Your family could be just one phone call away from falling victim to a sophisticated bank scam, with losses from internet crime exceeding $20 billion, according to the FBI.
In today’s digital age, the threat of bank scams looms larger than ever. The FBI’s 2025 Internet Crime Report reveals that reported losses from internet crimes surpassed $20 billion, with impostor scams leading the charge, accounting for $3.5 billion in losses. These staggering figures highlight the urgent need for awareness and prevention.
Imagine a loved one standing at a bank counter, poised to wire money to a stranger. The voice on the other end of the line may sound calm, authoritative, and urgent, but it could belong to a professional scammer who has already coached them on what to say. Darius Kingsley, Head of Consumer Fraud and Scam Prevention at JPMorgan Chase, recently discussed these alarming scams on the CyberGuy Report podcast, shedding light on how they operate and what families can do to protect themselves.
Scammers often initiate contact by instilling fear and urgency. Many pose as law enforcement or other trusted authorities, creating a false sense of legitimacy. “What they’re going to do is they’re going to bring urgency,” Kingsley explained. “One of the most common scams when you get someone on the phone is law enforcement, so you think you’re talking to the police.” This tactic can paralyze even the most cautious individuals, as the caller may reference a legitimate agency or even use the name of a real agent.
Once fear takes hold, the scammer begins to provide instructions. By the time a victim arrives at the bank, they may have already been coached on what to say. “They will have coached you,” Kingsley noted. “They will have told you already what it is you need to say.” This could involve fabricating a reason for the withdrawal, such as claiming the money is for a home renovation or a family member in need. In some cases, scammers even go so far as to suggest that the bank is complicit in the scheme, further complicating the situation.
When a teller engages a customer during a large withdrawal, it may feel intrusive. However, Kingsley emphasizes that this interaction is crucial. Most transactions are legitimate, and bankers cannot treat every unusual request as suspicious. Instead, they look for subtle clues that may indicate a scam. “We teach them to look for things like people maybe being on the phone at the same time, or just seeming very nervous or their stories falling apart,” he said.
The conversation at the counter could be the last opportunity to halt a wire transfer or cash withdrawal before the funds vanish. Therefore, if a bank employee asks questions, it is essential not to take it personally. That inquiry may very well be a protective measure.
While many still envision a lone scammer operating from a basement, Kingsley warns that the reality is often more sinister. Organized scam centers, particularly in Southeast Asia, have emerged as a significant threat. These operations may involve trafficked workers who are forced to target Americans. “They take their passports, and the office building has barbed wire around it, and they’re stuck,” he explained. This chilling reality underscores the complexity of modern scams, which can be linked to larger criminal networks, including cartels and traffickers.
Once a victim sends money, scammers typically move it quickly through various accounts and overseas, making recovery increasingly difficult. The key to thwarting these scams is to act swiftly before the money changes hands. Families should be vigilant for behavioral changes in their loved ones, rather than solely relying on suspicious emails or links.
Kingsley advises relatives to pay attention when someone suddenly seeks privacy regarding financial matters, rushes to the bank, or becomes defensive about a transaction. “You have to kind of notice or observe people getting defensive,” he said. Other warning signs include a loved one remaining on the phone while heading to the bank or acting unusually stressed about a payment.
Another significant red flag is if someone is using a crypto ATM while following instructions from a phone call. In such cases, it is crucial to intervene calmly and help them contact their bank using the number on the back of their card.
If you suspect that you or a family member has fallen victim to a scam, it is vital to act immediately. “The best thing you can do is act immediately,” Kingsley advised. Contacting the bank as soon as possible may allow them to freeze or trace the funds, although there are no guarantees. Additionally, victims should file a police report and report the scam to the FBI’s Internet Crime Complaint Center at IC3.gov. “A lot of people don’t do that step,” Kingsley noted, emphasizing the importance of reporting to help law enforcement understand the scale of the issue.
Implementing a few simple safeguards can significantly reduce the risk of falling victim to these scams. Ensure that fraud alerts are activated on your bank accounts and set up alerts for large withdrawals, transfers, and card activity. Kingsley stresses the importance of this basic step: “Go in and check and make sure your fraud alerts are turned on.”
Consider enabling two-factor authentication (2FA) for your bank, email, and financial apps. This added layer of security can help block criminals who may have obtained your password. While text codes are better than nothing, they can be vulnerable if a criminal gains control of your phone number.
Ask your bank if you can add a trusted contact to your accounts. This individual cannot make transactions on your behalf but can be contacted by the bank if something appears suspicious. Chase offers this option for deposit and investment accounts, and other financial institutions may have similar provisions.
Establish a private family code word for urgent money requests. If someone calls claiming to be a relative or authority figure, asking for the code word can help verify their identity. If they cannot provide it, hang up and call the family member directly using a trusted number.
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Scammers thrive on urgency and pressure, so it is essential to establish a family rule: no wire transfers, crypto payments, gift card purchases, or large cash withdrawals should occur based solely on a phone call. Always hang up, verify with the bank or a trusted relative, and then decide.
If a loved one indicates they cannot discuss a money request, take that seriously. Scammers often instruct victims to conceal transactions from family, bank staff, or law enforcement. Remember, legitimate agencies will not demand secrecy while pressuring someone to move money.
In the event of a suspected scam, contact the bank immediately, file a police report, and report the incident to IC3.gov or the FTC at ReportFraud.ftc.gov.
It is crucial to understand that falling for a scam does not reflect foolishness; it is a human response to manipulation. Scammers are adept at using fear, shame, and urgency to coerce individuals into action before they can seek help. Kingsley’s insights highlight a vital truth: open communication within families can serve as the best defense against these scams. Discuss warning signs, establish a code word, and agree that no one should move money under pressure. The moment a loved one finds themselves at the bank counter, the scam may already be in motion.
For further insights, listen to the full conversation with Darius Kingsley on the CyberGuy Report podcast at CyberguyPodcast.com, where we delve deeper into how these scams unfold and what families can do to prevent financial loss.
Have you or someone in your family ever been pressured to move money by a caller who seemed official but turned out to be a scammer? Share your experiences with us at Cyberguy.com.