Identify imposters before it’s too late

Our world is becoming more impersonal as it becomes more digital-centric. And because we can’t see the person or organization at the other end of an email, social media message or text, it’s easier for scammers to pretend to be something or someone they’re not. This is impersonation fraud, and it’s fast becoming one of the highest earners for cybercriminals. According to the FTC, scammers impersonating businesses and governments made $1.1 billion from their victims in 2023.

Impersonation fraud can take many forms, but with your eyes on the tell-tale signs of a scam, your personal information and hard-earned money will remain under lock and key.

What does impersonation fraud look like?

Like most fraud, impersonation scams are designed to get you to send the bad guys money, or personal/financial details which they can either sell on the dark web or use themselves to commit identity fraud. Phishing is perhaps the most obvious flavor of impersonation fraud: a scammer contacting you pretending to be a trusted entity requesting money or information.

Stay alert

Remember, impersonation scams are constantly evolving, so the above is certainly not an exhaustive list. The next evolution in such scams is coming thanks to AI-powered deepfakes, which can mimic the voice or even appearance of a trusted individual. These are already tricking office workers into making big-money corporate fund transfers to accounts under the control of cybercriminals. And the technology is being used to impersonate trusted individuals on social media in order to trick followers into making rash investments. As deepfakes become cheaper and more accessible, they could also be used in smaller scale fraud.

With any impersonation fraud, the key is: be skeptical, slow down, and independently verify they are who they say they are. Do this by reaching out to the organization or individual directly, don’t reply to an email or phone number listed on the initial message. And never hand over money or personal information unless you’ve confirmed the contact is legitimate.