As banks continue to digitize operations and broaden their service channels, threat actors are evolving too, crafting increasingly sophisticated scams that directly target financial institutions and their customers.
Armed with proper information, however, bank risk officers, compliance leaders and customer-facing teams can proactively work to guard against crippling losses, both financial and reputational.
1. Deepfake Scams Targeting Bankers
A particularly concerning development in 2025 is the significant spike in deepfake scams against bankers and financial institutions.
According to a February 2025 American Banker presentation, fraudsters are using AI-generated video and voice to impersonate bank executives, tricking employees into transferring funds or disclosing sensitive customer data.
A recent case involved a regional bank in Texas in which a finance manager received a video call from what appeared to be the CFO requesting a $1.2 million wire to a vendor. The image and voice were AI-generated, but close enough to pass a cursory check. The fraud was only caught after the wire cleared and the real CFO confirmed he had been on vacation.
Defending Against Deepfake Scams
- Implement strict out-of-band verification for all high-value fund transfers
- Out-of-band verification is a separate communication channel—one that is independent from the original request, such as a text to their personal phone which you have already verified to be legitimate
- Train staff on how to identify subtle inconsistencies in voice, behavior, and background cues in video calls
- Limit executive video/audio content posted online to reduce the source material for deepfake generation
2. Zelle and Peer-to-Peer Transfer Exploits in Banking
As reported by Reuters in March 2025, fraudsters are increasingly abusing Zelle and other P2P platforms by posing as bank fraud departments. A common scheme involves calling customers from spoofed bank numbers, warning of “suspicious activity,” and instructing them to reverse unauthorized charges—by sending money to themselves, when in fact it’s going to the scammer.
Wells Fargo and Chase have both confirmed rising Zelle fraud claims related to this tactic, and the Consumer Financial Protection Bureau (CFPB) is reportedly working on new guidelines to clarify banks’ responsibilities in reimbursing victims.
Defending Against Zelle and P2P Fraud
- Update customer education campaigns to emphasize that banks will never ask customers to move funds to reverse fraud
- Ensure that fraud alerts include specific language discouraging immediate action without direct bank login confirmation
- Monitor transaction patterns for signs of rapid, same-amount transfers that could signal social engineering
3. Business Email Compromise (BEC) Threats to Banks
The classic business email compromise scam has evolved. As highlighted in a January 2025 alert from the FBI Internet Crime Complaint Center, cybercriminals are using breached vendor accounts to issue fake invoices to banks or corporate clients.
In a recent instance, a bank in Florida paid out $340,000 to a fake invoice that mimicked a longtime vendor’s formatting and messaging style, even to the detail of originating from the vendor’s actual email account. The nefarious new twist in this instance is that the fraudsters waited months after breaching the email account to study patterns and insert themselves at just the right time.
Defending Against Evolving BEC Scams
- Use domain-monitoring tools and email authentication methods (DMARC protocols) to identify lookalike domains and unusual sender activity
- Encourage finance teams to verify vendor payment details out-of-band, particularly when banking information changes
- Require dual-approval workflows on all third-party payments above a designated threshold
4. Mitigating Risks from Romance Crypto Scams in Banking
Community and regional banks are increasingly facing fallout from romance scams tied to cryptocurrency investments. A CNN report from April 2025 indicates that scammers are using dating platforms to build trust with victims, then convincing them to invest in fake crypto platforms, often funded via transfers from their bank accounts.
The problem for banks? Victims are filing claims after the fact, asserting that banks failed to flag obvious fraud patterns. In several cases, victims made more than 10 transfers over weeks to overseas accounts flagged on OFAC watchlists. Yet the banks allowed them through.
Defending Against Romance Crypto Scams
- Implement stronger AML transaction screening that flags behavior consistent with romance or investment scams
- Train relationship managers to sensitively inquire when elderly or vulnerable customers begin unusual crypto elderly scam-related transfers
- Document outreach efforts to protect against future liability claims
5. Addressing Internal Collusion and Third-Party Risks in Banking
Regulators are warning banks not to overlook internal threats, especially as outsourced vendor relationships and remote work arrangements expand.
The Office of the Comptroller of the Currency (OCC) issued a Supervisory Highlights memo in March 2025, noting that third-party fintech partners are being exploited as points of entry for both data theft and payment fraud.
In one example, a contractor working with a Midwest community bank’s call center accessed dormant accounts and initiated $90,000 in fraudulent Zelle transfers before detection.
Defending Against Internal and Third-Party Risks
- Regularly audit access privileges for third-party vendors
- Conduct surprise penetration testing and background checks on contractors with system access
- Implement behavior-monitoring software that alerts to unusual access patterns or login times
Building a Human-Centric Approach to Fraud Prevention
Fraud isn’t just a technical problem, it’s a people problem. In every scenario, what ultimately enables a scam isn’t a zero-day exploit or an advanced AI algorithm. It is misplaced trust, weak processes, or failure to question anomalies.
To protect against current bank scams, bank leaders must foster a culture of cautious professionalism, one in which employees are empowered (and expected) to pause, question, and escalate anything that seems unusual.
Combine that mindset with the right mix of training, tooling, and customer outreach, and financial institutions can stay a step ahead of scammers.
