Prevent Impostor Bank Scams from Draining Your Finances

Someone you care about could be preparing to wire money to a stranger right now. The voice guiding them might sound calm and official, making the situation seem urgent. This could be a scammer coaching them on what to say.

The FBI’s 2025 Internet Crime Report notes that losses from internet crime have surpassed $20 billion. The Federal Trade Commission (FTC) highlights that impostor scams remain the top scam category in 2025, with losses rising to $3.5 billion. The real issue often begins with one phone call.

Bank scam warning signs families should know

Darius Kingsley, Head of Consumer Fraud and Scam Prevention at JPMorgan Chase, discussed the nature of these scams from inside the bank on the CyberGuy Report podcast. He shared how tellers spot scams and what families can do to prevent financial losses.

Scammers typically start by creating fear and urgency, often impersonating law enforcement or a trusted authority. Kingsley notes, “Scams usually involve urgency. You might think you’re talking to the police.” This kind of authority can cause even smart individuals to freeze, giving scammers an opportunity to guide victims through the process.

Victims might enter a bank already briefed by scammers with a script. Kingsley states, “Scammers coach victims on what to say.” This may involve excuses for drawing out money, such as home renovations or helping a family member.

Why bank tellers ask questions during scams

If bank tellers ask questions during large withdrawals, they aren’t being nosy; they’re looking for clues. People regularly withdraw cash for legitimate reasons, but bankers must distinguish unusual requests. Kingsley says bank staff look for signs such as nervous individuals or suspicious behavior.

Tellers’ questions could be crucial in preventing money loss. Such interactions may offer a chance to stop wire transfers before funds disappear. Therefore, if your bank asks questions, consider it as protection intervention.

How phone scammers coach bank scam victims

Many still picture scammers as solitary figures, but Kingsley reveals organized scam operations in Southeast Asia. These scam centers exploit trafficked workers to target Americans. Criminal networks sometimes force workers to commit fraud.

Once money is moved to scammers, it’s rapidly circulated through various accounts. Timing is vital in preventing scams.

Bank scam red flags to watch for at home

The best way to prevent a scam is before funds are transferred. Families should notice behavioral changes like secrecy around money, an urgent bank visit, or defensiveness about transactions. If a loved one is behaving in such a way, be alert.

Crypto ATMs are often involved in scams. If someone is instructed via phone to use such ATMs, calmly interrupt the transaction and assist them in contacting their bank.

What to do after a bank scam

If you suspect money has been sent to a scammer, act immediately. Kingsley emphasizes, “Contact your bank promptly.” Banks might freeze accounts or trace funds, increasing the chance of recovering money.

Victims should file a police report and report the case to the FBI’s Internet Crime Complaint Center at IC3.gov. This facilitates law enforcement’s understanding of severe issues and helps connect cases.

Ways to stay safe from bank scams

• Turn on bank alerts: Enable fraud alerts for large transactions via text, email, or app notifications.
• Use two-factor authentication: Secure your bank accounts with two-factor authentication (2FA).
• Set up a trusted contact: Designate a trusted contact who banks can reach in suspicious situations.
• Create a family code word: Establish a code word for verifying urgent money requests.
• Reduce personal data exposure: Remove personal information from search sites and data broker lists.
• Slow down urgent requests: Decide not to transfer money based on phone calls alone.
• Watch for secrecy: Be cautious if a loved one is secretive about financial transactions.
• Report the scam: Immediately contact the bank, file a police report, and report the scam to IC3.gov.

Kurt’s key takeaways

Victims of scams are not foolish—they are human. Scammers excel in exploiting fear, urgency, and authority. Kingsley advises honest family conversations about warning signs, code words, and agreeing not to move money under pressure.

Listen to the complete conversation with Darius Kingsley on the CyberGuy Report podcast at CyberguyPodcast.com and learn preventive measures to protect your loved ones before any drama unfolds.