1 Federal Trade Commission 2024 snapshot found at ftc.gov
2 “Imposter Scams,” AARP, March 30, 2022
As criminals impersonate trusted figures and set up fraudulent websites, education is the best defense
As our daily reliance on digital communication steadily increases, scammers are evolving their tactics to exploit the trust we’ve built for online and other financial services. Imposter scams are on the rise and are currently the most commonly reported fraud, with approximately 2.5 million complaints in 2024 according to the Federal Trade Commission. These types of scams cost victims more than $12.5 billion.1
Imposter scams typically begin with an anomalous email (commonly known as phishing), a phone call from a falsified number (vishing), an unsolicited text (smishing) or a social media message. The communications appear to be from trusted professionals such as financial advisors, lawyers or government officials — or family members or celebrities.2 To make them appear more authentic, the perpetrators may even pose as your personal Merrill advisor, or representatives of companies or charities you already have relationships with.
By creating fraudulent websites using legitimate information they’ve harvested from online sources, these scammers lure clients and potential prospects into providing confidential information with the intention of committing financial fraud.
Imposter scams are on the rise, and education is our best defense.
Scammers are impersonating financial advisors by using their names, photos and other contact information to create fraudulent websites in order to steal your personal information.
They may contact you by phone, text or email to try and trick you into providing your personal information. By spoofing legitimate phone numbers to call or text you, these requests can be very convincing.
Posing as a trustworthy advisor, an imposter will send false emails containing malicious links or malware. Don’t reply to messages from unknown senders or click on their attachments.
If someone contacts you claiming to be a financial advisor (from Merrill, Bank of America Private Bank, Consumer Investments or other brokerage firms) or other trusted professional, there are clues to help you tell if the contact isn’t legitimate.
The name of the advisor is the website domain, and the site includes a photo of the financial advisor. Also watch for: information about their employment history, including prior employers’ CRD numbers and examinations.
The site asks you to supply contact information. It may also have grammar errors, misspellings, awkward phrasing, and poor design quality, including low-resolution images and odd layouts.
Scammers often try to elicit a strong emotional reaction to get you to fall for their schemes. Don't feel pressured to respond immediately — this is what they want you to do.
Read more about scams by visiting our Security Center.
Recognizing that imposter scams exist and are increasing in prevalence may be the best defense against them. But beyond awareness, there are some common red flags that can help you identify these scams before you fall victim, including:
Imposter scams are successful because of how much legitimate information scammers can mine from publicly available information on the web, enabling them to convincingly impersonate a professional or simulate a professional’s website. But by following these best practices, you can protect yourself and others:
In addition, being proactive and coming up with a mutually understood defense against imposter scams with your advisor and professional contacts can be an effective way to decrease your chances of falling victim.
For more information on this scam and others, visit the Merrill Security Center and read more about how to avoid scams.
If you suspect you are a victim of fraud, contact us immediately at 1.800.MERRILL(637.7455) or speak to your financial advisor for further assistance.
Forward any suspicious email or text message to us at abuse@bankofamerica.com. Bank of America will only respond if we need additional information.
Remember: Don’t transfer money as a result of an unexpected phone call or text. We will never ask you to send us personal information such as an account number, Social Security number or Tax ID over text, over email or online.
All our advisors are committed to putting your needs and priorities first. Find some who match your personal preferences too.
1 Federal Trade Commission 2024 snapshot found at ftc.gov
2 “Imposter Scams,” AARP, March 30, 2022
Then we can provide you with relevant answers.
Get started