In an increasingly digital and connected world, scams are evolving rapidly. Today’s scammers use clever tactics, emotional triggers, and believable online disguises to manipulate victims. But with a little knowledge and vigilance, you can protect yourself and your loved ones from becoming a target.

Here are five keys to spotting — and stopping — common financial scams:

1. Know Their Common Tactics

Scammers use time-tested strategies that prey on fear, urgency, or the promise of quick rewards. You may receive a call claiming your bank account has been hacked or a text offering a once-in-a-lifetime investment. These tricks are designed to race right past your logical response and trigger a snap decision.

Knowing what these tactics look like — such as fake tech support calls, sudden lottery wins, or too-good-to-be-true investment “guarantees” — is your first defense. Awareness is your first line of defense against financial fraud.

2. Don’t Trust, Verify

Just because a message looks official doesn’t mean it is. Scammers are experts at impersonating others — whether it’s your bank, the IRS, or even a friend’s social media account. If it feels urgent, emotional, or too good to be true? Pause before you proceed.

Before acting on any urgent request, take time to verify it independently. Use known phone numbers, check the claimed company’s official website, or contact the person directly via a separate channel. Trust should never be automatic in high-stakes communication.

Awareness is your first line of defense against financial fraud.

3. Monitor Your Accounts

Early detection can prevent long-term damage. Review your bank and credit card statements often to catch unfamiliar activity quickly. Even small unauthorized charges can be a sign of a larger breach. Use mobile alerts to stay aware of account usage and consider identity theft protection services that help monitor for suspicious behavior across multiple platforms.

If it feels urgent, emotional, or too good to be true? Pause before you proceed.

4. Educate Your Family

Financial fraud isn’t just an adult issue. Teenagers may fall for job or scholarship scams, while older family members are often targeted by phishing or Medicare fraud. Have open conversations about safe online behavior and common red flags. Make sure your loved ones feel comfortable asking questions before making financial decisions.

5. Report It

If you suspect fraud, don’t hesitate — report it. Contact your financial institution right away to freeze or reverse transactions. Timely reporting helps protect others and may support your case if legal or financial recovery is needed.

Financial wellness is as much about protecting your wealth as it is about growing it. Awareness, caution, and communication are your most powerful tools in spotting scams before they can do significant damage.