Consumers face increasingly sophisticated online scams, with fraudsters employing AI, deepfakes, and cloned voices to mimic trusted institutions and trick victims into transferring money. Experts warn to stay vigilant and verify requests through trusted channels.
Consumers are being warned that scam artists are using more convincing tactics than ever, including fake bank alerts, cloned voices and realistic-looking video. Jacqueline Paladino, a consumer banking market leader at Bank of America Jacksonville, said the changing threat landscape means people need to think beyond obvious warning signs such as suspicious links and unfamiliar emails.
The scale of the problem remains large. The Federal Trade Commission said in June that consumers reported losing $3.5 billion to imposter scams in 2025, nearly three times the level seen in 2020. The agency said those scams were the most commonly reported type of fraud, accounting for almost a third of all complaints. In 2023, consumers reported more than $10 billion in total fraud losses, according to the FTC, underscoring how costly online deception has become.
Bank impersonation remains one of the most effective tricks. Scammers may claim there is a problem with an account, a security breach or an unexpected charge, then pressure the victim to move money quickly. The FTC has said fraudsters often pose as banks or other trusted institutions and try to persuade people to transfer funds to “protect” them, a tactic that can make a request sound urgent and legitimate.
The methods behind these schemes are also becoming more sophisticated. Security guides from McAfee and TechRadar say criminals are increasingly using deepfakes and AI voice cloning to imitate real people, sometimes in live video calls or audio messages. That makes verification more important than ever. Experts recommend checking for unusual requests, looking for signs of manipulated media and confirming sensitive instructions through a separate, trusted channel before taking action.
Paladino said customers should be especially cautious if they are asked to pay in cryptocurrency, gift cards or payment apps, or to deposit cash into a so-called new account. Legitimate banks will not tell customers to transfer money to themselves as part of a fraud response, she said. Bank of America also points clients to features in its mobile app, including account alerts, biometric sign-on and a security centre that brings together fraud education and account protection tools.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
