The holiday season brings celebration, connection, and unfortunately, heightened fraud risk. This time of year, scammers work harder than ever to impersonate the people you trust most, including banking employees, well-known institutions, and even family members. With the use of advanced AI tools, these criminals are becoming increasingly convincing and difficult to detect.

Two Major Impersonation Threats

1. Imposters Posing as Bank or Financial Institution Employees: Fraudsters may spoof phone numbers, use real employee names, and even lift professional photos to make their outreach appear legitimate. Their approach typically involves creating a sense of urgency: claiming a security issue, prompting clients to share login credentials, or requesting verification codes or money. Once they gain access, these criminals can reset passwords, lock you out of your accounts, and initiate unauthorized transactions.

2. Fake Business Websites and Phishing Links: Scammers increasingly exploit search engine optimization (SEO) and smishing (SMS phishing) to elevate fake login pages or deliver them directly to phones. These pages often look authentic but are designed to harvest credentials and two-factor authentication codes. Once you enter your information, fraudsters can intercept security tokens and quickly drain accounts.

A New Twist: AI-Powered Impersonation

Impersonation scams surged 148% in 2025, becoming the most frequently reported type of fraud. Today’s criminals are using AI-driven voice cloning and deepfake video to mimic the tone, appearance, and behavior of trusted individuals, including employees and family members. These scams often begin with a phone call or video message that feels genuine but is entirely fabricated.

The Impacts of Identity Theft

Once scammers capture personal information, the consequences can be severe. They may open new accounts, apply for loans, or file fraudulent tax returns in the client’s name. Beyond financial loss, the emotional toll, especially for senior or vulnerable clients, can be significant.

How You Can Stay Safe

• Never share credentials: You should never provide login information or verification codes, regardless of how urgent or familiar a request sounds.
• Use trusted URLs: Use browser bookmarks or typing website addresses manually, rather than clicking links from search results, text messages, or emails.
• Independently verify identities: Call people or institutions using a known, trusted number, not one supplied in a message, an unsolicited email, or unexpected call.
• Avoid remote-access requests: Financial institutions will never ask clients to download third-party software or grant remote access to their devices.
• Freeze credit where possible: Place credit freezes with Equifax, Experian, and TransUnion to help prevent fraudulent account openings.
• Monitor regularly: Review your credit reports on an ongoing basis for signs of suspicious activity.
• Know the red flags: Urgency, secrecy, and requests for gift cards are extremely common scam indicators.
• Set a family code: Consider establishing a shared phrase or password that family members can use to verify identities before sending money or sensitive information.
• Start the conversation: As you gather with loved ones this season, encourage discussions about scam awareness and protecting their digital footprint.

Act Quickly if You Suspect Fraud

If you notice suspicious activity or believe you’ve been targeted, contact your financial institutions immediately.

Federal Government Fraud & Identity Theft Resources

• Federal Trade Commission (FTC) – Central hub for consumer protection, fraud prevention tips, and reporting tools for scams, identity theft, and unfair business practices.
• IdentityTheft.gov – The FTC’s official site where victims can report identity theft, get a personalized recovery plan, checklists, and sample letters to help restore accounts.
• ReportFraud.FTC.gov – FTC portal specifically for reporting fraud, scams, and bad business practices.
• Internet Crime Complaint Center (IC3) – A partnership between the FBI and the National White Collar Crime Center where individuals can report internet-facilitated crimes, including scams and fraud.

Additional Government Fraud Support Sites

• VSAFE.gov – U.S. government resource compiling fraud and identity theft educational materials and reporting options from multiple federal agencies.
• Social Security Administration (SSA) Fraud Info – Guidance on protecting your Social Security number, recognizing fraud, and reporting misuse or identity theft.
• Consumer.gov – A government resource with plain-language explanations about identity theft and how to protect yourself, including links to report issues.

Helpful Tips When Using These Sites

• Always ensure you’re on a “.gov” domain for official government resources (e.g., IdentityTheft.gov, FBI.gov, FTC.gov).
• Be cautious of spoofed sites that mimic these official resources to steal personal information.

This content is developed from sources believed to be providing accurate information. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.