December 02, 2025

The Latest on the Scamming Front

9 minutes

Episode 360 – It seems like online scammers usually have the upper hand. The bad guys come up with a new scheme, and eventually the good guys figure it out and make changes. But then bad guys come up with more new schemes. Here are some of the latest tricks of the scamming trade.

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Transcript of Podcast Episode 360

Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: the latest on the scamming front.

It seems inevitable that online scammers, like tax cheats, will usually find a way to get the upper hand. They come up with a new scheme, and eventually someone else catches on and makes changes. But then the bad guys come up with more new schemes. Either way, the good guys always seem to be playing defense.

The latest trends are a continuation of business as usual: the scammers have once again found a new way to cheat people out of their money. Here, according to a pair of new reports by Bank of America, are some of their new and innovative schemes:[1]

“Juice jacking.” This is one we’ve never heard of before, though it’s been around for a couple of years. What can you do when you’re on the road and the batteries are running low on your phone, laptop or tablet? Have you ever tried using the public USB charging stations in a hotel or airport? The problem is that criminals can take advantage of unsecured USB connections by installing malware on your device. An alternative is to bring a TSA-compliant battery with you. Or you might consider investing in a data blocking charge-only power cable. Or, use AC power outlets and avoid the USB charging stations.

Tech support scams. Criminals have become proficient at pretending to be tech support employees of big companies that we all know. They call, identify themselves as being with a recognized tech company, and report an urgent risk to your computer or internet service requiring prompt attention. They eventually will ask you to give them remote access to your machine or have you download a malicious app. Here’s a tip: if someone else initiates contact with you and asks you to do something like this, it should raise your suspicions. It’s best to go independently to the company’s verified web page or phone app and confirm it yourself. If it involves one of your credit cards, call the number listed on the back of the card.

Imposter scams. We’re not talking here about a supposed family member who has allegedly gotten into trouble in a foreign country, although that does still exist. When we say imposter scam, we’re referring to scammers who may try to impersonate, for example, someone at your bank. This is one place where the crooks have gotten more sophisticated. Many of these scammers use phone number “spoofing” tools which misleadingly alter the caller ID information. If you’re not extra careful, your entire life savings could be drained in a matter of seconds.[2] And scammers use Artificial Intelligence tools to help make these scams more believable.Two-step verification can help. Your bank might ask you to enter a one-time passcode, or to provide some verifying information such as the name of your first pet. But here’s a tip: you should be very suspicious if your bank asks you to share this information when they reach out to you unexpectedly.

Online investment scams. This one occurs when crooks convince you to buy stocks, bonds, commodities, or cryptocurrencies. They often start by building a relationship with you through social media. The truth is that these operators like to impersonate the people you trust. Then the pitch comes: big returns with little or no downside. As always, if it sounds too good to be true, it probably is. It pays to double check when you get unsolicited communications. And of course, do your due diligence in advance on anything you may invest in.[3]

Check fraud. Old fashioned paper checks are still appealing if you’re a fraudster. In spite of serious legal consequences, some crooks still use the U.S. mail to steal checks and take your money, or to gather the information they need to steal your identity. They will often alter the check to change the recipient, amount, etc. One of the advantages they have in doing it this way is that it might take weeks before anyone figures it out.[4]

Phantom hacker scam. Crooks are definitely getting more sophisticated. In a “phantom hacker scam,” they combine multiple types of scams to build trust before they go in for the kill. For example, they may reach out to you claiming to be from tech support, then have someone else contact you claiming to be from your bank, followed by someone else claiming to be from the government. The idea is that by hearing from three different sources, you’re more likely to believe it’s legit. Seems like a lot of work, but apparently it’s worth it—for them.

Wire scams. Making a wire transfer is easier than it used to be. Of course, you need to be very careful when sending money to someone you don’t know.[5] But there’s more. It pays to look at your bank statements! Once a crook is able to get a hold of your bank routing and account numbers, they may try to debit your account directly. Sometimes a crook will make an odd, but very small withdrawal, say $1.53, just to see if you’re paying attention. If you’re not, more serious trouble is likely on its way.

There are a number of other ways you can protect yourself. For one thing, it’s generally a bad idea to click on an unsolicited pop-up or any links or attachments sent by email or text message. It’s even a bad idea to call a phone number that may have been given to you by an imposter. Also, you need to be very careful if someone you don’t know asks you to download software, especially when they are the ones who initiated the contact. And never give remote access to your machine to someone you don’t know.[6]

In other words, to restate an old axiom, verify before you trust.

[1] Bank of America. “Tips to help spot and avoid a scam: what business owners should know.” bankofamerica.com https://business.bankofamerica.com/en/resources/red-flags-that-signal-a-scam? (accessed October 27, 2025).

[2] Grace, Asia. “Terrifying high-tech bank scam drains your life savings in seconds — and ‘devastated’ victims are sounding the alarm.” nypost.com. https://nypost.com/2025/10/27/lifestyle/terrifying-high-tech-bank-scam-drains-your-life-savings-in-seconds-and-devastated-victims-are-sounding-the-alarm/ (accessed October 28, 2025).

[3] Merrill, a Bank of America Company. “What’s trending: Cyber Security Awareness Month.” ml.com. https://www.ml.com/articles/whats-trending.html? (accessed October 27, 2025).

[4] Id.

[5] Id.

[6] Id.

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By Security Mutual Life Advanced Markets Team

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December 02, 2025

The Latest on the Scamming Front

9 minutes

The Latest on the Scamming Front

More SML Planning Minute Podcast Episodes

Transcript of Podcast Episode 360

Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: the latest on the scamming front.

In other words, to restate an old axiom, verify before you trust.

[3] Merrill, a Bank of America Company. “What’s trending: Cyber Security Awareness Month.” ml.com. https://www.ml.com/articles/whats-trending.html? (accessed October 27, 2025).

[4] Id.

[5] Id.

[6] Id.

More SML Planning Minute Podcast Episodes

SubscribeApple PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

...more