Imposter Scams Are on the Rise

Imposter Scams Are on the Rise – and Banks Aren’t Doing Enough to Protect Victims

Across the country, more Americans are losing their life savings to sophisticated imposter scams -and the problem is only getting worse. A recent New York Post story highlighted heartbreaking examples of victims who believed they were speaking with legitimate bank representatives, only to have their accounts wiped out within hours.

At Konta Georges & Buza P.C., our firm is representing clients who have experienced the same kind of devastation – people who trusted their banks to protect them, only to be met with silence, indifference, or outright dismissal after falling victim to fraud.

A National Epidemic of Bank Imposter Fraud

According to the Federal Trade Commission, imposter scams are now the number-one consumer complaint in America, with more than 516,000 reports and $1.7 billion in losses in 2025 alone. These scams often begin with a phone call, text, or email from someone posing as a bank representative warning that an account has been compromised. Using advanced spoofing and AI-generated voice technology, fraudsters make the call appear legitimate – even showing the bank’s real number on the caller ID.

Once they gain a victim’s trust, the scammers instruct them to transfer funds to “decoy” or “safe” accounts that supposedly protect their money. In reality, the money disappears instantly.

Our Work on Behalf of Scam Victims

Our attorney, Robert Georges, was recently featured in the New York Post for representing victims of these scams – including elderly New Yorkers who lost hundreds of thousands of dollars to fraudsters impersonating bank employees.

“There’s this fear about how they’re going to live without their life savings,” Robert Georges told the Post. “All the banks are aware that this is a major problem, but we don’t feel they’re doing a reasonable job to protect people. We’re bringing these lawsuits to hopefully effect change.”

Our firm is pursuing claims against major financial institutions, including TD Bank, Merrill Lynch, and UBS, alleging that they failed to recognize obvious red flags and did not take reasonable steps to protect vulnerable customers. Many of these cases involve older victims or individuals with documented cognitive or memory issues – people who trusted their banks to act as a safeguard, not a bystander.

Why Banks Must Be Held Accountable

Financial institutions have extensive fraud-monitoring systems and internal alerts designed to flag suspicious activity. Yet too often, they fail to intervene when clear patterns of fraud are unfolding. In some cases, victims are even told to lie to bank staff by the scammers themselves – a tactic that should immediately trigger further review by the bank.

While the United Kingdom reimburses victims of fraud up to £85,000 (roughly $113,000), U.S. banks have no comparable consumer protection standard. As a result, victims are frequently left with nothing – unless they take legal action.

At Konta Georges & Buza P.C., we believe financial institutions have a duty to protect their customers, especially when the warning signs are clear. We are fighting to hold them accountable through litigation that not only seeks financial recovery but also aims to drive meaningful change in how banks respond to these crimes.

Protect Yourself Against Bank Imposter Scams

Although no one is immune to these sophisticated schemes, there are steps you can take to help protect yourself:

• Don’t trust caller ID. Scammers can spoof legitimate bank numbers.
• Hang up and call your bank directly using the number printed on your card.
• Never transfer funds to a new account to “protect” your money.
• Don’t share one-time passcodes or verification numbers over the phone.
• Report fraud immediately to your bank and to the Federal Trade Commission at ftc.gov/complaint

Standing Up for Victims

At Konta Georges & Buza P.C., we see firsthand the emotional and financial devastation caused by imposter scams. Victims are left not only without their savings but also without trust – in their banks, in law enforcement, and in the systems meant to protect them.

Our firm is committed to fighting for justice on their behalf and holding negligent institutions accountable.

If you or a loved one has lost money in a banking or imposter scam, contact us today to discuss your legal options.