INSIGHTS

Protect yourself from financial fraud

Key points

Financial fraud takes many forms. Phishing, identity theft, investment scams, and account takeovers are among the most common threats targeting individuals today.
Slow down when something feels off. Urgency, impersonation, and unusual payment requests are classic red flags — pause, verify, and consult your financial advisor before acting.
Simple habits offer strong protection. Strong passwords, multifactor authentication, and regular account monitoring go a long way toward keeping your finances secure.
Guard your personal information carefully. Only share personal details with trusted parties, shred sensitive documents, and secure your devices with strong passwords or biometric logins.
Act quickly if you suspect fraud. Contact a trusted person right away, report to the FBI, FTC, or SEC, change your passwords, and place a fraud alert or credit freeze on your accounts.

Fraudsters are getting smarter, but you can stay a step ahead of them. At &Partners, protecting your financial information is one of our top priorities. We can work with you to keep your financial information secure by helping you understand common fraud tactics and how to adopt simple habits like safeguarding your personal information, monitoring your accounts, and staying alert.

Here’s what to watch for and how to better protect yourself against a range of schemes and scams. When in doubt, always take a moment to verify, and never hesitate to report concerns to your financial advisor.

What are common types of fraud?

Fraudsters use various tactics and schemes to take advantage of people. Below are common types of fraud. Becoming familiar with these schemes can lessen your vulnerability to cyber threats.

Phishing	Using fake emails, texts, or websites to attempt to steal sensitive information
Identity theft	Using personal details (like your name, birthdate, or address) without permission or knowledge to commit fraud, potentially leading to significant financial harm
Credit card fraud	Making unauthorized purchases or withdrawals using credit cards or credit card numbers — warning signs include missing cards, charges you don’t recognize, or sudden credit score changes
Account takeover	Fraudulently accessing accounts (email, bank, social media) to carry out unauthorized actions, such as withdrawals, posts, and communications
Investment fraud	Using deceptive practices or schemes that promise unreasonably quick, high returns with little to no risk — examples include Ponzi schemes, fake real estate deals, fraudulent cryptocurrency pitches, investment fraud through social media, and promissory notes carrying false guarantees
Social engineering	Manipulating people into sharing personal information or performing actions, such as money transfers, that are used to commit fraud

How do you recognize fraudulent communications?

Fraudsters are using increasingly sophisticated methods that can be convincing and difficult to detect. They often pretend to be people or companies you know and trust. Know what to look for and follow the tips below to help identify if you’re being targeted.

What to look for

Imposters. Scammers often pretend to be someone you trust, like a government official, a family member, a charity, or a familiar company
Suspicious emails, calls, or messages. Look for spelling mistakes, generic greetings, and unrecognized sender addresses or caller IDs. Be wary of requests to respond by WhatsApp, live chat, or a “Contact us” form
Sense of urgency or threats. Be alert for urgent requests or threats (e.g., “your account will be locked”). Often, scammers rush their victims, speak quickly to create confusion, or attempt to gain trust to entice disclosure of personal information
Fake websites, attachments, or links. Some fraudsters use fake or offshore websites or compromised email accounts to appear legitimate. In some cases, fraudsters use a valid email address or website URL that has no ties to a true operating business
Financial phone calls. Scammers may cold call asking for money or personal information

What to do

Review emails carefully. Reread the email to look for any misspellings or poor grammar. Don’t act, send money, or give out personal information in response to an unexpected request — whether it comes as a text, a phone call, or an email
Move slowly and carefully. Never let strangers force you into quick decisions. If you’re uncertain, don’t be afraid to hang up
Verify with someone you trust. If you think the call, email, or message is fraudulent, try calling back using a number you know is genuine such as one printed on a bill or statement, reach out to a trusted contact such as your financial advisor, or contact law enforcement

What can you do to prevent fraud?

