Imposter Identity Scams Will Triple: 2022 Fraud Trend Series

Imposter scams, in which criminals deceive consumers into sending money through gift cards, wire transfers, cryptocurrency, bank accounts, or payment apps, are presented as a growing form of identity-related fraud that often relies on synthetic identities, stolen identities, or money mules to receive funds. The author cites FTC data showing that imposter scams were the most costly fraud category in 2020, affecting one in five consumers and causing $1.228 billion in losses, roughly double the previous year’s total, while phone calls remained the most common initial contact method. The post predicts that scammers will increasingly shift away from gift cards, whose risks are more widely understood, toward cryptocurrency and demand deposit or savings accounts, and anticipates further major growth in victims and losses. It argues that banks and fintechs can respond by combining identity verification signals at account opening with ongoing transaction monitoring to detect synthetic identity fraud and related scam activity earlier.

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