While many scammers stick with the tried and true methods of the past, there are always new and sophisticated tactics being developed to exploit the latest technologies and prey on unsuspecting victims. While the tricks may be new, the underlying schemes often follow familiar patterns.

In this blog, we outline some of the latest and most prevalent fraudulent methods and share some actionable tips to help you combat them and safeguard your financial well-being.

Emerging Fraud Tactics to Watch Out For

1. Celebrity Impersonation Scams. Scammers exploit the popularity of celebrities to gain trust. They may create fake social media accounts or impersonate public figures in online messages, offering exclusive investment opportunities, giveaways or donations. Victims are often asked to provide personal information or transfer money to claim their "prize."
2. AI-Driven Fraud. Advances in artificial intelligence have enabled scammers to clone voices and create realistic deepfake videos. These tools are used to mimic family members, friends or authority figures, which can make fraudulent requests for money or sensitive information seem genuine. For example, you might receive a call or video message from someone who sounds like a loved one in urgent need of financial help.
3. Cryptocurrency Investment Scams. Cryptocurrency remains a prime target for fraudsters. Scammers promote fake investment opportunities, claiming guaranteed returns. Often, these scams involve phishing websites or apps designed to steal login credentials for cryptocurrency wallets.
4. Smishing and Phishing Attacks. These schemes involve fraudulent emails or text messages that appear to be from legitimate companies. They often include urgent requests, such as confirming account details or resetting passwords, to trick victims into sharing sensitive information.

How to Protect Yourself from Fraud

1. Verify Before You Trust. Be cautious with unsolicited messages, especially those claiming to be from celebrities, authorities or family members. Always verify the authenticity of the communication through official channels.
2. Be Skeptical of Too-Good-to-Be-True Offers. Scammers often lure victims with promises of guaranteed returns or once-in-a-lifetime opportunities. If it sounds too good to be true, it probably is. Always verify the legitimacy of such requests or consult with a trusted financial professional before making any investment-related decisions.
3. Safeguard Personal Information. Never share sensitive information, such as Social Security numbers or bank account details, via email or text. Reputable organizations will not ask for this information in insecure ways.
4. Enable Multi-Factor Authentication (MFA). MFA adds an extra layer of security to your online accounts by requiring two or more verification methods, making it harder for fraudsters to access them even if they obtain your login credentials. Busey customers can enable MFA by logging into their online banking account or the Busey - Mobile app, selecting Settings, navigating to the Security options, and following the steps to activate two-step verification.
5. Stay Educated and Alert. Regularly update yourself on the latest fraud tactics. Follow reputable sources, such as Busey Bank’s Money Matters blog and other fraud prevention resources, for timely updates and tips.

Busey Bank is Here to Help

At Busey, we are committed to keeping you informed and protected in the ever-evolving landscape of fraud. Preventing you from falling victim to these strategies is a partnership, and together, we can help keep you ahead of the game and protect your finances.

If you believe you’ve been the victim of fraud or a scam on a Busey account, contact our Customer Care team, reach out to your Relationship Manager or visit your local Banking Center to place a fraud alert on your account. You can also read our Fraud Prevention FAQs for more information or check out our Fraud Prevention Toolkit.