A Practical Guide to Scam Prevention and Financial Safety

Learn to recognize today's most convincing scams

 

By Chris Figaro, CFP®, CEPA®
08.18.26

As part of our ongoing commitment to protecting your financial strategy, we want to share a simple, practical guide to the most common scams we're seeing today, along with how to protect yourself and your family. Scams have become more sophisticated, so awareness is your first line of defense.

Top Scams to Be Aware Of

  1. AI Voice and Deepfake Impersonation — Scammers are now using artificial intelligence to clone voices or create fake videos of family members, colleagues, or even executives. These messages often create a sense of urgency and ask for immediate financial help.
  2. Online Purchase and Fake Website Scams — Fraudulent websites and social media ads promote products at steep discounts. After purchase, the item never arrives or is significantly different from what was advertised.
  3. Job and Employment Scams — Fake work-from-home opportunities promise easy income but require upfront payments for training, equipment, or onboarding.
  4. Government Imposter Scams (IRS or Social Security) — Scammers pose as government officials, claiming there is an issue with your taxes or benefits. They often use threats, urgency, or QR codes to pressure you into quick action.
  5. Phishing, QR Code, and Smishing (Text Message) Scams — Emails and texts that appear to be from trusted companies are designed to capture login credentials or install malicious software.
  6. "Hi Grandma" Emergency Scams — A scammer pretends to be a grandchild or loved one in distress, often claiming they are in trouble and need money immediately.
  7. Investment, Prize, and Crypto Scams — Offers that promise high returns or limited-time opportunities are often fraudulent.
  8. Advance-Fee Loan Scams — Scammers promise quick access to loans but require upfront fees, often targeting those actively seeking financial assistance.
  9. Romance and Friendship Scams — Relationships are built over time through social media or dating platforms, eventually leading to requests for money or financial support.
  10. Tap-to-Pay and Contactless Charity Fraud — Fraudsters pose as charities and use mobile payment devices to collect donations that never reach a legitimate cause.
  11. Tollbooth and Package Text Scams — Messages claim you owe a small fee for tolls or a missed delivery and include links that capture personal or payment information.
  12. Financial Abuse by Trusted Individuals — The unauthorized use of accounts or misuse of a power of attorney by someone the victim knows and trusts.

How to Protect Yourself

  • Never share personal information with an unverified source. This includes your Social Security number, account numbers, passwords, one-time passcodes, or even partial financial details.
  • Question urgency and unexpected requests. Scammers rely on emotion and speed. If something feels rushed or out of character, take a step back.
  • Always verify using a known source. Call your financial institution or the company directly using a number you trust. Do not rely on contact information provided in the message.
  • Avoid clicking links in emails or texts. Even if the message looks legitimate, links can redirect to fraudulent sites designed to capture your information.
  • Keep a list of trusted contacts, and add a trusted contact to your profile with us. Having a short list of people you can call before making a decision can help prevent costly mistakes.
  • Set up account security over time. Enable two-factor authentication, account alerts, and strong passwords across your accounts. You don't have to do everything at once.
  • Double-check all wire instructions. Before sending or receiving funds, confirm the details directly with your bank.
  • Be skeptical of anything that sounds too good to be true. High returns, guaranteed outcomes, or "limited-time" offers are common red flags.

A Simple Framework to Follow

  1. Pause — Scammers want you to act quickly. Slowing down is your advantage.
  2. Verify — Call a trusted contact or your financial institution before taking action.
  3. Protect — Never send money, share sensitive information, or approve transactions without confirming the request is legitimate.

If you ever receive a request involving your financial accounts, a wire transfer, or anything that feels off, follow the simple framework above.

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