Financial Scams Education Series

Track A — Young Adults

Young Adults

First jobs, student loans, social media, and the pause rule before money leaves the account.

Download this track as a book: PDF · Word.

• The playbook
• Everyday traps
• Defense and recovery

Young Adults · Part 1

The playbook

How criminals create urgency, steal identity, and fake messages.

1. The Scam Playbook: How Criminals Get You to Act

   The more a request combines urgency, secrecy and money, the more important it is to stop rather than comply.

   • Urgency: 'Act now or your account will be closed.'
   • Fear: threats of arrest, account loss, fraud or legal trouble.
   • Authority: pretending to be a bank, government agency, employer, school, police officer or technology company.
   • Greed: unusually high returns, prizes, giveaways or easy money.

2. Identity Theft and Personal-Information Scams

   Use unique passwords, a password manager, multifactor authentication, device updates, credit monitoring/review and transaction alerts. Consider a credit freeze when appropriate.

   • Sensitive information includes Social Security number, date of birth, driver's-license or passport information, bank details, tax records, passwords, security questions, phone number and email credentials.
   • Criminals may use identity information to open credit accounts, apply for loans, file fraudulent tax returns, obtain services, create accounts or impersonate you.
   • Do not provide sensitive information merely because a caller or email looks professional.
   • Ask why the information is needed, whether it can be provided through an official portal, and whether you initiated the interaction.

3. Phishing, Smishing and Fake Messages

   Treat unexpected messages as notifications to investigate, not instructions to obey.

   • Email phishing, SMS/text smishing and fake login pages are designed to capture credentials or payment information.
   • Messages may imitate banks, retailers, delivery services, schools, employers, technology companies or government agencies.
   • Links can lead to convincing copies of legitimate websites.
   • Do not use the link in an unexpected message.

Young Adults · Part 2

Everyday traps

Jobs, payments, romance, crypto, shopping, and impersonation.

4. Job, Gig and Work-From-Home Scams

   Before accepting a job, independently verify the employer, domain, recruiter and role. Never forward money because a recruiter tells you to.

   • Fake jobs may promise unusually high pay for little work, skip normal interviews, use messaging apps exclusively, or ask applicants to pay for equipment or training.
   • Fake employers may send a check and ask you to buy equipment, return money or forward funds.
   • Criminals may recruit victims as money mules by asking them to receive and move money through personal accounts.
   • A legitimate employer should not require your personal bank account to function as its payment-processing system.

5. Fake Checks, Overpayments and Payment Reversals

   Screenshots, emails and payment confirmations are not proof that funds are safely yours.

   • A scammer may send a check or electronic payment for more than the amount owed and ask you to return the difference.
   • Money appearing in an account does not necessarily mean the underlying payment is final or legitimate.
   • Victims can be left responsible when a fraudulent deposit is reversed.
   • Do not refund an overpayment until your financial institution independently confirms the payment is legitimate and final.

6. Romance, Friendship and Social-Engineering Scams

   Never send money or cryptocurrency to an online relationship based only on trust built through messages. Talk to someone you trust before sending substantial funds.

   • Scammers may build relationships over weeks or months before introducing money.
   • They may claim a medical emergency, travel problem, family crisis, legal issue or investment opportunity.
   • They may discourage video calls, meetings or independent verification.
   • The emotional bond is used to bypass normal financial judgment.

7. Investment, Trading, Crypto and 'Easy Money' Scams

   Verify the person, firm, investment and custody of assets independently. Never invest because a stranger, social-media contact or unsolicited message created urgency.

   • Warning signs include guaranteed returns, no-risk claims, secret strategies, insider information, celebrity endorsements, AI trading claims, fake investment dashboards, pressure to deposit quickly and difficulty withdrawing funds.
   • Fake platforms can display invented account balances and profits to encourage additional deposits.
   • Recovery scammers may contact victims after an investment loss and promise to retrieve the money for an upfront fee.

8. Social Media, Influencer and Impersonation Scams

   Assume an online identity is unverified until independently confirmed.

