Bank impersonation scams rise as US losses hit $3.5 billion

Bank impersonation scams are rising significantly, with the FBI reporting that Americans lost $3.5 billion to impersonation and imposter scams in 2025. Bank-specific impersonation calls increased approximately 150 percent between 2024 and 2025.

Scammers often use polished scripts and manufactured urgency to trick victims. Common tactics include claiming there is an unusual transaction, such as a $10,000 transfer, to prompt immediate action. Fraudsters may even trigger a legitimate one-time verification code to be sent to the victim's device, then ask the victim to read it aloud to ‘verify’ their identity.

Legitimate financial institutions will never call a customer to request passwords, PINs, or one-time authentication codes. While a bank may ask a customer to confirm partial details if the customer initiated the call, they will never ask for sensitive credentials during an unexpected outbound call. To protect accounts, individuals should verify any suspicious contact by using the bank’s official phone number or verified mobile application.