San Angelo bankers warn of rising fraud: 'Bad guys spend all day' finding new scams, panelists say
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Summary
Local bankers told attendees fraud losses have outpaced credit losses industry-wide, describing social‑engineering scams, elder‑abuse cases and banks' ongoing tech investments to detect and prevent theft.
Local bankers at a San Angelo panel said fraud is a growing operational risk that now often eclipses traditional credit losses and demands sustained technological and public‑education responses.
Brandon Braden of Texas State Bank described recurring fraud schemes that still succeed through social engineering. "Fraud is a huge deal for us," he said, recounting customers convinced to move large sums or to participate in obvious scams. "They get talked into walking down to the bank, taking out a $100,100 grand, going shoving it in a Bitcoin machine," he said, characterizing how victims are coaxed into irrevocable transfers.
Luke Urich said industrywide fraud losses have in recent years "far exceeded credit losses," and described continuous investments in detection technology to try to get ahead of criminals. "The bad guys, spend all day every day 24/7 thinking of other ways to work around that," he said.
Ray Montgomery raised a recent local example of elder abuse at a branch in Knox City to underscore how personal relationships and trust can be exploited. Panelists said technology can help signal anomalies but emphasized community education and careful customer interactions as essential prevention tools.
The panel did not call for specific new regulations but urged banks, community organizations and customers to coordinate on education and protective practices.
