Bank impersonation scams have quickly become one of the most widespread, damaging, and cynical forms of consumer fraud. The financial losses from these scams can be devastating for the individuals who fall victim to them, but the true cost may run even deeper. Every successful scam chips away at the fragile trust between consumers and financial institutions, a trust that underpins everything from access to earnings and savings to paying bills, buying groceries, and building long-term financial security. To better understand how these scams impact everyday consumers, PissedConsumer.com conducted a survey in July 2025. The results highlight not only the financial toll of impersonation fraud but also its profound effect on consumer trust in the financial services sector. Bank impersonation scams are affecting older adults the most, with phone calls remaining the leading method. Reported losses range from nothing to tens of thousands, showing how quickly a minor scam can become a serious financial setback. Despite frequent reporting, many victims remain dissatisfied with resolutions. Consumers should be cautious of all unsolicited calls, texts, or emails. Always verify by logging in directly or calling your bank — legitimate institutions will never pressure you. — Michael Podolsky, CEO of PissedConsumer.com In this article, we’ll share insights from the survey, explain how scammers manipulate consumer trust, highlight which groups are most at risk, examine the scale of financial losses, and outline practical steps to help you protect yourself and your family from this growing threat. Key Insights Seniors (65+) are the most frequent targets of bank impersonation scams. Phone calls remain the leading channel for scammers, followed by email and text. Financial losses range from zero to tens of thousands of dollars, with many victims reporting unresolved complaints. What Are Bank Impersonation Scams? Bank impersonation scams, also known as imposter scams, occur when fraudsters pose as representatives of legitimate banks or financial institutions to steal money or personal information. The tactics are often quite simple but highly effective. Scammers create a sense of urgency, pressure victims to act quickly, and exploit the natural trust consumers place in familiar institutions. How Do Scammers Target Consumers? The PissedConsumer bank impersonation scam survey confirms a long-standing trend: scams typically begin with unsolicited calls, texts, or emails. Phone calls and voicemails (26.7%) remain the most common entry point. Emails (16.8%) and text messages (12.9%) follow closely behind. These methods exploit everyday consumer habits, such as answering a call from a trusted brand, responding to a message marked “urgent,” or checking an email that looks convincingly official. Scams are often timed to reach people at their most distracted moments, on the school run, during a busy working day, or at meal times, increasing the likelihood of a hasty response. Common Tactics: Phone calls: Scammers often use spoofed caller IDs that make it appear the call is coming directly from your bank. Emails: Fraudulent messages are crafted to look identical to legitimate bank communications, complete with logos and genuine-looking addresses. Text messages: Short, urgent messages warn of “suspicious activity” or “account suspension,” prompting immediate action. Scammers are also expanding their reach through digital platforms and technologies. Online platforms (14.9%), social media (11.9%), mobile apps (7.9%), and payment apps (5%) are increasingly used to trick consumers, with some even attempting in-person scams (3.9%). Who Is Most Affected by Bank Impersonation Scams? The PissedConsumer.com survey reveals that older adults are most commonly targeted. More than 54.8% of victims were aged 65 or older, with another 20.9% aged 55–64. This indicates scammers deliberately focus on retirees or those nearing retirement — individuals more likely to have savings or accessible funds. What Type of Institution Scammers Pretended to Be From Impersonation scams typically involve fraudsters posing as representatives of trusted financial service institutions, but this isn’t always the case. While banks remain the most common target, the rise of digital payments, online shopping, and tech-based services has widened the field, giving scammers more ways to appear legitimate and exploit consumer confidence. Banks and Credit Unions (52.9%): More than half of those surveyed said scammers claimed to represent a bank or credit union. Among these cases, 57.1% involved large national or international banks, 28.6% regional banks, and 14.3% credit unions. Financial and Payment Services (24.5%): Nearly a quarter of impersonation scams reported involved digital financial platforms or online payment providers. Tech and Retail Establishments (15.1%): Scammers also impersonate technology brands, online stores, or marketplaces. Victims may receive fake security alerts, refund offers, or delivery notifications that direct them to fraudulent websites designed to harvest login and payment details. Other Institutions (7.5%): A smaller but still significant portion of scams originates from impersonations of public agencies, utilities, or other service providers. These scams may use threats of service interruptions or penalties to create a sense of urgency and prompt immediate action. How Much Money Do Consumers Lose in Bank Impersonation Scams? The financial losses from impersonation scams range widely, from no loss (when victims thankfully catch the scam early) to tens of thousands of dollars. While some victims eventually recover their funds, many report frustration with the resolution process. For those who lose retirement savings or life savings, the emotional and financial toll can be overwhelming. Beyond the dollars lost, victims often describe a lasting sense of mistrust toward their financial institutions. Were Scam Victims Able to Resolve Their Issues? For many consumers, the aftermath of a bank impersonation scam can be as stressful as the scam itself. Once the immediate realization and panic subsides, victims are left navigating a complex maze of procedures, investigations, and customer service interactions. Some of these procedures may make victims feel like they were foolish and ultimately at fault. This might explain why many victims (14.8% according to our survey) don’t report scams. Unfortunately, the PissedConsumer survey shows that resolution is far from guaranteed. While 28.3% of respondents reported receiving a full refund, and another 4.7% received a partial refund, a significant number experienced disruption without full financial recovery. 