As our daily reliance on digital communication steadily increases, scammers are evolving their tactics to exploit the trust we’ve built for online and other financial services. Imposter scams are on the rise and are currently the most commonly reported fraud, with approximately 985,000 complaints in 2021 according to the Federal Trade Commission.1
Imposter scams typically begin with an anomalous email (commonly known as phishing), a phone call from a falsified number (vishing), an unsolicited text (smishing) or a social media message. The communications appear to be from trusted professionals such as bank representatives, lawyers or government officials.2 To make them appear more authentic, the perpetrators may even pose as your current relationship manager, or representatives of companies you already have relationships with.
By creating fraudulent websites using legitimate information they’ve harvested from online sources, these scammers lure clients and potential prospects into providing confidential information with the intention of committing financial fraud.