INDIANA — Bank of America is warning consumers to stay vigilant against an evolving landscape of financial fraud, highlighting the rise of artificial intelligence-driven deceptions, fake online relationships, and sophisticated impersonation schemes.
The guidance comes as data from the Federal Trade Commission (FTC) reveals that consumers reported losing over $3.5 billion to imposter scams in 2025 alone. Financial institutions and consumer protection agencies are emphasizing proactive habits to prevent fraudulent transfers before they occur.
Common and Emerging Scam Tactics
Security experts at Bank of America identified several key tactics currently being used by scammers to target consumers:
- AI Deception: Fraudsters are leveraging advanced artificial intelligence to clone voices, generate realistic synthetic media, and design convincing online advertisements. Authorities stress that even if a voice or image appears authentic, individuals should independently verify any request for money or sensitive data.
- Impersonation Schemes: Bad actors frequently pose as trusted entities—including bank representatives, law enforcement officials, government agency workers, or family members in crisis—to create a sense of urgency.
- Fake Online Relationships: Scammers build rapport and trust over social media or messaging platforms over extended periods before orchestrating a request for financial assistance or investment.
- E-Commerce and Shopping Deals: Offers featuring extreme discounts or deals that appear too good to be true often originate from fraudulent sites designed to capture payment credentials.
‘Stop. Verify. Protect.’
To counter these threats, security officials advise consumers to pause whenever a financial request feels unusual or high-pressure. Rather than using contact numbers or links provided in unverified messages, individuals should reach out directly to institutions using official channels, such as the phone number on the back of a debit or credit card.
Bank of America has updated its online Security Center and Resource Portal to offer actionable guidance on trending threats. Mobile banking users can also ask the bank’s virtual assistant, Erica, for updates on the latest fraud schemes directly within the mobile app.
