Watch Out! Fraud Scams People Need to Know.

Sep 23, 2025 | 3 Minute Read

At Perennial Bank, we care deeply about keeping your money safe. Scammers constantly adapt, so being informed is your best defense. Whether you’re a retiree protecting your savings or a young adult just getting started, here are the latest fraud scam trends, why they work, and what you can do to protect yourself.

 

Scam Type What It Looks Like / How It Works Who’s at Risk
AI-Powered / Deepfake Impersonation Scammers use AI tools to clone voices, create fake videos or “deepfake” edits. For example, someone may receive a call or video message that sounds or looks like their grandchild or a bank executive, asking for money. (National Council on Aging) Especially dangerous for older adults who may trust voices or visuals from family; but younger people are also vulnerable — particularly those active on social media or dating sites.
Pig-Butchering / Long-Game Investment / Romance Scams The scammer builds a relationship (romantic or trust‐based), then convinces the victim to invest in a bogus scheme (often crypto or fake investment platforms). They “fatten up” the victim over time. (Wikipedia) Young people chasing high returns, people lonely or seeking connections via dating apps, people less experienced with investment risks.
Imposter Scams Someone pretends to be from a legit organization (bank, government agency, Social Security, etc.), or claims you owe money or that there’s suspicious activity on your account. They pressure you to give personal info or send money. (AARP States) Everybody, but older folks are often targeted more, because they may trust authority more. Younger people may also fall prey when impersonators use texting, email, or social media.
Sextortion / Blackmail Scams Someone claims they have compromising images / videos of you (real or fake), threatens to release them unless you pay. These can begin from social media, dating apps, or even fake hacks. (InterBank) Young people especially are vulnerable, since these often start via apps or social media. But older folks, too, if they are sharing online or responding to unfamiliar links.
Phone / Text / QR Code / Phishing Scams Phishing emails or text messages asking you to click a link, scan a QR code, or enter credentials; fake QR codes posted in public; malicious apps; SIM swapping (stealing your phone number to gain access). (InterBank) Very wide risk — everybody who uses phones, apps, email. Younger folks may be more likely to click without thinking; older folks may be less familiar with how to verify legitimacy.
Financial / Government Impersonation Scams (False Security Alerts etc.) Scammers pretend to be IRS, Social Security, bank fraud detection, etc. They send alarming messages that appear “urgent,” telling you your account is compromised, and ask you to take immediate action (often moving funds, giving passwords or codes). (Consumer Advice) Older clients are frequently targeted; young people may be targeted too, especially if they have retirement accounts, tax obligations, or use official-looking emails.

 

These scams can cause REAL DAMAGE. Older Americans list over $3.4 billion in 2023 due to frauds that targeted them. a person sitting at a desk with a laptop.

SO WHAT CAN YOU DO? 

Here are concrete ways you (and your family) can guard against these scams.

  • Pause & Verify
    If you receive an unexpected request — especially one that seems urgent, threatening, or from a “trusted” person — take a moment. Don’t click links or give info immediately. Call the organization (bank, government agency, family member) back using a phone number from their official website, not from the message you got.

  • Know the Red Flags

    • Pressure to act immediately.

    • Asking you to pay via non-traditional or hard-to-trace ways: wire transfer, gift cards, cryptocurrency, peer-to-peer apps.

    • Requests for personal info (passwords, Social Security number, verification codes) that seem unnecessary.

    • Unsolicited contact (especially by text, email, social media) from someone claiming to be a government agency or bank.

    • Any offers that seem “too good to be true” (high returns, free prizes, etc.).

  • Use Security Tools

    • Enable two-factor authentication (2FA) on your accounts.

    • Keep software, phone OS, banking apps up to date.

    • Use strong, unique passwords (consider a password manager).

    • Check app permissions; only download apps from trusted sources.

    • Be careful with public Wi-Fi and unknown devices.

  • Talk About It

    • Older folks should ask a trusted friend or family member for help if something seems off.

    • Younger folks can help teach older family members about phishing, deepfakes, etc. There’s real power in intergenerational awareness.

    • If possible, run brief training or workshops (even virtual) to show examples of current scams.

  • When in Doubt, Contact Us

    • If anything involves your Perennial Bank account, we want to help. Don’t feel embarrassed — you’re not alone. Ask us to verify suspicious messages or phone calls.

    • Report suspicious incidents (to us, or appropriate authorities, e.g. FTC or state consumer protection division).

 

Fraud is evolving fast. But one thing remains constant: the more you know, the harder it is for scammers to fool you. At Perennial Bank, our goal is not just to protect your money — it’s to protect your peace of mind. Whether you’ve got decades of banking experience or you’re just getting started, we’re here for you.