According to an early 2025 Bankrate survey, more than a third of U.S. consumers were targeted by attempted financial fraud between January 2024 and January 2025. Among those who were targeted, nearly 40% had suffered a loss of money.
When made aware of fraud, banks do investigate — and will often compensate consumers for any funds lost due to fraud, particularly in the case of unauthorized transactions. With banking scams always evolving, one of the best ways to detect attempts at bank fraud is to increase your awareness about current schemes and tactics.
To help you protect your funds and avoid becoming a victim, we’re sharing details on five of the latest banking fraud trends of 2025, including deepfake bank fraud and “pig butchering” scams:
1. AI-Assisted Deepfake Bank Fraud
Fraudsters use generative artificial intelligence (AI) to create audio and video deepfake files designed to deceive banks and customers. These realistic digital assets often impersonate a trusted individual, such as a loved one or a company employee. Criminals will then include these files in communications that aim to trick the recipient into providing funds or sharing sensitive information.
2. Pig Butchering Scams
Often administered through dating apps or on social media, “pig butchering” scams manipulate victims through fake romantic relationships or fraudulent investment schemes. After “fattening up” the target over time with feigned affection or the promise of large financial gains or small returns, the criminal will leverage the established trust to attempt to defraud the victim out of large sums of money.
3. QR Code Phishing
Also known as “quishing,” this scam uses fake QR codes posted in public places or sent via email or text to deceive victims into visiting fraudulent websites. Once an intended victim scans the code and lands on the website, the fraudsters will attempt to harvest personal details or have the victim install malware on their device. The criminals can then use the details or malware to access victims’ accounts and sensitive information.
4. APP Fraud
This type of fraud tricks victims into using an Authorized Push Payment (APP) to send money to a fraudulent account. The fraudster will often make the request for payment seem legitimate by impersonating an actual, trusted business, person, or government entity. Because the victim is tricked into actively authorizing the payment, the funds lost are often harder to recover.
5. Evolving Phishing Tactics
Phishing started out as an email-based scam, but it has since evolved to other communications channels. Strategies that attempt to trick victims into providing sensitive information have also become more advanced, and in many cases, more personalized. Fraudulent phishing messages still typically seek to convey legitimacy by impersonating a real person, business, or other trusted entity — but they are now often sent via text (SMS phishing, or smishing) or phone (voice phishing, or vishing).
There has also been an increase in highly personalized and targeted “spearfishing” attacks, which use information the criminal has gathered about the intended victim to make the communications seem more legitimate.
Top Banking Fraud Red Flags
Unusual account activity, such as large or unexpected transactions, is widely considered to be the most common banking fraud red flag. This underscores the importance of closely monitoring your accounts and enabling alerts. Some other common red flags that may indicate banking fraud include:
- Unfamiliar activities related to your credit, such as unknown accounts or unusual inquiries
- Urgent requests for sensitive information or funds
- Any unsolicited communications requesting personal or account-related information, such as your username, password, or PIN
- Sudden and unanticipated changes to a vendor’s payment information
- Offers that seem too good to be true
To keep your accounts safer, consider our tips for safer online banking and fraud prevention.
Proudly serving South Carolina since 1933, Arthur State Bank offers accounts and services to meet a variety of financial needs. To help you achieve all your goals, we offer in-person service as well as a range of convenient digital solutions. To learn how Arthur State Bank can help you with banking needs — from checking and savings to retirement accounts, mortgages, and other personal loans — visit arthurstatebank.com.
