Professional scammers are increasingly sophisticated, coaching victims on what to say and how to act before they even arrive at a bank to withdraw or transfer funds, according to Darius Kingsley, Head of Consumer Fraud and Scam Prevention at JPMorgan Chase. These tactics are part of a larger trend where reported losses from internet crime exceeded $20 billion in 2025, with impostor scams accounting for $3.5 billion in losses, according to FBI and FTC data.
Kingsley described in an interview how scammers create a sense of urgency and fear, often impersonating law enforcement or other trusted authorities. They may coach individuals on specific phrases to use or provide fabricated reasons for large cash withdrawals, such as home renovations or helping a family member. In some instances, scammers even falsely claim the bank is complicit in the scheme to make bank tellers appear untrustworthy to the victim.
Identifying Red Flags
Bank tellers are trained to identify subtle red flags during transactions. These can include a customer appearing nervous, staying on the phone during the transaction, or providing a story that seems inconsistent or falls apart under questioning. While most transactions are legitimate, these indicators can signal that a customer may be under duress. Kingsley emphasized that these questions from bank staff are not meant to be intrusive but can serve as a crucial intervention point to prevent a scam.
Organized criminal groups, sometimes operating from scam compounds overseas, are behind many of these operations. These groups may hold trafficked workers captive, using them to target individuals in other countries. The funds are quickly moved through multiple accounts and often sent internationally, making recovery challenging.
Families should be vigilant for changes in a loved one's behavior. Warning signs include sudden secrecy around financial matters, an unusual rush to make a bank transaction, or increased defensiveness regarding money. Interactions with cryptocurrency ATMs, especially while on a phone call, should be treated as an immediate emergency.
Steps to Prevent and Respond to Scams
Kingsley recommends several proactive measures to safeguard against scams. Activating fraud alerts through bank accounts for large withdrawals and transfers is a basic but essential step. Implementing two-factor authentication for financial apps and banking credentials adds a significant layer of security.
Establishing a trusted contact with the bank, if available, can provide an additional safety net. For family protection, creating a private code word can help verify the identity of someone requesting urgent financial assistance. Scammers often exploit personal information; reducing the amount of publicly available data can make impersonation harder.
Crucially, Kingsley advises establishing a family rule against executing wire transfers, cryptocurrency payments, gift card purchases, or large cash withdrawals based solely on a phone call. Slowing down such urgent requests by hanging up and verifying directly with the bank or a trusted family member can thwart many scams.
If a scam is suspected or has occurred, immediate action is critical. Contacting the bank without delay is the first step, as they may be able to freeze or trace funds. Filing a police report and reporting the incident to the FBI's Internet Crime Complaint Center (IC3.gov) and the FTC (ReportFraud.ftc.gov) are also vital for law enforcement to track criminal activity.
Kingsley stressed that falling victim to a scam does not reflect poorly on an individual's intelligence, as scammers expertly employ psychological tactics. Open communication within families about these risks and establishing clear protocols for financial requests are presented as the most effective defenses against these evolving threats.