How to Spot a Scam—and What to Do If You’re Targeted

Scams are getting harder to spot and have become more sophisticated than ever. Whether it’s a phishing email impersonating your bank or a stranger who has spent months earning your trust, criminals are finding new and increasingly convincing ways to steal your money and personal information.

“Some of the most common scams right now are investment, employment, and romance-related,” says Brian Cute, interim CEO of the Global Cyber Alliance, a nonprofit that tracks cybersecurity and fraud. He says these scams can take many forms, including crypto investment schemes, fake job offers, and impersonation schemes—all designed to steal your money or personal information.

One of the fastest-growing fraud schemes is the “pig butchering” scam, a bizarre name for a devastatingly effective con.

“In these scams, criminals spend weeks or months building a relationship with their target before making a financial ask,” says Jeffrey Nadrich, founder and managing attorney at Nadrich Accident Injury Lawyers, whose legal team represents victims of cryptocurrency fraud. “Once they’ve persuaded their victim to ‘invest’ their funds into a fraudulent crypto investment platform, recovering those funds becomes almost impossible without legal intervention.”

How do you know if you’ve been scammed?

Sometimes the signs are obvious: Your money disappears, and the person goes silent. Other times, the realization comes more gradually.

“If you try getting your money back and can’t, then there’s a good possibility you’ve been scammed,” says Nadrich. “Legitimate businesses don't invent fees or delays when you request a refund or to withdraw money. If the person or platform you’re dealing with suddenly becomes hard to reach, responses get vague, or they stop responding entirely, those are telltale signs that you’ve been conned.”

Legitimate businesses don't invent fees or delays when you request a refund or to withdraw money.

Paul Tucker, chief information security and privacy officer at BOK Financial, adds that unfamiliar charges on your bank statements or accounts you don’t recognize on your credit report can be early warning signs.

What steps should you take right away?

If you suspect you’ve been scammed, act quickly. Here’s your immediate checklist:

1. Stop engaging with the scammer. The sooner you cut off contact, the less opportunity they have to cause further harm. “The first thing you can do to prevent further damage is to stop sending money immediately,” Nadrich says. “Scammers can be skilled at convincing victims that one more payment will fix everything.”
2. Notify your banks and financial companies. Reporting fraud quickly may help limit losses and protect your accounts. “Contact your bank or credit card company immediately to report the fraud and attempt to reverse the charges,” Cute says.
3. Change your passwords. Prioritize any accounts that may contain sensitive personal or financial information. Start with your primary email. Tucker warns that if a criminal gains access to your inbox, they can reset passwords and take control of other linked accounts. Enable multifactor authentication wherever possible.
4. Run a malware and virus scan on your devices. This can help identify and remove any malicious software left behind by scammers. Use reputable security software to ensure your devices haven’t been compromised.
5. Document everything. Keeping detailed records can strengthen fraud reports and help investigators track what happened. “If you screenshot conversations, save wallet addresses, and write down dates, that evidence could help your case if you decide to pursue legal action,” Nadrich says.

How and where do you report the scam?

1. Place a fraud alert and consider freezing your credit.

   These steps can help prevent scammers from opening new accounts in your name. Contact one of the three major credit bureaus to place a fraud alert, or contact all three to freeze your credit:

   • Equifax (1-800-525-6285)
   • Experian (1-888-397-3742)
   • TransUnion (1-800-680-7289)
2. Report the scam to the Federal Trade Commission (FTC).

   Filing a report helps authorities track fraud trends and provides guidance on next steps. You can file a complaint online or by calling 1-877-438-4338 (1-877-IDTHEFT).

3. Submit a report to the FBI’s Internet Crime Complaint Center (IC3).

   This is especially important for online scams involving money transfers, cryptocurrency, or cybercrime. Provide as much detail and documentation as possible when filing your complaint.

4. File a local police report.

   An official report can be helpful when disputing fraudulent accounts or correcting your credit history. Tucker says this can help clear your credit records later, even if law enforcement can’t catch the scammer.

How can you protect yourself going forward?

Protecting yourself from future scams starts with a few simple habits. Tucker recommends reviewing your credit report at least once a year and shredding documents that contain sensitive information.

It can also help to take advantage of monitoring tools that alert you to suspicious activity. Many credit cards offer free monitoring, and AAA members can access ProtectMyID’s basic identity theft protection plan, which includes credit monitoring, fraud resolution support, and dark web surveillance for your Social Security number and email address.

For additional guidance, the GCA Cybersecurity Toolkit for individuals offers free, step-by-step resources on creating strong passwords, enabling multifactor authentication, and keeping your devices secure.

Cute says one of the best defenses against scams is simply slowing down.

“Slow down your responses,” he says. “Take a minute to think about what you’re seeing on your screen and question it.”

Before clicking a link, hovering over it can help you verify where it leads. It’s also wise to be skeptical of unsolicited texts, emails, phone calls, or social media messages—especially those creating a sense of urgency. And remember, as the old saying goes, if something seems too good to be true, it probably is.