   • A polished profile, blue check, follower count or mutual connections does not establish legitimacy.
   • Scammers may impersonate friends, influencers, businesses, employers or public figures.
   • Do not publish unnecessary personal information that can help answer security questions or impersonate you.
   • If an account asks for money unexpectedly, verify through another established channel.

9. Online Marketplace, Shopping and Rental Scams

   Never let a bargain or fear of losing a deal eliminate normal verification.

   • Watch for fake payment confirmations, overpayment, requests to ship before payment clears, fake escrow services, counterfeit goods, unusually low prices and requests to move payment outside the platform.
   • Rental scams may use copied listings and demand deposits before a legitimate showing or lease process.
   • Use platform protections when available and independently verify ownership, business identity and payment instructions.

10. Government, Tax, Student-Loan and Benefits Scams

    Do not use contact information supplied by the caller. Find the agency or program independently and contact it yourself.

    • Scammers impersonate the IRS, Social Security Administration, police, courts, immigration agencies, DMV, schools and student-loan services.
    • They may threaten arrest, suspension, deportation, lawsuits or loss of benefits.
    • Others promise student-loan forgiveness, scholarships or government programs in exchange for fees or sensitive information.

11. Tech-Support, Account-Takeover and SIM-Swap Scams

    Secure primary email first. Use strong unique passwords, MFA, recovery controls, carrier account PINs and stronger authentication methods where available.

    • Unexpected pop-ups may claim your computer is infected and provide a phone number.
    • Remote-access software can give a scammer control over your device and potentially expose credentials.
    • Account takeover often begins with email because email can reset other accounts.
    • SIM swapping attempts to move your phone number to a criminal's device so they can receive SMS codes.

12. Gift Cards, Wire Transfers, Cryptocurrency and Irreversible Payments

    Stop, verify the recipient independently, and use a protected payment mechanism when one exists.

    • Gift cards are a major warning sign when someone instructs you to buy them and provide the codes.
    • Wire transfers and cryptocurrency can be difficult or impossible to reverse.
    • Never allow someone to dictate the payment method simply because it is 'faster' or 'safer.'

13. Fake Charities and Emotional Causes

    Generosity should be intentional, not manipulated.

    • Scammers exploit disasters, medical emergencies, wars, children in need and community tragedies.
    • Use the charity's official website or another independent source to verify the organization.
    • Do not donate because a message creates immediate emotional pressure.

14. Family Emergency and 'Mom/Dad/Grandparent' Impersonation

    Call the relative using a known number. A family verification phrase can add another layer.

    • A scammer may claim to be a relative with a lost phone or urgent emergency.
    • The scammer may request bail money, medical expenses, gift cards, cash, cryptocurrency or a wire transfer.
    • Voice cloning and compromised messaging accounts can make impersonation more convincing.

Young Adults · Part 3

Defense and recovery

A personal defense system, the five-question test, and what to do after a scam.

15. Build Your Personal Scam Defense System

    Your goal is layered defense: prevent, detect, respond.

    • Secure your primary email.
    • Use a password manager and unique passwords.
    • Enable multifactor authentication.
    • Turn on bank and credit-card alerts.

16. The Five-Question Scam Test

    If you cannot independently verify the request, do not proceed.

    • Who contacted me?
    • How do I know they are who they claim to be?
    • Why do they need me to act now?
    • Can I verify the request independently?

17. What to Do If You Are Scammed

    Do not pay someone who promises to recover your lost money unless you have independently verified that service.

    • Stop communicating with the scammer.
    • Contact the bank, card issuer, payment service or investment firm immediately.
    • Change compromised passwords and secure email.
    • Ask financial institutions what fraud or reversal procedures are available.

Track B — Older Adults & Families

Older Adults & Families

Protect retirement wealth with verification, two-person rules, and a no-shame family policy.

Download this track as a book: PDF · Word.

• Why this wealth is targeted
• Common scams
• A family defense system

Older Adults & Families · Part 1

Why this wealth is targeted

Accumulated savings, the golden rule, and impersonation.

