Protect Yourself from Imposter Scams: What You Need to Know

By: Margarita Alvarez, Head of Payment Risk Programs for Consumer and Small Business Banking, Wells Fargo

Imposter scams are on the rise, and it’s more important than ever to stay vigilant. According to the Federal Trade Commission (FTC), consumers reported losing more than $10 billion to fraud in 2023, of that, nearly $2.7 billion was lost to imposter scams alone—a 14% increase from the previous year. These scams come in many forms, but they all have one thing in common: a scammer pretends to be someone you can trust to steal your money or personal information.

At Wells Fargo, we are committed to educating and protecting consumers’ financial well-being. Knowledge is power, and the best defense to avoid being “tackled” by a scam is a good offense. Here are some common imposter scams to watch out for and tips to protect yourself:

Common Imposter Scams:

• Card “Pick-Up” Scheme: Scammers pose as bank representatives claiming your debit card has been compromised and tell you they need to pick it up, or they direct you to mail them the card. They may even ask for your PIN as “verification.”
• AI Voice/Imaging Cloning: Scammers can use AI to clone the voice of a loved one or trusted individual to create deepfake calls, images or videos, and ask for emergency money.
• Payment App Scams: Scammers send texts or emails asking you to confirm or decline a fake payment. If you respond, they may call back pretending to be a bank representative and then trick you into sending money – often via another P2P payment method, gift card, wire transaction or by sending money directly into another account. These scammers claim they can “reverse the payment” or keep further “fraud” from occurring.
• Crypto and Investment Scams: Fraudsters manipulate people into making phony investments with cryptocurrency, promising big, quick returns and then disappearing with the funds. There has been a rise in these types of scams. 
• Online Marketplace Merchandise Scams: Scammers lure you in by offering great deals or deep discounts that aren’t real. They may use fake websites, social media ads, a hacked social media account of a friend, or malicious links to try to steal your personal information or money.
• Package Delivery & Shipment Scams: Scammers send a bogus email or text message stating there is a problem with a delivery or shipment and provides a fake tracking link/code. Clicking the link can either direct you to provide personal/financial information or can install malware into your device.

Tips to Protect Yourself:

• Wait & Validate: If you receive an unexpected text, email, or phone call, do not respond or click any links. Verify the legitimacy of the communication.
• Verify Recipient: Only send money to someone you know, trust, and can confirm their identity. Once you approve sending the funds, the money leaves your account and is often unrecoverable.
• Set Up Alerts: Use account alerts and two-factor authentication and monitor your accounts frequently.
• Be Vigilant: Anyone can experience a scam. When in doubt, stop and get help.
• Don’t Share Personal Information: Don’t share your username, passwords, PIN numbers, or access codes. 
• Don’t Trust Caller ID: Scammers can spoof legitimate phone numbers by altering caller ID. 
• Don’t Be Pressured: If someone asks you to make a payment using a gift card, cryptocurrency, or a prepaid card, it’s a clear sign of a scam.

What to Know:

• Providing personal information such as one-time passcodes, passwords, or PINs can give scammers access to your account and funds.
• Your bank won’t ask you to send a payment or hand over your physical card to prevent fraud. If you get a call asking for that, hang up and call your bank directly.
• Sending money via wire payment, certain P2P payments, or gift cards are immediate forms of payment, making recovery unlikely even if it’s a scam. 

Scammers are always on the prowl and will use every type of tactic to trick people out of their money, so it’s imperative to stay informed, stay alert, and stay skeptical to avoid imposter scams. Download the Wells Fargo Mobile^® app for access to the Security Center in the palm of your hands, which has tools and resources to help protect your account. Together, we can fight fraud and keep your accounts safe.