Safeguarding your personal and financial information is one of the best defenses against fraud. Here are some tips and best practices for fraud prevention:

Staying safe online

Use strong and unique passwords. Create long, complex, and unique passwords for each account
Monitor financial accounts. Conduct a regular, if not daily, review of bank, brokerage, and credit card statements to help identify unusual or unauthorized activity in your accounts
Review credit reports. Frequently review your credit reports for sudden changes in your credit score to identify any suspicious activity. The three major credit reporting bureaus — Experian, Equifax, TransUnion — allow you to check your credit report free once a week. Sign up for alerts with your banks and the credit bureaus to help spot any suspicious activity early
Check website URLs. Use tools like Whois Domain Lookup to help verify a website’s owner, as scammers often use typos to mimic legitimate sites
Use multifactor authentication. Gain an extra layer of protection by using multifactor authentication to verify your identity when you log in to websites and applications
Review apps before downloading. Check app ratings and reviews, and be wary of apps that ask you for access to your contacts, camera, or other parts of your phone when it’s not clear why it’s needed

Protecting personal information

Limit sharing personal details. Only share personal information, including login credentials (e.g., usernames and passwords), with trusted entities
Shred documents. Shred physical documents that contain personal information, such as bank statements, credit card offers, and tax records, once you’ve reviewed them
Secure devices. Use strong and unique passwords, PINs, or biometric logins (like fingerprint or face recognition) to ensure that only you can access your device and accounts
Use encryption. Send emails containing personal information using encryption tools to provide further protection
Stay updated. Keep your software and security programs current so you have the most up-to-date protections

Guarding money movement and payments

Consider how you pay. Government offices and legitimate companies will not require you to use payment methods like Western Union or MoneyGram nor will they request payment through iTunes, Amazon, or other gift cards
Do not pay up front to an unknown party. Fraudsters generally ask for payment in advance of receiving a service, such as debt relief, a job, or a prize. Be aware — these are normally scams
Do not deposit a check and then wire money back. Scammers may send you a fake check for more than you’re owed and ask you to deposit it, then send back the extra money. Not only will you lose the money, but you’ll be on the hook to pay any fees associated with the transaction

What can you do if you suspect fraud?

If you think you’ve been defrauded, take the following steps:

Immediately engage a trusted party for help. Call someone that you trust — a friend, a family member, or your financial advisor — to help guide you on steps to increase your chances of recovering funds
File a report. Filing a report can help stop the fraudster and prevent them from harming others. Consider filing a report with the following:
Change your passwords. Update your passwords and turn on multifactor authentication
Notify credit agencies. Place a fraud alert — or freeze your credit if appropriate
Continue monitoring. Watch your accounts for any new issues

A final reminder

The threat of fraud can feel scary, but if you watch for the signs and check before you respond, you’ll go a long way to thwarting fraudsters. Remember, if something feels off, pause and investigate further. Talk it over with someone you trust and verify the request. When in doubt, don’t share or send personal information or money, and avoid clicking on unknown links. Your vigilance helps protect your finances — and also your peace of mind.

Call your financial advisor if you have any questions or concerns. We are here to support you and help protect your financial well-being.

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Frequently asked questions

What are the most common types of financial fraud?
The most common types include phishing, identity theft, credit card fraud, account takeover, investment fraud, and social engineering.

How can I tell if an email or phone call is a scam?
Look for spelling errors, generic greetings, unrecognized sender addresses, and any pressure to act quickly or share personal information. When in doubt, verify through a number you already trust.

How can I protect my personal information?
Limit what you share and only provide personal details to verified, trusted entities. Shred physical documents like bank statements and tax records, secure your devices with strong passwords or biometric logins, and use encryption tools when emailing sensitive information.

How can I protect myself from financial fraud?
Use strong unique passwords, enable multifactor authentication, monitor your accounts regularly, shred sensitive documents, and never share personal information with unverified parties.

What should I do if I think I’ve been defrauded?
Change your passwords, contact a trusted person immediately, file reports with the FBI, FTC, or SEC, and place a fraud alert or credit freeze with the major credit bureaus.