1. Why Accumulated Wealth Attracts Scammers

   Financial sophistication does not eliminate scam risk. A strong system is more reliable than memory or vigilance alone.

   • Retirement accounts, brokerage assets, home equity, pensions and long-established bank accounts can make a household an attractive target.
   • Scammers may exploit fear, grief, loneliness, trust in authority, concern for children or grandchildren, or the desire to solve a problem quickly.
   • The objective is often to make the victim believe that immediate action is required.

2. The Golden Rule: No Major Decision Under Pressure

   Urgency is a reason to slow down, not speed up.

   • Never move retirement money, sell investments, wire money, buy cryptocurrency, buy gift cards, change beneficiaries, disclose credentials or give remote computer access because someone created an emergency.
   • A legitimate institution can usually tolerate a pause for independent verification.
   • Create a household rule: no major financial transaction happens without verification.

3. Government, IRS, Social Security and Medicare Impersonation

   End the conversation and independently contact the agency through an official channel.

   • Scammers may claim to represent the IRS, Social Security Administration, Medicare, police, courts, immigration authorities or other agencies.
   • Threats may include arrest, benefit suspension, account seizure, lawsuits or legal action.
   • Payment demands may involve gift cards, cryptocurrency, wire transfers or unusual payment channels.

4. Bank, Brokerage and Financial-Institution Impersonation

   Call the institution using the number on your card, statement or official website. Never move money to protect it because an unsolicited caller told you to.

   • A scammer may know your name, bank and partial account information and claim suspicious activity has occurred.
   • They may ask for a verification code, credentials or a transfer to a 'secure' account.
   • A caller ID or a familiar-looking number is not proof of identity.

Older Adults & Families · Part 2

Common scams

Investments, family emergencies, Medicare, contractors, and account takeover.

5. Investment Fraud and Fake Financial Professionals

   Verify the adviser, firm, investment and custodian independently before committing substantial funds.

   • Investment fraud can be especially destructive when retirement assets are involved.
   • Examples include Ponzi schemes, fake advisers, unregistered investments, private-placement fraud, fake real estate deals, cryptocurrency platforms, guaranteed-return schemes and fake trading systems.
   • Warning signs: guaranteed returns, little or no risk, secrecy, exclusivity, urgency, complex explanations, unclear custody, inability to withdraw money or personal payment instructions.

6. Romance and Relationship Financial Exploitation

   Do not send substantial funds to an online relationship you cannot independently verify. Discuss concerns with someone outside the relationship.

   • A scammer may build trust for months before requesting money.
   • Stories may involve medical care, travel, legal problems, business opportunities or investments.
   • The emotional relationship can make normal skepticism feel disloyal.

7. Grandchild, Child and Family-Emergency Scams

   Call the relative directly using a known number. Consider a private family verification phrase.

   • A caller may claim to be a grandchild or child who needs urgent help.
   • Requests can involve bail, medical care, travel, gift cards, cryptocurrency or wire transfers.
   • Voice cloning and compromised accounts can make impersonation more convincing.

8. Medicare, Health and Insurance Scams

   Verify the organization independently and do not provide sensitive information to unexpected callers.

   • Scammers may request Medicare numbers, Social Security numbers, insurance information or banking details.
   • They may promise free equipment, refunds, new benefits or special coverage.
   • Unsolicited callers should not be trusted simply because they know basic personal details.

9. Home Repair, Contractor and Property Scams

   Get multiple estimates, independently verify the contractor and use a written agreement.

   • Door-to-door operators may claim a roof, driveway, tree, HVAC system or other property component needs immediate repair.
   • Warning signs include immediate payment demands, cash-only terms, large deposits, no written contract, pressure to start immediately or refusal to provide references.
   • Rental and property scams can also target owners and prospective renters.

10. Technology, Phishing and Account-Takeover Scams

    Secure email and financial accounts with strong unique passwords, MFA, updated recovery information and transaction alerts. Never give an unsolicited caller remote access.

    • Unexpected pop-ups and calls may claim a computer is infected or an account has been hacked.
    • Scammers may request remote access, passwords, verification codes or payment.
    • Email is particularly important because it can be used to reset other accounts.

