Spotting AI bank scams: What your bank will never ask you

Scammers are becoming more sophisticated by using artificial intelligence, caller ID spoofing and personal information exposed in data breaches to convince people they're speaking with someone they trust.

The threat has become so widespread that the Federal Trade Commission says imposter scams are now the most frequently reported scam in the country.

To help consumers avoid becoming victims, the American Bankers Association launched its "Banks Never Ask That" campaign.

"We're trying to get those consumers to recognize one, the threat that's out there, and then two, how do you recognize it when someone's calling up pretending to be your bank?" said Paul Benda of the American Bankers Association.

Scams can be convincing

Earlier this summer, CBS News Philadelphia reported on how scammers tricked anchor Siafa Lewis into believing he was speaking with his bank's fraud department.

The scammers ultimately stole $7,000 from his account.

"I think they had my username and my password, but they couldn't get into my account. Thus, the phone call. Thus, the 'can you confirm the six-digit code we just sent you?'" Lewis said.

When asked whether he had provided the code, Lewis replied, "Yes."

Lewis said after submitting a fraud dispute, PNC Bank eventually recovered the stolen funds.

What your bank will never ask you

According to Benda, legitimate banks will never:

• Call you unexpectedly and ask for a one-time passcode.
• Tell you to move money to "protect it."
• Direct you to convert money into cryptocurrency to resolve a fraud concern.

Benda said scammers often rely on fear and urgency to pressure victims into acting before they have time to think.

"You know, it's that sense of fear, that urgency, wanting to act quickly, not wanting you to tell anyone else about it," Benda said.

If a caller makes those requests while claiming to represent your bank, Benda recommends ending the conversation and contacting your bank directly.

"Anything that happens like that, hang up, call the number on the back of your card because that way you know who you're talking to, or call the number on the website," he said.

Protecting yourself from AI scams

Benda also warns consumers about the growing threat of AI-powered scams, including voice-cloning technology that can mimic a family member or loved one.

One way families can protect themselves is by creating a shared safeword to verify someone's identity during an unexpected or suspicious call.

Consumers can learn more about common banking scams and fraud prevention tips through the American Bankers Association's BanksNeverAskThat.com website.