Avoid the Fake: How AI Can Stop Bank Impersonation

As criminals combine AI tools and multi-step scam tactics, bank impersonation scams are becoming more sophisticated and harder to detect. These tactics, coupled with the ease with which scammers can obtain personal information, make bank impersonation scams a force to be reckoned with. Phishing attempts that were once easy to spot now look and sound authentic, with spoofed caller IDs, accurate customer details, and continual confirmation from the scammer. This makes it easier for scammers to convince people they are actually dealing with their bank—which needs their information to protect them from fraud. 

This Javelin Strategy & Research report examines how evolving impersonation scam tactics and gaps in fraud prevention are exacerbating the problem. This report also details how AI-powered scam solutions and consistent bank messaging are needed to stop bank impersonation in real time and build customer trust.

Key questions discussed in this Fraud Management report: 

• How are evolving tactics making bank impersonation scams harder to detect?
• How can FIs improve scam detection and customer communication?
• What role does consumer education play in preventing impersonation scams? 

Companies Mentioned: 

Assured Partners, Bank of America, BioCatch, Citigroup, Discover, FDIC, Federal Trade Commission, Feedzai, Identity Theft Resource Center, RangersAI, Scamnetic, Suncorp Bank, Wells Fargo