Protection from Financial Fraud



According to the FTC, “consumers reported losing more than $10 billion to fraud in 2023, marking the first time that fraud losses have reached that benchmark. This marks a 14% increase over reported losses in 2022.”  

Financial scams are evolving with technology, making it vital to stay informed and vigilant. Cryptocurrency scams, social engineering attacks, fake investment opportunities, and phishing attempts are among the emerging threats. 

  • Cryptocurrency scams exploit the popularity of digital currencies, using fake ICOs (Initial Coin Offerings) and Ponzi schemes to promise high returns. 

  • Social engineering involves manipulation tactics to trick individuals into sharing sensitive information or transferring money. 

  • Fake investment schemes promise guaranteed returns, targeting those seeking quick profits. 

  • Phishing emails and texts deceive recipients into providing personal or financial information under false pretense. 

To protect against these scams, thorough research and due diligence are essential. Verify the legitimacy of offers and seek advice from trusted sources. Beware of unsolicited offers and verify the security of websites before sharing information.  

If you suspect you've been scammed, act quickly to minimize damage. Report unauthorized transactions to your financial institution and file a report with relevant authorities. Monitor accounts for unusual activity and seek support from friends, family, or professionals if needed. 

In conclusion, protecting yourself from financial scams requires awareness, skepticism, and proactive measures. By staying informed, conducting due diligence, and following best practices for online security, you can reduce the risk of falling victim to fraudulent activities and protect your finances.  

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