The warning signs
Almost every scam has at least one of these:
- Pressure to act now: “your account will be closed”, “you’ll be arrested”, “the offer ends today”.
- An unusual way to pay: gift cards, a wire transfer, crypto, or Zelle, Venmo or Cash App to someone you don’t know.
- A request for a code, password or PIN. One-time codes are for you alone.
- Contact out of the blue, by text, call, email or social media, even if it looks official.
- Something too good to be true: guaranteed investment returns, a prize you didn’t enter, a job that pays well for little work.
- Being told to keep it secret from your family or your bank.
Common scams
| Scam | How it works |
|---|---|
| Impostor calls | Someone “from” the IRS, Social Security or your bank’s fraud team asks you to move money to keep it “safe” |
| Text scams | Unpaid tolls, missed deliveries or a locked account, with a link to a fake site |
| Investment and crypto | A new online friend shows you an app with huge gains, then you can’t withdraw |
| Romance | Someone you’ve never met in person needs money for an emergency |
| Jobs and “tasks” | You’re paid small amounts at first, then asked to deposit money to unlock more |
| Fake checks | You’re sent a check, asked to send part back, and the check later bounces |
Scams aimed at your money problems
- Debt relief: a company promises to cut your debt if you pay a fee first. It’s illegal for debt relief companies selling by phone to charge before they’ve settled a debt. Free help is on our help with debt page.
- Student loan forgiveness: you never need to pay to apply for forgiveness or a repayment plan. Do it yourself, free, at StudentAid.gov.
- Loans with an upfront fee: a “guaranteed” loan that asks for a fee before you get the money is a scam. Real lenders don’t guarantee a loan before checking your application, and don’t ask you to pay to get one.
- Tax scams: the IRS usually contacts you first by mail, and never demands payment by gift card, crypto or wire. If you’re unsure, check your account at IRS.gov.
Protect yourself
- Turn on two-step verification for your bank and email.
- Never share one-time codes. Your bank will never ask for them.
- Call back on a number you’ve looked up yourself, not one in the message.
- Freeze your credit at Equifax, Experian and TransUnion. It’s free, and it stops anyone opening credit in your name.
If you’ve been scammed
- Call your bank or card issuer straight away. The sooner you report it, the more chance of stopping the payment.
- Report it at ReportFraud.ftc.gov, and at IdentityTheft.gov if someone used your details.
- Change your passwords, starting with your email and bank.
- Watch your credit reports for accounts you don’t recognize.
Will you get the money back?
| What happened | Usually |
|---|---|
| Someone used your debit card or account without your say-so | Your loss is capped at $50 if you tell your bank within two business days; wait longer and you can lose more |
| Someone used your credit card | You owe at most $50, and most cards cover all of it |
| You were tricked into paying by card | You can dispute it with the card issuer |
| You sent money yourself by wire, app or crypto | Very hard to get back, though some banks and apps refund scam victims |
Payments by app, wire or crypto are very hard to reverse, which is why scammers ask for them. Being scammed isn’t something to be embarrassed about: scammers are professionals, and reporting it helps stop them.