Financial Scams Are on the Rise—Here’s What to Watch For
If it feels like scams are everywhere lately… you’re not imagining it.
They’ve become more sophisticated, more personal, and honestly—more convincing than ever. And many are specifically designed to target those nearing or in retirement.
The good news? A little awareness goes a long way.
A Real-Life Story (This Happens More Than You Think)
A couple we know received a phone call from someone claiming to be their grandson.
He sounded shaken. Said he’d been in a car accident. He needed money wired immediately and begged them not to tell his parents.
Their heart dropped. Of course it did.
They were minutes away from sending money… until one of them paused and said, “Let’s call him directly first.”
They did.
He answered. Completely fine.
That one small pause saved them thousands of dollars.
The Most Common Financial Scams Right Now
1. Family Emergency (“Grandparent”) Scams
These scams create urgency and emotion:
- “I’m in trouble”
- “I need money right now”
- “Don’t tell anyone”
What to do: Pause. Hang up. Call your family member directly using a number you already trust. Some families choose to create a special “code word” to use when real trouble exists.
2. Tech Support Scams
Pop-ups or calls claiming your computer is infected.
They may ask for:
- Remote access
- Passwords
- Payment to “fix” the issue
Companies like Microsoft or Apple won’t call you out of the blue.
What to do: Close your computer and contact someone you trust.
3. Investment Group Imposter Scams (The New “Social” Scam)
This is one of the fastest-growing scams right now—and it’s surprisingly convincing.
Here’s how it typically works:
You’re added to a group chat (often on apps like WhatsApp or text). The group appears to be full of “investors” sharing ideas and success stories.
There’s usually:
- A “leader” or “expert” giving advice
- People posting screenshots of big gains
- Encouragement to act quickly on “opportunities”
At first, everything feels normal—even exciting.
Then comes the ask:
- Move money to a specific platform
- Invest in a “can’t miss” opportunity
- Follow the group’s trades
The catch? The group is fake. The conversations are scripted. The “members” are often part of the scam. If an investment opportunity shows up in a group chat…that’s your first red flag.
What to do: Be cautious of any unsolicited group invites about investing. Never send money to platforms or people you don’t fully verify. Don’t rely on screenshots or testimonials—they can be easily faked. Always run new opportunities by a trusted advisor before acting
4. Romance Scams
These build slowly. Trust first… then a request for money.
What to do: Never send money to someone you haven’t met in person—no matter how real it feels.
5. Government Impersonation Scams
Calls claiming you owe money or your benefits are at risk.
The Internal Revenue Service does not demand immediate payment over the phone. What to do: Verify everything through official channels.
Identity Theft: The Quiet Threat Most People Miss
Not all scams are loud and urgent.
Some are silent—and show up months later.
Think:
- New credit cards opened in your name
- Tax returns filed fraudulently
- Medical or insurance claims you never made
Should You Pay for Identity Protection?
This is one of the most common questions we get.
And the honest answer is… it depends.
The Pros
Services like LifeLock or Experian can:
- Monitor your credit and alert you quickly
- Help restore your identity if something goes wrong
- Provide some peace of mind
For many people, that alone is worth it.
The Cons
- They don’t prevent identity theft—they alert you after the fact
- You can do many of these things yourself (for free)
- Monthly costs can add up over time
A Balanced Approach (What We Often Recommend)
You don’t necessarily need to pay for a service to be protected.
At a minimum:
- Freeze your credit (this is free and very effective)
- Check your credit reports regularly
- Use strong passwords and two-factor authentication
Paying for a service can make sense if:
- You prefer convenience
- You want help navigating recovery if something happens
- You don’t want to monitor things yourself
How to Protect Yourself (Without Losing Sleep Over It)
1. Slow Everything Down. Scammers want urgency. You don’t have to give it to them.
2. Don’t Click or Respond. Unknown email, text, or link? Ignore it.
3. Verify First, Act Second. Use trusted phone numbers—not the ones provided in the message.
4. Use a “Second Set of Eyes” Rule. Before moving money or making changes, run it by someone you trust.
5. Keep Personal Info Private. No legitimate organization will ask for passwords or full account access.
A Few Things People Don’t Realize
- Scammers are patient now—they build relationships over time
- AI can make voices and emails sound very real
- Smart people fall for scams every day—it’s about timing, not intelligence
If something, feels urgent, involves money moving quickly, or asks you to keep a secret, that’s your cue to pause.
Final Thought
You’ve spent decades building your financial life. Scammers are counting on one rushed moment to undo that. A little pause can go a long way. At Pursuit Wealth Planning, protecting your financial life is just as important as growing it.
That means:
- Helping you spot red flags
- Acting as a second set of eyes before big decisions
- And being a resource when something just doesn’t feel right
If you ever receive a call, email, or opportunity that gives you pause—reach out. We’re always happy to take a quick look with you.
