Don’t Engage: Protecting Your Info and Your Money from the Latest Scams

According to a report from the Federal Trade Commission, Americans lost $12.5 billion to scams in 2024, a 25% increase from 2023.

That's why episodes like this one are among my least favorite to record and also among the most important.

We’ve all heard about so many folks losing large sums of money because they answered the wrong phone call or clicked on the wrong email link. The greed, cruelty, and, yes, ingenuity of today's fraudsters is only growing along with the technology available to them. Keeping our audience updated on the latest scams is an important part of Keen Wealth's educational mission.

On today's show, we discuss warning signs that you may be dealing with a scammer, as well as best practices for safeguarding your personal information and your nest egg.

Know Your Crooks – And Their Victims

Some of the most common types of scams include:

• Imposter scams: Fraudsters contact you via phone, email, or text claiming to be from a trusted entity, such as the government or law enforcement.

• Investment scams: Consumers collectively lost almost $5.7 billion in 2024 to fraudulent investment "opportunities" promising ROI that was, sadly, "too good to be true".

• Job scams: Work-from-home has created opportunities for fake "employment agencies" to circulate phony job applications that steal money and personal information.  

• Bank transfers: Cryptocurrency often features prominently in scams where folks don't understand where or who they're sending money.

• Social media scams: Scammers use Facebook, X, and other platforms to connect with folks under false pretenses, often leading to a fraudulent shopping transaction or one of the other scams described above.

When we think about the folks who answer these calls and click on these links, we tend to picture seniors who aren't that tech savvy and may be living on their own. But according to the FTC, 20–29-year-olds are actually losing money almost twice as often as 70-79-year-olds.

The Psychology of a Scam

Scammers know that emotions around money often run high. And they use those feelings to their advantage.

No one wants to get a "fine" from the IRS. So they hand over their Social Security number to "verify" last year's return.

No one wants the new "best friend" or "romantic interest" they met online to struggle paying their bills. So they send money. And then some more. And then more.

No one wants to miss out on "the investment opportunity of a lifetime." So they invest. And then they invest more. And then more.

Scammers have a phrase for these kinds of ongoing scams: "pig butchering." Over time, they build trust and take a bit of money here and there, all the while "fattening up" their mark for the kill: a stolen identity, an empty bank account, or both.

Crooks are also getting better at playing into how much time we spend clicking and swiping every day. It's easy for a scam text to slip into the daily stream of communication we have with friends and family. "Hey, I changed my number" or "Do you have a minute to talk?" sound innocuous enough, even coming from an unknown contact. We might not realize we're being scammed until we've voluntarily handed over personal info -- without even being asked for it!

Default to "Don't"

The simplest fraud prevention strategy: Don't engage.

Don't click on links in emails or texts from people you don't know.

Don't answer the phone if you don't recognize the number.

Don't give out any personal or financial information to someone who contacts you first.

And don't believe anyone who calls saying they’re from the government, local law enforcement, a financial institution, or even your local post office, especially if they ask you for a payment or a piece of personal information.

If you think there's a legitimate reason an official or service provider might be calling you for sensitive info, hang up, look up the main office number, and call yourself.

Additional security precautions include:

• Turning on spam filters on your phone and computer.

• Blocking and reporting spam calls, emails, and texts.

• Monitoring your credit and freezing your credit when you're not applying for new accounts.

• Signing up for the National Do Not Call Registry

Stay Educated and Share What You’ve Learned

“That could never happen to me.”

Until it does.

And victims are often too embarrassed to report the crime or tell their loved ones what happened.

The more sunlight we shine on these dark corners of the web, the fewer folks are going to get ripped off in the future.

Make sure you talk to your loved ones about how to protect themselves from scams, especially kids and older folks who might not know about the latest threats.

Cybersecurity is extremely important to my team at Keen Wealth as well. I hope you’ll consider sharing this episode with someone who might benefit. And we will continue to host educational events and publish content that will hopefully help more people protect themselves from fraud.

Fraud Prevention Resources

The FTC’s Guide to Scams and Identity Theft

Block Phone Numbers, Contacts, and Emails on Your iPhone or iPad

What Are Spam Texts and How to Get Rid of Spam Texts

Stop Unwanted Robocalls and Texts

Call Blocking Tools and Resources

How to Place or Lift a Security Freeze on Your Credit Report

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About Bill

Bill Keen is a financial advisor with over 30 years of industry experience. As the founder and CEO of Keen Wealth Advisors, a registered investment advisory firm, he focuses on providing personalized retirement planning designed to help people thrive before and during their retirement years. With a passion for educating others, Bill regularly blogs about retirement planning, hosts the podcast Keen on Retirement, and has contributed to Forbes, U.S. News and World Report, Reuters, Wall Street Journal’s Market Watch, Yahoo Finance, and other publications. Based in Overland Park, Kansas, Bill and his team work with clients throughout the greater Kansas City area and across the nation. To learn more, connect with him on LinkedIn or visit www.keenwealthadvisors.com.

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