Scammers are using a high-tech method to make off with six-figure sums from bank accounts.
Scammers are deploying phone number-spoofing technology en masse, which can alter caller ID information, to target Americans, reports the New York Post.
JPMorgan Chase customer Noel Phillips, a 33-year-old NYC resident, lost $30,000 of his life savings to the imposter scam.
“It’s devastating. I can still hear the voices of the people who called me, posing as employees of Chase Bank, claiming there had been fraudulent activity on my account…
They used fear tactics to basically hypnotize me into handing over all the money I’d worked so hard to earn and save over the last four years.”
Another victim, Deborah Moss, a 65-year-old caterer from Northern California, had $162,000 drained from her Chase account after being the target of an imposter scam.
“I started screaming like you wouldn’t believe. I was, like, ‘Oh, my f-king God.’ I was just hysterical. That was all my money.”
Business imposter scams are becoming more prevalent in recent years and rank as the top consumer complaint in 2025, according to Federal Trade Commission (FTC) data.
The FTC says it has received so far this year about 516,000 complaints about imposter scams totaling nearly $1.7 million in losses.
The scheme generally starts with a phone call, text or email from scammers pretending to be a representative from a trusted, established company, such as Chase.
They claim that there’s been some sort of security breach or unauthorized transactions on their account.
The imposters will then create a sense of urgency to dupe the customer into transferring large sums of money or providing sensitive personal information to steal the funds from their accounts.
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