A growing wave of bank scam operations using phone number–spoofing technology is devastating Americans nationwide, draining life savings within minutes while banks and law enforcement struggle to respond. The Federal Trade Commission (FTC) reports that imposter fraud — where scammers pose as trusted institutions — is now the No. 1 consumer complaint of 2025, with over 516,000 cases and nearly $1.7 million in reported losses.
Victims describe sophisticated operations involving fake Chase Bank calls, falsified alerts, and AI-powered caller ID manipulation. “It’s devastating,” said 33-year-old journalist Phillips of New York City, who lost nearly $30,000 after scammers posing as Chase employees convinced him to transfer money into fake “decoy” accounts. “They used fear tactics to basically hypnotize me into handing over all the money I’d worked so hard to earn and save.”
Deborah Moss, a 65-year-old caretaker from California, lost $162,000 in a nearly identical scheme in 2020. “I started screaming like you wouldn’t believe,” she said. “That was all my money.” The scammer, posing as a bank representative named “Miss Barbara,” repeatedly called Moss for more than a week, tricking her into authorizing multiple wire transfers.
Experts warn that new artificial intelligence tools are amplifying the bank scam crisis, allowing criminals to mimic voices, background noises, and even legitimate phone numbers. “AI can certainly amplify the scams, making them more believable,” said Christopher Brown of the FTC’s Division of Marketing Practices. The Federal Communications Commission has rolled out new caller verification systems under its STIR/SHAKEN framework, but scammers continue to find loopholes.
Banks advise customers never to trust unsolicited calls asking for personal details or to transfer funds. “Your bank will never call and ask for your account information or tell you to move money to protect it,” Chase said in a statement.
