BankSouth Fraudcast: The Recent Surge in Fraud

Inside the Fraudcast

The BankSouth Fraudcast is a podcast series where experts are invited to share real-world insights on protecting your finances. Hosted by Bryce McCuin, Director of Marketing at BankSouth, the series features conversations with subject-matter experts across the bank and communities we serve. In this episode, Abigail Benkoski, Deposit Operations Team Lead, and Yvonne Young, VP BSA/AML Officer, join Bryce to discuss the surge in fraud and how advancing technology is reshaping the landscape. This overview captures the core lessons from their conversation and the practical steps listeners can take to stay secure.

Understanding the Rise in Fraud

In 2024, fraud surged to new heights. The Federal Trade Commission reported more than $12.5 billion in consumer losses, a 25% increase from the previous year. As discussed by Bryce McCuin, Yvonne Young, and Abigail Benkoski in BankSouth’s Fraudcast, scams are becoming increasingly sophisticated, powered by the same technology we use every day.

This rapid evolution has reshaped how we think about security. Fraud is no longer confined to one-off scams or suspicious calls—it’s a constantly adapting threat that demands awareness, education, and proactive defense.

The Rising Threat of Fraud

Advancements in Technology

Technology lies at the heart of this growing threat. As Yvonne Young and Abigail Benkoski explained, social media and AI have made fraud easier to execute and harder to detect. Step-by-step guides, deepfakes, and rapid innovation have turned old scams into sophisticated digital schemes that evolve faster than most people can keep up.

Generational Gaps and Ease of Use

The generational gap adds another layer of vulnerability. Many older adults, less familiar with digital tools, struggle to tell legitimate communication from scams. That disconnect gives fraudsters an easy opening, and as Bryce noted, the speed and convenience of modern banking can make anyone react too quickly before pausing to think.

Staying Vigilant

With innovation accelerating every day, fraud prevention now depends on vigilance and adaptability. Staying alert, asking questions, and maintaining open communication with your trusted financial partners remain key to protecting both your information and your peace of mind.

Common Forms of Fraud

Check Fraud

One example of this evolution is check fraud — a long-standing crime that has resurfaced with new tactics. As Abigail Benkoski explained, criminals may intercept outgoing mail, erase and alter checks using chemicals, and deposit them elsewhere. These evolving methods make awareness and safer payment alternatives more important than ever.

Safer Alternatives to Mailing Checks

• Use Online Bill Pay: When payments are mailed directly from your bank, your account number isn’t displayed on the check.
• Pay Vendors Securely: Make payments through verified vendor websites using your debit card.
• Tap to Pay: “Always tap, don’t insert.” Tap payments are nearly impossible to spoof, while chip and swipe transactions are more vulnerable to skimming.
• Use Contactless Systems: Options like Apple Pay offer a secure, encrypted way to complete purchases without exposing card details.

If You Must Use Checks

• Monitor your account regularly — a check clearing for the same amount doesn’t always guarantee authenticity.
• Keep a detailed check register to track check numbers and amounts.
• Hand-deliver important checks whenever possible rather than mailing them.
• For small businesses, use Positive Pay services to verify payees before clearing payments.

As Yvonne Young emphasized, even simple steps like switching to online payments or using Tap to Pay can dramatically reduce your risk of falling victim to fraud. The goal isn’t to abandon checks entirely — it’s to understand the risks and make safer choices whenever possible.

Spoofing and Account Takeover Scams

Spoofing and account takeover scams are on the rise, making it appear as though BankSouth—or another trusted institution—is calling you directly. As Yvonne Young explained, caller IDs can even display the bank’s number, convincing customers the call is real. Scammers often pose as the “BankSouth Fraud Department,” claiming your account is compromised and urging you to verify transactions. Using fear and urgency, they pressure victims into acting quickly, often before realizing something is wrong.

BankSouth’s Policy

• BankSouth does not have a “fraud department” that calls customers.
• Any legitimate outreach will always come directly from your banker, and not a generic caller.
• If you ever feel uncertain:
  • Hang up and call your branch directly.
  • Never share personal or account information; the bank already has it.
  • Don’t respond to phone or text requests for verification.

Information Scammers Seek

• Online banking credentials (usernames and passwords)
• Email addresses
• Debit card numbers for rapid, unauthorized transactions

As Bryce McCuin shared, fear is a powerful motivator, but it’s also what scammers depend on. Taking a moment to pause, think, and verify can make all the difference. If something doesn’t feel right, hang up and contact your branch through the official number—because at BankSouth, your security starts with awareness

Prevention and Awareness Tips

Protecting yourself from fraud starts with awareness and action. Staying informed and maintaining open communication with trusted contacts can make a major difference in preventing loss.

Key Prevention Practices

• Stay alert and trust your instincts. If something feels off, it probably is.
• Discuss suspicious situations with family members or trusted contacts before taking action.
• Contact your bank directly, or call or visit in person, if you’re ever unsure about a message or phone call.
• Stay connected with your community. The Greensboro Sheriff’s Department promotes fraud awareness and encourages everyone to report suspicious activity to your local authorities or law enforcement agency.

BankSouth’s Continued Commitment

BankSouth continues to collaborate with local law enforcement to raise fraud awareness across our communities. Educational resources, including our Fraud Prevention page, offer clear guidance on how to identify scams and report suspicious activity. Our frontline staff are also equipped with tools to help customers pause and think before making large transactions or withdrawals.

Stop. Think. Call.

Fear and urgency are two of the most common tactics used by fraudsters. Taking a moment to stop, think, and verify can prevent financial loss and emotional stress.

For more insights on protecting yourself and your finances, check out additional episodes of the BankSouth Fraudcast—available on Facebook, YouTube, and Spotify.

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