Wells Fargo warns of rising imposter scams and fraud

Imposter scams have become the leading category of fraud in 2024, with the Federal Trade Commission reporting losses totaling $2.952 billion. These scams involve criminals masquerading as trusted entities, such as banks, government agencies, technical support experts, or even relatives in distress.

Common tactics include spoofing official phone numbers and using emails or texts to trick victims into granting remote computer access or providing sensitive financial information. Recent variations of these scams include fraudulent card replacements, AI-enhanced emergency calls, payment app refund schemes, and cryptocurrency-related fraud.

Wells Fargo has highlighted the importance of verifying identities before making payments and warned that fraudsters often increase their activity during busy holiday seasons. Experts advise consumers to guard personal information, avoid rushed payments, and report any suspected identity fraud or impersonation immediately.