Warning Customers About Rising Bank Impersonation Scams

We’re warning consumers to stay vigilant as bank impersonation scams continue to increase in Iowa and nationwide. Scammers are using sophisticated tactics, including artificial intelligence (AI)-driven voice cloning, spoofed phone numbers, text messages and emails to make it appear banks are contacting customers directly. According to the FBI, more than 5,100 complaints involving bank impersonation scams have been reported since January 2025, with reported losses totaling more than $262 million.

What is a bank impersonation scam? 

Bank impersonation scams occur when fraudsters pose as a bank employee, law enforcement officer or fraud department representative to trick consumers into sharing sensitive information or transferring money. In many cases, scammers claim there is suspicious activity on an account and pressure consumers to act immediately to “protect” their funds.

These scams can look remarkably convincing. For example, fraudsters may spoof a bank’s actual phone number and reference recent transactions to gain trust with the customer. Some scammers even direct consumers to move money to a “safe” account, which is being controlled by the criminal. Scammers are also utilizing AI tools to create realistic voice messages and impersonation attempts designed to sound authentic. According to McAfee, AI can now clone a person’s voice in as little as three seconds.

Scammers are becoming increasingly sophisticated and often rely on fear and urgency to convince people to act quickly. Consumers should remember that legitimate bank communications will never pressure customers to move money immediately or provide sensitive information during an unexpected phone call or text message.

How can you protect yourself?

To help detect these scams, slow down and independently verify any unexpected request involving financial information or account activity. Below are some tips to help you steer clear of bank impersonation scams:

• Hang up and contact your bank directly using a verified phone number.
• Never share online banking credentials or account information during an unsolicited phone call or text message.
• Do not send money or approve wire transfers based on pressure or urgent claims.
• Be cautious of caller ID, as scammers can spoof legitimate phone numbers and use AI-generated messages to appear credible.
• Monitor account activity regularly and report suspicious activity immediately.

These tips are provided by the Iowa Bankers Association.