Whether it’s a phishing email, fake phone call or long-term ploy to steal your money, scams aren’t going away. And they’re costly: The FTC reports that consumers say they lost upwards of $12.5 billion to fraud in 2024, a 25% increase from 2023. What’s more, “scammers’ tactics are constantly evolving,” Christopher Mufarrige, director of the FTC’s Bureau of Consumer Protection, said in a press release.
We spoke to 10 financial advisers, certified financial planners, CEOs, chief risk officers and more to find out common and shocking scams they’ve seen in their day to day — and what you can do to prevent them. (Looking for an adviser? You can use this free tool from our partner SmartAsset that can match you to a fiduciary adviser, as well as resources like NAPFA and the CFP Board.)
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