28.3% said their accounts were frozen or blocked, and 34% had to have new cards or accounts issued. While these are necessary steps for protection, they are also hugely inconvenient and time-consuming processes. Perhaps most concerning is that 38.7% of victims said their issue wasn’t resolved at all, with no solution provided by their bank or the relevant authority. For these individuals, the sense of injustice can be as damaging as the financial loss itself. Even among those whose cases were still under investigation (9.4%) or where the scammer was identified (9.4%), uncertainty remains high and highlights just how inconsistent fraud resolution can be. How Do Bank Impersonation Scams Affect Consumer Trust? Bank impersonation scams damage more than wallets; they damage relationships. Many survey respondents said their trust in financial institutions was deeply shaken, even when the bank itself wasn’t directly at fault. This erosion of confidence often leads to reduced loyalty and, in some cases, customers switching providers. As highlighted in our report on the worst and best banks, the speed, clarity, and compassion with which fraud is resolved can influence consumer perception as much as day-to-day service quality. What Can Banks Do to Prevent Impersonation Fraud? While banks may never eliminate impersonation fraud entirely, they can significantly reduce its impact through proactive prevention, smarter technology, and better communication. This approach is endorsed by many of the PissedConsumer survey respondents. 22.7% of consumers want real-time alerts for suspicious activity. 22.2% call for stronger fraud detection systems. 20% want banks to automatically freeze suspicious transactions. 16.4% prioritize better customer education. 15.7% want customer service teams better trained to handle fraud cases. These figures show that consumers want more than protection: they want responsiveness, transparency, and confidence that their bank is working to safeguard them in real time. What Should Consumers Do If They Fall Victim to a Bank Scam? If you suspect you’ve been targeted by a bank impersonation scam, act immediately. Every minute counts, not just to protect your funds, but also to limit how much of your personal information a scammer can access. Steps to take immediately: Stop all communication: Hang up the phone, delete suspicious messages, and do not click on any links. Scammers often follow up to confuse or pressure their victims further. Contact your bank directly: Use the official phone number on your card, statement, or app, not one provided in a suspicious message. Ask your bank to freeze suspicious transactions and monitor your account. Document everything: Save call logs, texts, emails, and screenshots. Detailed records help investigators and support claims for reimbursement. Monitor your accounts: Review bank, credit card, and digital wallet transactions regularly. Consider placing a fraud alert or credit freeze with major credit bureaus if necessary. Warn others: Inform friends, family, and co-workers - especially older relatives who may be more susceptible to this type of fraud. Sharing your experience helps others recognize similar scams before it’s too late. Report the scam: Reporting helps your own case and prevents others from being targeted. As shown in our survey, consumers report scams through multiple channels. Bank’s fraud department (25.8%) and bank’s customer service (21.7%) are the most popular. However, it’s you can also report fraud to the police, FTC, or CFPB. Why Reporting Matters? As our survey reveals, consumers report scams to a wide range of organizations, from banks and the FTC to state attorneys and credit bureaus. This fragmented system often leaves victims of credit union and bank scams confused and uncertain about where to turn. Banks can help by streamlining the reporting process, signposting official channels, and coordinating more closely with regulators. But consumers play a crucial role, too: the faster and more widely scams are reported, the stronger the collective defense becomes. Share Your Experience If you’ve been affected by a bank impersonation scam, you’re not alone. While nobody wants to be a victim, your story can make a difference. By leaving a review or sharing your experience, you help warn others, support stronger fraud prevention measures, and hold organizations accountable for their response. Whether your issue was resolved quickly or left unanswered, your feedback helps shape safer financial systems for everyone. Share your experience Methodology A review and reputation management platform, PissedConsumer.com, conducted an online survey among its website users to explore consumer experiences with bank impersonation scams in July 2025. The survey targeted a diverse demographic, including respondents across various age groups: 65+ (54.8%), 55-64 (20.9%), 45-54 (12.2%), 35-44 (7%), 25-34 (3%), and 18-24 (2.1%). Gender distribution was nearly balanced, with 51.3% female and 47% male. As the survey was opt-in, it reflects the authentic sentiments of customers who have encountered bank impersonation scams.