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We wised up to obvious scams years ago. Nigerian princes can’t fool us anymore, and most of us know not to click on odd emails filled with misspellings, sent from a jumble of random numbers and letters. We know “password” as a password is an engraved invitation to being hacked, and that we shouldn’t give our Social Security numbers out willy-nilly.

Unfortunately, the bad guys continue to up their cybercrime game. And they’re using new technology – like AI – and human psychology to get around the defenses of even the most savvy and skeptical Americans. Let’s take a look at some of the most prevalent types of scams. Then we’ll give tips on how you can protect yourself and your loved ones.

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RECENT FRAUD TRENDS

FRAUDULENT PROPERTY SALES

Scammers find records of vacant land or houses and impersonate the property owners to sell it out from under them. They approach real estate agents virtually with legitimate-looking identification and ask for an all-cash, quick sale. Before the real owner is even aware of it, the property is sold.

JOB SCAMS

Scammers prey on job seekers’ hopes by offering high-paid remote positions that either require paying fees up front or depositing your paychecks and then returning some of the money to the employer (spoiler alert: the original check always bounces).

CRYPTO SCAMS

There are a variety of scams related to cryptocurrency, and they usually involve either a request for you to send crypto to someone (either in exchange for goods and services, or because you’re in a “relationship” with them) or a too-good-to-be-true investment in crypto with big, guaranteed payouts. The scariest schemes may be the ones where a member of “law enforcement” tells you you’re in big legal trouble and can only save yourself by buying cryptocurrency.

TOLL SCAMS

By now, everyone with a cell phone has undoubtedly received numerous scammy texts about unpaid tolls, which always include a seemingly helpful link to pay now and avoid consequences.

RELATIONSHIP FRAUD

Romance scams, now sometimes called “pig butchering,” have been around for a while but are becoming especially common now that AI lets scammers easily create entire online identities, including social media profiles and convincing audio and video content. Once a relationship of trust is built, the scammer asks for money to visit or for another emergency – and once you catch on, they’re gone forever.

Even more alarming, fraudsters can also use AI to create convincing audio and videos (“deepfakes”) of real people you love, then contact you to claim they’re in trouble and need money urgently.

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WHO’S MOST AT RISK?

Anyone can be a victim of fraud, but certain characteristics put a bullseye on your back. Be extra careful if you’re part of these groups.

• Military members. Fraudsters know they frequently relocate and may even be deployed. Sadly, military members are especially likely to have their identities stolen by someone they know. And veterans and their families can be targeted by scammers pretending to help them receive or use their military benefits.
• Younger generations. 44% of fraud victims aged 20-29 reported losing money in 2024, the highest of all age groups. This could be because they’re often inexperienced and may be more trusting.
• Older generations. They’re often targeted because of the increased chance they could be struggling with diminished capacity or are unfamiliar with the digital technology scammers often use. On top of that, they’re often isolated. Elder fraud is a growing problem; when older adults lose money to scammers, they lose far more than any other age group.
• Anyone in a state of transition. For example, those who are grieving a loved one, people who are in the process of buying or selling a home and those looking for new employment are often fraud targets. Losses due to job scams soared by more than 5 times from 2020 to 2024.

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PROTECT YOURSELF WITH TIGHT SECURITY

In the face of these incessant attempts to steal your money, what can you do? First, make sure you’ve considered these important steps. Some of them are basic, but they’re well worth a reminder.

