Banks and other financial institutions are taking note of a rise in impersonator scams. The Federal Trade Commission reports Americans lost more than $3.5 billion to impostor scams in 2025. That’s a threefold increase since 2020.
Heather Polk, a branch administrator in Fort Smith for Arvest Bank, says the increase in scam losses is likely because scammers are getting more sophisticated.
“They may represent themselves as IT tech support, wanting to gain access to your computer or the fraud team at your financial institution, law enforcement, FBI, the IRS or other government agencies and/or other positions of authority. At times, even using badge numbers and legitimate law enforcement names to make it seem more legit.”
Polk says scammers usually have several things in common. Most have a misrepresentation of identity and most attempt to instill a sense of panic.
“The majority of scams are going to trigger some type of emotional response so that you’re not thinking clearly. The scammer is going to strongly imply a sense of urgency. They want you to respond before you’ve had time to mentally process the details.
“They’re also going to ask you to keep it secret. They don’t want you to discuss the situation with anyone else that may be able to give you clarity and stop you from sending the money.”
Finally, Polk says the scammers will ask for money to be transferred in an untraceable way, like gift cards or through digital currency.
Polk says we should remember that our banks will never ask for an online banking password, for a debit card PIN number or a full Social Security number.
“And we also will never tell you that you need to move your money to protect it. If you’re instructed to transfer funds to a safe account or an alias account, and/or to wire money or send gift cards to resolve an issue, it is a scam.”
So it's best to ignore any suspicious messaging. Don’t engage. Heather Polk says if we don’t recognize the phone number, don’t answer. Let voicemail handle that scammer. And if we’ve been a victim, don’t be embarrassed.
“The majority of scams are going to trigger some type of emotional response so that you’re not thinking clearly. The scammer is going to strongly imply a sense of urgency. They want you to respond before you’ve had time to mentally process the details.
“They’re also going to ask you to keep it secret. They don’t want you to discuss the situation with anyone else that may be able to give you clarity and stop you from sending the money.”
She says, beyond what your bank can do, also contact agencies like local law enforcement and the FBI. Heather Polk is a branch administrator in Fort Smith with Arvest Bank.
Copy editors utilize AI tools to review work. KUAF does not publish content created by AI. Please reach out to kuafinfo@uark.edu to report an issue. The audio version is the authoritative record of KUAF programming.
