As scams become more innovative and intricate, it's important to stay up to date. Read below for some common warning signs, ways to keep yourself protected, and what to do if you have suffered from a financial scam.
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‍Common Warning Signs of a Scam

Scammers may contact you by phone, text, email, social media, mail, or even in person. They may pretend to be your bank, a government agency, a business, an employer, a family member, or another person or organization you trust. The details of a scam can vary, but there are often similar warning signs.

Here are some things to watch out for:

  • Pressures you to act immediately. They may tell you that you need to send money, provide information, or make a decision right away to prevent some type of loss. For instance, they may say your account will be closed, your benefits will stop, you will be arrested, your utilities will be disconnected, or something else bad will happen if you don't act.
  • Asks for sensitive information. Be cautious when someone asks for a password, PIN, Social Security number, bank account information, verification code, or other information that could be used to access your accounts. For example, a legitimate bank or other financial institution will not ask you to share your password or other login credentials with them over the phone, text, or email. Take a moment to make sure you know who you're sharing information with and why they need it.
  • Asks you to use a different payment method or provides new payment information. Before sending money, double-check the payment method, account information, address, or link, even if you were expecting to make a payment. Be especially cautious if you're asked to use a gift card, wire or bank transfer, cryptocurrency, payment app, or a payment link sent through text or email. If payment information has changed, verify it directly with the person or organization before sending money.
  • Offers something that seems too good to be true. This could include a prize you didn't enter to win or an unexpected job offer.
  • Asks for remote access to your device. Be cautious if someone asks you to download software or give them remote access to your phone, tablet, or computer. This can allow someone to see information on your device or access your accounts.

In general, it’s a good practice to verify requests for money or any kind of personal information, even when a request appears to come from someone you know or an organization you trust. Scammers can make phone numbers, caller IDs, email addresses, or even voices appear familiar or legitimate. Sometimes the difference may be small, such as one letter in an email address. Consider confirming the request another way, such as calling a phone number you've used before, contacting the person through another method, or asking a question only they would know.
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Ways to Protect Your Personal and Financial Information

  • Verify who you're communicating with. If someone says they are from your bank, a government agency, utility company, or another organization, contact the organization directly using its official website, app, or a phone number you already know is legitimate. If the request appears to come from someone you know, hang up and call them directly. Do not click links, download attachments, or give someone remote access to your device until you've verified who you're communicating with. 
  • Protect your accounts. Use different passwords for important accounts, avoid sharing your passwords, and turn on multi-factor authentication when available. 
  • Keep an eye on your accounts. Review your bank and credit card accounts regularly for transactions you don't recognize. 
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What if You Already Sent Money or Shared Information?

Scams can be difficult to recognize, and anyone can be susceptible to one. It can be tempting to replay what happened and focus on what you wish you had done differently. While understanding what happened can help you protect yourself in the future, try not to let self-blame keep you from taking action now.

What you do next will depend on what happened and what information or money you shared.

  • If you shared a password, change it immediately. If you use the same password for other accounts, change it on those accounts too. Turn on two-factor authentication if it's available. If the account gives you the option to sign out of other devices, that can be another step to help secure your account.
  • If you sent money, contact the bank, credit card company, payment app, gift card company, wire transfer company, or other company you used to make the payment as soon as possible. Tell them the transaction involved a scam and ask whether it can be stopped, reversed, or refunded. Some types of payments can be difficult to recover, but it's still worth contacting the company and asking what options are available.
  • If you shared banking or credit card information, contact your financial institution and explain what information was shared. They can help you determine what steps to take to protect your account, which may include replacing a card or making changes to your account.
  • If you shared personal information that could be used for identity theft, visit IdentityTheft.gov for steps based on the information that was compromised.
  • Report the scam. You can report scams to the Federal Trade Commission at ReportFraud.ftc.gov. Reports can help the FTC identify scam trends, investigate fraud, and warn others.
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Take the Next Step

Protecting your personal and financial information can be part of your larger financial goals. Use our free MyMoneyPath goal-setting tool to create a SMART goal and break it down into smaller steps. For example, you could set a goal to update your passwords, turn on multi-factor authentication, or review your financial accounts regularly.

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