• Use the latest technology to keep your accounts as secure as possible. If your devices (computers, tablets and phones) are capable, use biometrics to secure them and any access points to your money. This could mean you unlock them with your fingerprint, face ID or voice – something unique to you. And don’t forget antivirus software on your computer.
• Turn on any additional security settings your financial providers offer. For example, with two-factor authentication, you need to provide the right user ID and password – as well as a second piece of information only you should have. Many times, this means a random code sent to your email or cell phone.
• Speaking of passwords, make sure your passwords are as strong as possible, don’t use the same ones on multiple accounts and change them regularly. If you have trouble remembering good passwords, use a password manager or vault to generate random passwords and store them for you. Even if you’re the rare person who can remember 50 unique, hacker-resistant passwords – and which sites they go with – using a password manager will make your life easier. And who wouldn’t want that?
• Keep your hardware and software up to date. Tech companies consistently release patches as hackers find new vulnerabilities they can exploit to gain control of your devices. Download these patches as soon as possible.
• Be suspicious of anyone asking for a cashier’s check. Take the extra step to be sure it’s legitimate.
• Don’t put signed checks in an unsecure mailbox. Take them to the post office instead or put them in a drop box. Better yet, make donations or payments with a credit card so you can dispute fraudulent charges and no one can intercept and alter the payment.
• Add a trusted contact to your financial accounts. At 91��̳ Engines, if we suspect you might be at risk of fraud or experiencing diminished capacity, or we can’t reach you, we’ll get in touch with your trusted contact (if you provided one).

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EMBRACE YOUR INNER SPY

Thinking about security from the get-go is a great start, but it’s not enough. Be on the constant lookout for ways criminals could get ahold of your information – or red flags that they already have.

• Don’t use public Wi-Fi to access your financial accounts. If you must log in from the airport or a coffee shop, use a virtual private network. And use an AC charger and your own cable when charging your phone in public locations – hackers can corrupt USB ports with malware that will give them access to your devices.
• Don’t click links or open attachments in an email or text or give out information on an unsolicited phone call, even if you think you’re communicating with a business you use every day. Phishing communications are more convincing than ever, and they’ll make the situation sound urgent. If you’re not expecting it, don’t click it.
• Be especially vigilant during tax time and around the holidays.
• Go digital with your account documents (for example, statements) to cut off one potential avenue to identity theft; physical mail isn’t as secure. But if you print anything that contains personal and financial information, don’t ever just toss it in the trash – shred it first. See more about protecting yourself from identity theft.
• Monitor your credit. You can do this manually – by getting a free credit report from each of the major agencies – or sign up for a service that will monitor it for you and alert you of any changes. Free credit reports are available once a week at annualcreditreport.com.
• Regularly review activity on your credit card and bank accounts. Tedious? Maybe, but it’s well worth the minor effort. And sign up for text notifications that can immediately flag anything that seems off.
• Tell your financial providers if they should be on alert for suspicious activity. For example, if you’re leaving the country for several weeks or months and won’t be accessing your accounts, let them know.
• If you own land or a second property, set up online alerts for your address and find out if your county clerk can automatically email you if your property’s title is requested.

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STAY SKEPTICAL

Do you feel a little paranoid? Good. The best way to arm yourself against these ever-changing threats is to notice when you feel extreme pressure to act quickly to resolve an issue you just became aware of. Just like you don’t want to panic whenever the market is down, you don’t want to give out your critical personal information because someone unexpectedly tells you they need it right now.

Remember that anyone could be impersonating a law officer, a new online friend, an employer, a representative from your financial organization or even a loved one. Ask yourself whether a situation makes sense and how you can independently verify it. And if the person you're talking to warns you not to tell anyone else about the conversation or your relationship, that’s a huge red flag. Tell someone you trust right away.

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THINK YOU MIGHT BE A VICTIM? ACT QUICKLY!

Becoming a fraud victim is scary. But if it does happen to you, there are specific actions you can take, laws that protect you and organizations that will help you. Contact your advisor right away and consider taking these additional steps if you've been scammed.

Cyber criminals work hard, but you can work harder. By following the steps above, you’ll have a much better chance of staying protected and catching any issues quickly.

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HOW EDELMAN FINANCIAL ENGINES PROTECTS OUR CLIENTS

• We confirm all requests to move money verbally.
• We run daily reports to monitor client account activity.
• We can add alerts to your account if you let us know you’re a fraud victim or have other security concerns.
• We have additional security procedures to help make sure it’s really you on the phone when we speak to you.
• We reach out to your trusted contact – if you provided one – if we suspect you could be a fraud target or victim.

So, follow some of these tested tips and consider partnering with a financial advisor who can help you keep your wealth safe online as you pursue your financial goals.