11. Tax, Estate, Inheritance and Unclaimed-Asset Scams

    Do not send money to unlock an unexpected fortune. Verify claims through independent official or professional channels.

    • Scammers may claim you owe taxes, are receiving a refund, are under investigation, inherited money, won a prize or have unclaimed assets.
    • They may demand legal fees, taxes, processing fees or bank information before releasing funds.

12. Life Insurance, Annuity and Complex Financial-Product Scams

    Take documents home, compare alternatives, understand costs and consider independent advice.

    • A legitimate product is not automatically a good product, and a complicated product is not automatically fraudulent.
    • Risk arises when a salesperson uses misrepresentation, pressure, hidden fees, unrealistic guarantees or complexity to prevent informed decision-making.
    • Do not purchase a complex product during a single sales conversation.

13. Cryptocurrency, Digital Assets and Recovery Scams

    Never pay a recovery service simply because it promises certainty. Independently verify any recovery professional.

    • Cryptocurrency transfers can be difficult or impossible to reverse.
    • Warning signs include guaranteed returns, secret opportunities, romance plus investment, fake trading platforms, requests to move funds to a special wallet and people claiming they can recover prior losses.
    • Recovery scammers often target people who have already lost money.

14. Financial Exploitation by Someone You Know

    These signs do not prove exploitation. They justify a respectful conversation and, when necessary, independent professional assistance.

    • Financial abuse does not always come from strangers.
    • Warning signs can include unexplained withdrawals, new financial relationships, sudden secrecy, beneficiary changes, unusual loans, large cash withdrawals or someone discouraging family contact.

Older Adults & Families · Part 3

A family defense system

Two-person rules, continuity, records, reviews, and incident response.

15. Build a Family Financial Defense System

    The objective is protection without unnecessarily removing independence.

    • Designate trusted contacts where available.
    • Use banking and investment alerts.
    • Consider separating everyday spending money from long-term wealth.
    • Use transfer limits and additional verification where available.

16. Create a Two-Person Rule for Large Transactions

    Checks and balances are especially valuable when emotions are high.

    • Choose a household threshold appropriate to your circumstances.
    • For example, any transfer above $10,000 could require a 24-hour pause and independent verification.
    • The second person should know about the transaction—not necessarily have unrestricted access to the account.
    • The rule should apply even when the request appears to come from a trusted person.

17. Spouse-to-Spouse and Family Financial Continuity

    Continuity planning is a core component of wealth protection.

    • Both spouses should know where accounts are held, how bills are paid, what insurance exists, who the advisers are, where estate documents are stored and what major assets and debts exist.
    • One spouse should not be the sole source of financial knowledge.
    • The goal is not for everyone to manage everything.

18. Emergency Financial Contact Sheet and Secure Records

    Keep enough information to locate and understand the financial system without creating a new security vulnerability.

    • Maintain a secure inventory of banks, brokerage firms, retirement accounts, insurance, mortgage, CPA, attorney, financial adviser, estate documents, emergency contacts, major assets and digital assets.
    • Do not place passwords in an unsecured spreadsheet or document.
    • Use a secure credential system and establish an emergency-access procedure.

19. Quarterly Safety Review and Annual Financial Fire Drill

    A system that has never been tested is only a plan on paper.

    • Quarterly review: unfamiliar transactions, new accounts, unusual transfers, MFA, passwords, devices, credit activity, beneficiaries, estate documents, professional contacts and family continuity.
    • Annual fire drill: ask whether the household could function if the person who manages finances were unavailable tomorrow.
    • Test whether the second spouse or trusted person can identify income, accounts, bills, insurance, advisers, estate documents and important digital assets.

20. What to Do If a Scam Happens

    Speed, documentation and transparency can reduce the damage.

    • Contact the bank, card issuer, brokerage, payment provider or other institution immediately.
    • Ask about fraud procedures, recalls or reversals.
    • Secure accounts and change compromised credentials.
    • Review credit and consider appropriate fraud alerts or freezes.