How to stop impostor bank scams before they drain your wallet

Losing your life savings to fraud is not a distant fear; it is a real and growing risk. Scams involving criminals pretending to be bank representatives have surged, with the Federal Trade Commission (FTC) reporting record-breaking losses exceeding $2.9 billion in recent data. These criminals no longer rely on basic phone tricks. Instead, they use caller ID spoofing and artificial-voice software to sound like trusted professionals, often imitating real bank employees down to the smallest detail.

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HOW SCAMMERS EXPLOIT YOUR DATA FOR ‘PRE-APPROVED’ RETIREMENT SCAMS

Scammers pretending to be from your bank follow a predictable yet terrifying pattern. They begin with an urgent phone call warning that your account has been compromised. The caller ID displays your bank’s real number, which builds instant trust.

Next, they instruct you to move your money into a so-called “safe” or “decoy” account while they “investigate” the issue. Their goal is to create fear and push you into action before you have time to think.

One journalist reportedly learned this lesson the hard way when he answered what appeared to be a legitimate call from Chase Bank. After a series of convincing conversations with multiple “representatives,” he transferred nearly $30,000 to scammers. In another case, a 65-year-old caterer reportedly lost $162,000 when a friendly woman pretending to be a bank employee claimed her ATM card had been compromised. These stories are not rare; they reflect how sophisticated and believable modern scams have become.

Banks are trusted institutions, and scammers know it. That trust makes impersonation one of the easiest and most effective fraud tactics today. With spoofing tools, criminals can mimic real bank phone numbers and even use AI to reproduce familiar voices. Their approach is psychological: they create panic and urgency to make victims act quickly and irrationally.

Older adults are particularly vulnerable. The FTC found that losses of over $100,000 to impostor scams among people aged 60 and older have skyrocketed, from $55 million in 2020 to $445 million in 2024. These numbers highlight how no one is immune to manipulation when fear and urgency collide.

Impostor scams move fast, but with the right precautions, you can stop them before they strike.

Spoofed numbers make a call appear as if it’s coming from your bank, even when it’s not.

Do not return calls using numbers given to you by the person who contacted you. Always call the number printed on your debit or credit card.

Scammers often collect phone numbers, email addresses and other personal details from public records and data broker sites. Using a trusted data removal service helps wipe that information from the web, reducing the chances that criminals can use your data to impersonate you.

While no service can guarantee the complete removal of your data from the internet, a data removal service is really a smart choice. They aren’t cheap, and neither is your privacy. These services do all the work for you by actively monitoring and systematically erasing your personal information from hundreds of websites. It’s what gives me peace of mind and has proven to be the most effective way to erase your personal data from the internet. By limiting the information available, you reduce the risk of scammers cross-referencing data from breaches with information they might find on the dark web, making it harder for them to target you.

Check out my top picks for data removal services and get a free scan to find out if your personal information is already out on the web by visiting Cyberguy.com

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Any request to move funds “for protection” is a red flag for fraud.

NATIONAL PROGRAM HELPS SENIORS SPOT SCAMS AS LOSSES SURGE

Scammers often send fake links or pop-ups that install malicious programs on your device. A strong antivirus program can detect these threats, block phishing attempts and stop remote-access tools that give criminals control of your computer. Keeping your software updated adds another layer of protection against evolving scams.

The best way to safeguard yourself from malicious links that install malware, potentially accessing your private information, is to have strong antivirus software installed on all your devices. This protection can also alert you to phishing emails and ransomware scams, keeping your personal information and digital assets safe.

Get my picks for the best 2025 antivirus protection winners for your Windows, Mac, Android and iOS devices at Cyberguy.com.

Banks do not ask for your codes over the phone, text or email.

Adding these tools to your phone can filter many spoofed calls before they reach you. Both iPhone and Android devices have built-in settings and apps that help you stop scam calls before you even pick up.

If you use an iPhone:

Android phones offer similar protection:

Settings may vary depending on your Android phone’s manufacturer. 

Scammers depend on panic. Taking a moment to breathe could save your savings.

If you suspect a scam, contact your bank, file a complaint with the FTC at ReportFraud.ftc.gov and alert local law enforcement.

If you believe you have fallen victim, act quickly.

1) Contact your bank and request a freeze or close monitoring of your accounts.

2) File a report with the FTC and your local police department, even if you believe recovery is unlikely.

3) Keep every piece of evidence, including phone records, text messages and transfer confirmations.

4) Change all passwords and enable transaction alerts on every sensitive account to prevent further damage. Consider using a password manager, which securely stores and generates complex passwords, reducing the risk of password reuse. 

Next, see if your email has been exposed in past breaches. Our No. 1 password manager pick includes a built-in breach scanner that checks whether your email address or passwords have appeared in known leaks. If you discover a match, immediately change any reused passwords and secure those accounts with new, unique credentials.

Check out the best expert-reviewed password managers of 2025 at Cyberguy.com.

5) Sign up with an Identity Theft Protection service that can monitor personal information like your Social Security Number (SSN), phone number and email address, and alert you if it is sold on the dark web or used to open an account. They can also assist you in freezing your bank and credit card accounts to prevent further unauthorized use by criminals.

See my tips and best picks on how to protect yourself from identity theft at Cyberguy.com.

Fraud can strike anyone, anywhere, at any time. Scammers have become smarter, faster and more convincing than ever before. They use fear, urgency and technology to make their lies sound real. But you can fight back with knowledge and caution. Stay alert every time your phone rings or your inbox pings. Slow down before you react. Verify before you trust. The few seconds you take to double-check could be what saves your life savings. Remember, even the most tech-savvy people fall for scams when emotions take over. The real key to protection isn’t fear, it’s awareness and action. Share what you know with friends, family and coworkers. The more people who understand how these scams work, the harder it becomes for criminals to win.

Are banks really doing enough to protect you from impostor scams? Let us know by writing to us at Cyberguy.com.

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