Your loved ones could be just one phone call away from falling victim to a sophisticated bank scam, as reported losses from internet crime continue to rise.
The FBI’s 2025 Internet Crime Report reveals that reported losses from internet crime have surpassed $20 billion. Among these alarming statistics, the Federal Trade Commission (FTC) highlights that impostor scams remain the leading category, with losses escalating to $3.5 billion.
These figures underscore a growing threat, often initiated by a single phone call. Scammers are increasingly adept at manipulating their victims, creating a sense of urgency and fear that can lead to devastating financial consequences.
Darius Kingsley, Head of Consumer Fraud and Scam Prevention at JPMorgan Chase, recently discussed these scams on my CyberGuy Report podcast. He provided insights into how these scams operate from within the banking system and shared strategies families can employ to prevent financial loss.
According to Kingsley, scammers frequently pose as law enforcement or other trusted authorities, instilling fear in their victims. “What they’re going to do is they’re going to bring urgency,” he 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 false sense of authority can paralyze even the most cautious individuals. Scammers may reference real agencies or even use the names of actual agents to lend credibility to their claims. Once fear takes hold, the scammer provides specific instructions to the victim.
By the time a victim arrives at a bank branch, 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 can include fabricating reasons for a withdrawal, such as claiming the money is for home renovations or to assist a family member.
In some cases, scammers go so far as to suggest that the bank is complicit in the scheme. “They may even tell you that the bank is in on it,” Kingsley said. This manipulation can lead victims to view their bank tellers with suspicion, complicating efforts to halt the scam.
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, as people often withdraw cash for various reasons. Bank staff are trained to identify red flags, such as nervous behavior or inconsistent stories.
“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 explained. This conversation at the counter could be the last opportunity to prevent a wire transfer or cash withdrawal before the funds are lost.
Many still envision a scammer as a lone individual operating from a basement, but Kingsley warns that the threat has evolved. Organized scam centers, particularly in Southeast Asia, are now a significant concern. “They take their passports and the office building has barbed wire around it, and they’re stuck,” he stated, revealing the chilling reality that some scam callers may also be victims of human trafficking.
These criminal operations can be linked to larger networks, including drug cartels and arms traffickers. Once a victim sends money, it is often moved quickly through various accounts and overseas, making prompt action essential.
To effectively combat these scams, families must remain vigilant and recognize behavioral changes in their loved ones. Kingsley advises that relatives should be alert to signs of distress or secrecy surrounding financial matters. “You have to kind of notice or observe people getting defensive,” he said.
Other warning signs include a loved one staying on the phone while heading to the bank or acting unusually stressed about a payment. If someone is using a crypto ATM while following phone instructions, 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 quickly. “The best thing you can do is act immediately,” Kingsley advised. “Contact your bank immediately.” This prompt action can sometimes allow banks to freeze or trace 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 pointed out. While reporting may not lead to immediate recovery of funds, it helps law enforcement understand the broader scope of the issue.
Implementing a few simple safeguards can significantly reduce the risk of falling victim to a scam. Ensure that fraud alerts are activated on your bank account and utilize text, email, or app alerts for large transactions. Kingsley stresses the importance of this basic step: “Go in and check and make sure your fraud alerts are turned on.”
Enabling two-factor authentication (2FA) for your bank, email, and financial apps adds an extra layer of security. While text codes are better than nothing, they can be vulnerable if a criminal gains access to your phone number.
Consider asking your bank or brokerage about adding a trusted contact who cannot make transactions but can be reached if something appears amiss. Chase, for example, offers this option on deposit and investment accounts.
Establishing a private family code word for urgent money requests can also be beneficial. If someone claims to be a family member or authority figure, asking for the code word can help verify their identity. If they do not know it, hang up and call the family member directly using a trusted number.
Scammers often exploit personal information to sound credible. Utilizing a data removal service can help protect your information from being accessible to criminals. For further assistance, visit Cyberguy.com to find top data removal services and check if your personal information is already available online.
Scammers thrive on urgency and pressure, so it is crucial 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 verify by calling the bank or a trusted relative before proceeding.
If a loved one insists they cannot discuss a money request, take that seriously. Scammers often instruct victims to conceal transactions from family or bank staff. Remember, legitimate agencies will never demand secrecy while urging someone to transfer 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 essential to understand that falling for a scam does not reflect foolishness; it is a human response to manipulation. Scammers are skilled at exploiting fear, shame, and urgency to compel action before anyone can intervene. Kingsley’s insights highlight a critical truth: open communication within families about these warning signs and establishing preventive measures can be the best defense against falling victim to scams.
To hear the full conversation with Darius Kingsley and learn more about how these scams unfold, visit my CyberGuy Report podcast at CyberguyPodcast.com.
Have you or someone in your family ever been pressured to move money by a caller who sounded official but turned out to be a scammer? Share your experiences with us at Cyberguy.com.
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