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Fraudsters are becoming more sophisticated every day. In fact, consumers reported losing $3.5 billion to imposter scams alone in 2025, according to the Federal Trade Commission . When used for illegal purposes, technology like artificial intelligence (AI) can make scams even more convincing and harder to spot. Scammers use recognizable company names, convincing stories and emotional pressure to gain access to money and personal information.

The Most Common Scam Tactics We See

One of the most common scams we see involves someone pretending to be from your financial institution. A fraudster may call, text or email claiming there's a problem with your account or that immediate action is needed. They create a sense of urgency, trying to get you to react before you have time to think. If something doesn't feel right, go with your gut. It's okay to hang up or say you'll call back.It's important to know this: Summit will never contact you and ask for your online banking password, credit card number or other sensitive information in an unsolicited phone call, text message or email.A tool to spot a potential scam is to remember the word MUST. It captures four tactics scammers commonly use:Money. They want access to your money or financial information.Urgency. They pressure you to act immediately.Scare. They use fear, worry or other emotions to influence your decisions.Trust. They pretend to be someone you know or from an organization you trust.Another important thing to know: caller ID isn't always reliable. Spoofing technology means that scammers can pretend to be calling from a trusted number, when in reality they aren’t. If you're ever unsure about who is calling you, end the conversation. If they say they’re from Summit, call us back directly using a phone number you know is legitimate. When you initiate the call, you'll know you're talking with our team.At Summit, our teams are continuously monitoring for suspicious activity and use fraud detection tools to identify unusual transactions. One of our members almost was a scam victim after initiating a transaction that would have emptied their bank account. Summit was able to detect the suspicious behavior and saved the member their money. We regularly update protections as new scam patterns emerge.

Simple Habits To Protect Yourself From Scams

With Cybersecurity Awareness Month happening in October, it's a good reminder that small actions, repeated consistently, can make a big difference in preventing scams.
  • Start with strong, unique passwords.
  • Enable multi-factor authentication whenever available, especially for financial accounts, email and social media.
  • Be thoughtful about what you share online.
  • Know what links you're clicking on – sometimes the sponsored result that shows up first in your online search isn’t the website you’re looking for. Search engine results can link to scams too.
  • Before responding to a message or text, take a moment to verify it's legitimate. Hover over the sender's email address to confirm it looks correct. Watch for subtle misspellings or slight variations, which can be signs of a phishing attempt.
Scammers will continue to change their tactics, but a few simple habits can go a long way. Stay alert, pause before you act and verify before you trust. And if you're ever unsure, we're here to help.