Your family could be just one phone call away from falling victim to a bank scam, as scammers increasingly use fear and urgency to manipulate their targets.
In recent years, internet crime has surged, with the FBI reporting losses exceeding $20 billion in 2025 alone. Among these crimes, impostor scams have emerged as the most prevalent, resulting in reported losses of $3.5 billion, according to the Federal Trade Commission (FTC). The alarming statistics highlight a growing threat that often begins with a single phone call.
During a recent episode of the CyberGuy Report podcast, Darius Kingsley, Head of Consumer Fraud and Scam Prevention at JPMorgan Chase, discussed the tactics employed by scammers and how families can protect themselves from falling victim to these schemes.
Scammers frequently initiate contact by instilling fear and urgency in their targets. Many impersonate law enforcement or other trusted authorities to create a 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 false sense of authority can paralyze even the most cautious individuals. Scammers often cite real agencies and may even use the names of actual agents to bolster their credibility. Once fear takes hold, the scammer begins to issue instructions.
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 even go so far as to suggest that the bank is part of the scam.
“They may even tell you that the bank is in on it,” Kingsley said, emphasizing how this deception can make a friendly banker appear suspicious to the victim. Such manipulation complicates efforts to halt the scam.
When a teller engages a customer during a large withdrawal, it may feel intrusive, but Kingsley explained that there is a valid reason for this. While most transactions are legitimate, bank staff are trained to look for signs of distress or deception. “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 interaction at the counter can be crucial, serving as a last opportunity to prevent a wire transfer or cash withdrawal before the funds are lost. Therefore, if a bank employee asks questions, it should not be taken personally; that inquiry could be a protective measure.
Many people still envision scammers as isolated individuals working from home, but Kingsley pointed out that the reality is often much more complex. Organized scam centers, particularly in Southeast Asia, employ trafficked workers to target Americans. “They take their passports and the office building has barbed wire around it, and they’re stuck,” he revealed, highlighting the chilling nature of these operations.
Scammers are adept at moving stolen money quickly, often transferring it overseas to evade detection. This emphasizes the importance of acting swiftly if a scam is suspected. “The best time to stop a scam is before the money moves,” Kingsley advised.
Families should be vigilant for behavioral changes in loved ones, as these can be indicators of a scam. Kingsley suggested that relatives pay attention if someone suddenly becomes secretive about money, rushes to the bank, or reacts defensively about a transaction. Other warning signs include staying on the phone while heading to the bank or showing unusual stress about a payment.
Crypto ATMs also serve as a significant red flag. If someone is using cash at a crypto kiosk while following instructions from a phone call, 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 sent money to a scammer, it is essential to act quickly. “The best thing you can do is act immediately,” Kingsley emphasized. Contact your bank right away, as they may be able to freeze or trace the funds. While there are no guarantees, timely action can make a difference.
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, stressing that while it may not lead to immediate recovery of funds, reporting helps law enforcement understand the scope of the issue and connect related cases.
Implementing a few simple safeguards can significantly reduce the risk of falling victim to a scam. First, ensure that fraud alerts are activated on your bank account. Utilize text, email, or app alerts for large withdrawals, transfers, and card activity. “Go in and check and make sure your fraud alerts are turned on,” Kingsley advised.
Enabling two-factor authentication (2FA) for banking, email, and financial apps adds an extra layer of security. While text codes are better than nothing, using an authenticator app is recommended for enhanced protection.
Consider asking your bank if you can designate a trusted contact who cannot make transactions on your behalf but can be reached if something appears amiss. Kingsley mentioned that Chase offers this option for deposit and investment accounts, and other financial institutions may provide similar services.
Establishing a private family code word for urgent money requests can also be beneficial. If someone calls claiming to be a relative 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 have access to personal information, which makes their stories more convincing. Using a data removal service can help eliminate your information from people-search sites, making it harder for criminals to craft a believable narrative.
Ultimately, scammers thrive on urgency and pressure. Establishing a family rule that no wire transfers, crypto payments, gift card purchases, or large cash withdrawals occur based solely on a phone call can help mitigate risk. If a loved one expresses that they cannot discuss a money request, take it seriously, as this is a common tactic employed by scammers.
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. Remember, falling for a scam does not reflect foolishness; it highlights the sophisticated tactics employed by criminals who exploit fear and urgency.
As Kingsley pointed out, the best defense against these scams may be open communication within families. Discussing warning signs, establishing a code word, and agreeing that no one should move money under pressure can provide crucial protection. When a loved one is at the bank counter, the scam may already be in motion.
For more insights into these scams and how to protect your family, listen to the full conversation with Darius Kingsley on the CyberGuy Report podcast at CyberguyPodcast.com.
Have you or someone in your family ever felt 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.
According to CyberGuy.com.