How to Protect Yourself from Scams and Fraud
Scams and fraud are more common than ever—and no one is immune. Whether you’re a young adult managing your own money for the first time, a seasoned professional, or a senior enjoying retirement, protecting your finances is essential. Thankfully, there are simple and effective steps you can take to stay safe.
Here’s how to protect yourself—and those you care about—from fraud, scams, and financial abuse.
1. Know the Red Flags of a Scam
Scammers are always evolving their tactics, but their strategies often have common warning signs. Watch out for:
- Urgent requests for money or personal info: Scammers may pretend to be a government agency, your bank, or even a family member in trouble.
- Too-good-to-be-true offers: If someone promises high returns with little to no risk, it’s likely a scam.
- Pressure to act quickly: Fraudsters don’t want you to stop and think. If you’re being rushed, take that as a red flag.
- Unusual payment methods: Anyone asking for payment by gift card, cryptocurrency, or wire transfer is likely trying to scam you.
2. Protect Your Debit and Credit Cards
Your bank cards are convenient, but they can also be targets for fraud. Here’s how to stay safe:
- Use tap payments whenever possible: It keeps your card in your hand and away from skimmers.
- Set up transaction alerts: Most banks let you receive a notification every time your card is used.
- Check your statements regularly: Look for any purchases you don’t recognize.
- Never share your PIN: And shield it when you enter it—even at the checkout.
3. Take Advantage of Your Bank’s Protection Services
Many banks and credit card companies offer valuable tools to help protect you. These include:
- Fraud monitoring: Your bank may notify you of unusual transactions.
- Digital card controls: You can often lock your card from your phone if it’s lost or stolen.
- Two-factor authentication (2FA): Use 2FA wherever it’s offered to make it harder for scammers to access your accounts.
4. Safeguard Seniors Against Financial Abuse
Unfortunately, older adults are frequently targeted by scammers—and sometimes by people they know. Here’s how to help protect aging parents or loved ones:
- Talk about common scams: Help them understand what to watch for.
- Encourage openness: Let them know it’s okay to talk to you if something seems suspicious.
- Help manage online security: Strong passwords and up-to-date software go a long way.
- Watch for signs of abuse: Unexplained withdrawals, a new “friend” managing their money, or secrecy about finances could be signs of financial exploitation.
5. Stay Informed and Skeptical
Fraudsters rely on misinformation and fear. Arm yourself with facts:
- Don’t trust caller ID: It’s easy to spoof. Always verify independently.
- Ignore unsolicited messages: Whether by email, phone, or text—if you didn’t ask for it, treat it with caution.
- Be careful what you share on social media: Birthdays, pets’ names, and anniversaries are often used in passwords and security questions.
6. Take Control of Your Online Safety
More of our financial lives happen online than ever before. Make sure you’re being smart about it:
- Use strong, unique passwords for every account.
- Enable automatic updates on your devices and apps.
- Use antivirus software and keep it up to date.
- Be cautious with public Wi-Fi, especially when accessing financial apps or websites.
Final Thoughts
Protecting yourself from scams and fraud doesn’t have to be complicated. With a few good habits and the right tools, you can make it much harder for fraudsters to succeed. And if something seems off—trust your gut, pause, and double-check.
If you or someone you know has been targeted or has questions about how to better protect themselves, we’re here to help. Reach out to us for confidential support and resources to keep your finances safe.
