FRAUDSTERS DON’T TAKE HOLIDAYS: IMPERSONATION SCAMS ARE EVOLVING – SO SHOULD YOUR DEFENSES
During this holiday season, it’s important to remember that fraudsters are trying to impersonate precisely the people you trust the most, posing as financial employees, trusted institutions, or even family members. As they incorporate AI into their schemes, they become more effective at manipulating their targets, and become ever-harder to detect.
Two major impersonation threats to watch for:
- Imposters posing as employees Scammers may spoof phone numbers and use real employee names and photos to gain trust. They often claim there’s a security issue with your account and request urgent action, such as sharing login credentials or verification codes. Once they have access, these criminals reset passwords, locking clients out of their accounts, and initiate unauthorized transactions.
- Fake websites and phishing links Fraudsters use search engine optimization (SEO) and smishing (SMS phishing) to push fake login pages to the top of search results or into text messages. These sites look legitimate but are designed to steal credentials and two-factor authentication codes. Once clients enter their information, scammers reroute security tokens and drain accounts.
A new twist: AI-powered impersonation
In 2025, impersonation scams surged 148%. In fact, it’s now the top reported fraud type. Criminals use voice cloning and deepfake video to mimic trusted individuals, including your financial employees and family members. These scams often begin with a call or video message that feels real but is entirely fabricated.
The impacts of identity theft
Once fraudsters obtain personal information, they may open new accounts, apply for loans, or file false tax returns in the victim’s name. The emotional and financial toll can be severe, especially for senior and vulnerable clients.
How to stay safe:
- Never share login credentials or verification codes, even if the request sounds urgent or comes from someone you know.
- Use bookmarks for important sites (or type the URL directly), rather than clicking on links found in search engines or received in texts or emails.
- Verify identities independently by calling the person or institution directly by using a number you already trust, not one provided in a call or message.
- Your financial institution will never ask you to download third-party software or grant remote access. Be wary of any requests to do so.
- Placing a credit freeze with all major bureaus (Equifax, Experian, TransUnion) as well as a ChexSystems Security Freeze will help prevent new accounts or loans from being opened in your name.
- Regularly monitor credit reports for suspicious activity.
- Watch red flags -urgency, such as urgency, secrecy, and requests for cryptocurrency or gift cards are common scam tactics. Reach out to your financial institution team if anything feels off.
- Set up a phrase or password that family members can use to prove their identity in the event they need help or money unexpectedly.
Share this information about the various scams with your family and friends so they can take the steps necessary to to secure their identities and digital footprint.
If you suspect fraud, report it to your financial institution immediately.