Scams and Fraud — How to Protect Yourself

Think older people are the main targets for scams? Think again. According to consumer protection agencies, young adults are actually more likely to lose money to fraud than people over 60. Scammers know you're online, applying for jobs, and managing your own money for the first time. They see you as the perfect target. This isn't to scare you. It's to prepare you.

Scammers are professionals whose full-time job is to trick you out of your money. They are good at it. Your best defense is to understand their playbook. Most scams rely on psychological tricks, not technical genius. They create a sense of urgency or an offer that's too good to be true to make you act before you can think.Here are the most common types you'll encounter:Phishing: Fake emails or texts impersonating a bank, delivery service, or government agency to steal your login info.Employment Scams: Fake job offers that require you to pay for “training” or “equipment.” A real job pays you, not the other way around.Fake Investment Schemes: Promises of guaranteed high returns with no risk. Legitimate investing always has risk.Romance Scams: A fake online relationship built over time, endin...

Amir, 18, was thrilled. He got an email offering a remote data entry job paying 35 units of currency an hour—way more than his current job. The company seemed legitimate and even sent him a check for 2,000 units to buy a laptop. Their only instruction was to deposit the check, then immediately wire 1,500 units to their 'equipment vendor.' Amir paused. Why would they send him extra money just to have him send it back? He remembered a red flag: unusual payment requests. Instead of wiring the money, he took the check to his bank. The teller confirmed it was fake. The check would have bounced days later, but his 1,500 unit wire transfer would have been gone forever. He reported the email and warned his friends about the scam.