Look Out: Bank Fraud Trends in 2024

March 18, 2024
Hancock Whitney
Hancock Whitney

Traditional bank identity theft scams are still very much alive, and fraudsters continue to try and access your personal financial information. Let’s take a look at some of the fraud schemes that are trending in 2024.




Phishing attacks targeting banking usually involve fraudulent emails or websites designed to trick users into providing sensitive information like usernames, passwords, or banking details. These emails often appear legitimate, mimicking official correspondences from banks, and may contain urgent requests to update account information or verify your identity.

Once the user unknowingly provides their information, attackers can use it for identity theft or unauthorized transactions. It’s essential to stay vigilant and verify the authenticity of any requests for sensitive information, especially via email or unfamiliar websites.  

Text Message Scams, also known as “smishing,” involve fraudulent text messages sent to individuals posing as legitimate financial institutions. These messages typically contain urgent requests for the recipient to click on a link or reply with sensitive information such as account credentials, personal identification numbers, or other confidential data.

The links provided in these messages often lead to fake websites that closely resemble legitimate banking portals, where victims are prompted to enter their information. Alternatively, replying to the text message may lead to further communication with the scammer, who may attempt to extract sensitive information through various manipulative tactics.  


Artificial Intelligence is here. Now what?

The use of artificial intelligence in not only just banking but across industries is becoming more and more prevalent in our daily lives. Common artificial intelligence banking scams encompass a range of deceptive practices that exploit AI technology to manipulate, deceive, or defraud individuals.

  • Phishing Attacks: Fraudsters use AI to generate convincing phishing emails or messages that appear legitimate, tricking customers into providing sensitive information like login credentials or personal details.
  • Malicious Chatbots: Fake chatbots impersonate legitimate customer service representatives, collecting sensitive information from unsuspecting users or directing them to fraudulent websites.
  • Account Takeover Fraud: AI algorithms can be used to break security measures and gain unauthorized access to accounts, allowing fraudsters to steal funds or commit identity theft.
  • AI-Powered Social Engineering: Fraudsters leverage AI to analyze social media profiles and other publicly available data to craft personalized scams targeting individuals based on their interests, preferences, and behaviors.


Protect yourself from these identity theft scams

  • Be Skeptical: Approach unexpected email or text messages requesting personal or financial information with caution, especially if they claim to be from a bank or financial institution.
  • Verify: Contact your bank directly using a trusted phone number or official website to verify the authenticity of any requests for information or transactions mentioned in the email or text message.
  • Avoid Clicking Links: Refrain from clicking on links or downloading attachments from unsolicited emails or text messages, as they may lead to malicious websites or malware installation.
  • Protect Personal Information: Avoid sharing sensitive information such as account numbers, PINs, or passwords via email or text message, especially in response to unsolicited requests.


Remember, Hancock Whitney may call you for verification purposes, or send product or promotional offerings via email. But we will NEVER contact you and ask you for your Social Security number, personal identification number (PIN) or online banking login credentials.


Your security is our highest priority

Our information security team works around the clock to keep your personal financial information safe. We’re dedicated to being your trusted financial partner and working with you to stay vigilant against criminals and fraudsters. That’s why we regularly provide you with advice and guidance to keep your assets secure through articles such as this one in our Insights blog.

Visit our Security Center for more information and tips about how to spot suspicious activity, protect your identity, and keep your information safe online.

If you believe that you may have replied to a phishing email or smishing text, or if you suspect your Hancock Whitney accounts could have been compromised due to an email or text scam, please call us at 1-800-448-8812 immediately.


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