Is it common for people to fall for phishing scams where they impersonate banks?

Phishing scams impersonating banks often succeed in tricking individuals into providing sensitive information because they typically create emails or websites that look very similar to legitimate bank communications. These fraudulent communications often contain urgent or alarming messages that prompt individuals to act quickly, such as claiming a security breach or unauthorized activity on their account. The scammers use psychological tactics to create a sense of urgency and fear, causing individuals to act without carefully verifying the authenticity of the request. Additionally, many phishing scams use sophisticated techniques to manipulate email sender information or website URLs to make them appear genuine, which can deceive even vigilant individuals.