Fraud Is Progressing Fast

Fraud is no longer a distant threat — it’s a daily problem for all of us. From phishing emails and fake bank texts to sophisticated AI-powered impersonation, fraudsters are constantly evolving their tactics. And as fraud and financial scam activity continues to surge, we want to make sure you’re informed, alert, and protected.

The rapid expansion of artificial intelligence (AI) is emboldening scammers and helping them create new tricks and multiply old ones. Consumers must stay vigilant.

Just recently, one bank had a client fall victim to an impersonation scam. A fraudster called the client claiming to be "Susie Brown" from the bank’s fraud department. They tricked the client into thinking somebody was impersonating her at her local bank branch. "Susie" told the client that to safeguard her funds, she needed her to withdraw cash and FedEx the money to someone in Florida so a new account could be opened for her. The client came to the bank, withdrew cash, and told bank employees the purpose of the cash withdrawal was to buy a car. Unbeknownst to the branch staff, the client had the fraudster on the phone and was sharing a video with the fraudster while the transaction was being completed in the branch.

One day after the client sent the cash via FedEx and confirmed the fraudster in Florida received the funds, she began questioning what she had done. She called the bank and confirmed she fell victim to a scam. Unfortunately, stories like this are all too common.

Types of fraud you should watch out for:

• Phishing (fake emails or texts claiming to be from your bank)
• Check fraud (counterfeit or altered checks)
• Debit/credit card fraud (card skimming, cloning, or lost/stolen card use)
• Online banking fraud (username/password theft)
• Impersonation (scammers pretending to be someone you trust)
• Tech support scams (scammers impersonate support representatives)
• Wire transfer fraud (business email compromise, romance scams)
• ATM fraud (card trapping, cash trapping) 
• Loan and credit scams (upfront fees, fake collection agencies, etc.)

Learn More

In 2024, American Bank's fraud prevention team helped clients avoid $1.4 million in check fraud alone. Through a mix of products and educational awareness, we help businesses and consumers stay alert.

Here are some tips and tricks to help you:

• Do not open or respond to online solicitations for personal information (we'll never send emails containing attachments or require customers to send personal information via email or pop-up windows).
• Do not share your Social Security number without confirming the request is from a trusted source.
• Make photocopies of important business and personal information and store them in a secure location like a safe deposit box.
• Shred financial or personal documents before discarding.
• When possible, use paperless billing and statement options. Mail theft is more common than you think.
• Receive and pay bills online with Bill Pay.

Fraud may be progressing, but so are the tools and resources to fight it. At American Bank, we’re committed to helping you recognize the warning signs, understand the risks, and take proactive steps to protect your finances. Whether it’s through one-on-one conversations, educational resources, or secure banking solutions, we’re here to support you every step of the way.

Bottom line … if something feels off, it probably is. Trust your instincts, verify before you act, and never hesitate to reach out to us with questions or concerns. Together, we can outsmart the scammers.