Kingsley, Head of Consumer Fraud and Scam Prevention at JPMorgan Chase, explained scam warning signs during the CyberGuy Report podcast. Scammers instill fear and urgency, often posing as law enforcement or trusted authorities.

These impostors may even claim the bank is complicit. Bank tellers are trained to spot fraud, looking for nervous behavior or inconsistencies in the account holder’s story.

Recognizing Scammer Tactics

Not all scammers are individuals; organized centers overseas exploit trafficked workers. Some operations connect to larger networks like cartels or traffickers. Once funds are sent, scammers move them quickly across borders.

Families should watch for secrecy, sudden changes in behavior, or urgency around financial transactions. Crypto ATMs, in particular, are warning signs. If a family member uses a crypto kiosk while on a phone call with instructions, intervene calmly.

Responding to Scams Quickly

If you suspect money has been sent to a scammer, act fast. Contacting the bank immediately may allow them to freeze or trace funds. Report the incident to law enforcement and the FBI’s Internet Crime Complaint Center.

Defensive Measures Against Scams

• Activate bank alerts: Setup alerts for large transactions to monitor suspicious activity.
• Use two-factor authentication: Implement 2FA to safeguard accounts against unauthorized access.
• Trusted contact: Appoint a contactable individual for your bank in case of unusual transactions.
• Family code word: Create a secret word for verifying urgent money requests.
• Limit personal data: Use data removal services to decrease information scammers can leverage.
• Pause urgent requests: Establish a rule to avoid immediate money transfers based solely on phone prompts.
• Address secrecy: Treat undeclared money requests seriously and seek explanations.
• Report incidents: Notify the bank, file police reports, and report to IC3.gov and the FTC.

Remember, getting caught in a scam doesn’t denote foolishness. It signifies vulnerability to criminals’ tactics. Kingsley suggests open dialogue and preparation as essential defenses against these deceptive strategies.

To delve further into impostor scams, listen to the full discussion with Darius Kingsley on the CyberGuy Report podcast.