In recent years fraud has rapidly evolved beyond simple telephone scams and counterfeit checks into a highly sophisticated, technology-driven threat landscape. In 2024 alone, consumers reported more than $12.5 billion in fraud losses, a 25 % increase year-over-year, and identity-related crimes like account takeovers and synthetic identities are among the fastest-growing vectors of attack.This article explores current fraud trends in an effort to help prevent consumers falling victim of fraud.
Rapid Growth of Digital Identity Abuse
Fraudsters have shifted from simple theft techniques to sophisticated identity misuse. Identity fraud dominated the majority of reported incidents over the past year, a trend driven by stolen personal data, data breaches, and socially engineered profiles. As of 2025, deepfake and synthetic media are increasingly used to impersonate real people, leading to greater success and higher losses.
Meanwhile, traditional tactics like email phishing and email account takeovers remain substantial, particularly as attackers use AI tools to create personalized and contextually believable communication.
Imposter Scams: Trust Exploited
At the heart of personal fraud lies one of the most enduring and damaging categories: imposter scams. Scammers pose as authoritative or trusted sources, like government officials, tech support, financial institutions or even family members. Through this impersonation, they convince victims to hand over money, personal information, or control of accounts.
Imposter scams in particular have hit older adults especially hard. Data from the Federal Trade Commission (FTC) show a staggering increase in losses over the past several years:
- In 2024, adults age 60 and older reported losses totaling $700 million from imposter scams, a more than five-fold increase over 2020.
- Cases involving losses of $100,000 or more grew by 700 % in the same period.
- Victims, persuaded by callers, have emptied bank accounts or even retirement savings.
Imposter scams leverage urgency, fear, trust, and authority to manipulate victims. Common ploys include
• Warnings about fake legal trouble
• Compromised accounts
• Supposed bank or IRS issues that require immediate action.
Unlike typical phishing emails, these scams can feel personal and urgent, making them harder to dismiss.
AI-Driven Scams: The New Frontier
Perhaps the most disruptive shift in fraud today is the use of AI technologies, including deepfake video, voice cloning, and automated scam agents. Rather than relying solely on scripted phone calls or generic phishing emails, scammers increasingly use generative AI to create convincing impersonations that mimic real people and real scenarios.
Recent analyses show that impersonation fraud accounted for a large majority of attempted scams in 2025, with voice cloning and video deepfakes enabling attackers to mimic loved ones or trusted figures. In one real-world case, an elderly woman was defrauded of substantial savings after interacting with AI-generated content that appeared to come from a trusted doctor, illustrating how deeply these synthetic deceptions can cut.
How to stay protected:
As fraud grows in sophistication, knowing how to stay protected is vitally important.
- Verify identities before sending money to anyone online. Call the organization or institution directly.
- Never share personal or financial information with unknown individuals, especially if they are calling you. Your Credit Union will never call, text, or email you and request that you provide personal information.
- Consult a trusted financial professional at your Credit Union before making investment decisions.
- Report scams
Places to report fraud and identity theft:
#1: Has your information been lost or stolen? You can start by reporting here through the Federal Trade Commission: https://www.identitytheft.gov/Info-Lost-or-Stolen
#2: Be sure and report lost or compromised activity to your credit union and other financial institutions where you have accounts.
#3: You can also report fraud and other types of crime to the:
- Federal Bureau of Investigations (FBI) here: https://www.ic3.gov/
- And the Federal Trade Commission (FTC) here: https://reportfraud.ftc.gov/assistant
#4: You can also contact your local police department for additional resources and support.
In a world where the line between real and fake is increasingly blurred, awareness and vigilance will be essential to combating fraud. As scammers adopt cutting-edge tools to exploit trust and identity, understanding these trends is key to building robust defenses to protect yourself and your family.
SOURCES:
Experian
The annual report reveals how technology adoption is fueling sophisticated scams
https://www.experianplc.com/newsroom/press-releases/2026/experian-s-new-fraud-forecast-warns-agentic-ai–deepfake-job-can?utm_source=chatgpt.com
CNBC / Personal Finance
Imposter scams cost older adults $700 million in 2024, FTC finds: Some victims are ‘clearing out’ their 401(k)
https://www.cnbc.com/2025/08/08/imposter-scam-ftc-seniors-bank-401k-accounts.html?utm_source=chatgpt.com
FBI website: Elder Fraud Tips and resources.
https://www.fbi.gov/how-we-can-help-you/scams-and-safety/common-frauds-and-scams/elder-fraud
By: Elisa Rode
Kearley CEO and chief strategist
