What Are Financial Scams and Frauds?
Common Types and How to Protect Yourself
In today’s digital world, financial fraud has become increasingly sophisticated. Scams no longer happen just in person—they now arrive through text messages, phone calls, emails, and even fake websites. Understanding what financial scams are, how they work, and how to protect yourself is essential for keeping your personal information and money safe.
What Is a Financial Scam or Fraud?
A financial scam is a deliberate deception designed to trick someone into giving away money, bank account information, or personal data. Scammers use different strategies to gain your trust, only to steal from you.
These strategies can include impersonating a bank, creating fake websites, or making convincing phone calls. In all cases, the goal is to make you act quickly—before verifying whether the request is real.
Why Is It Important to Protect Yourself?
Falling victim to a financial scam can have serious consequences:
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Direct loss of money
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Unauthorized access to your bank accounts
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Identity theft and misuse of personal information
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Legal complications if your data is used in other crimes
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Emotional stress and loss of trust after being deceived
Preventing scams is always easier than dealing with the consequences. That’s why it's essential to recognize warning signs and understand how these scams work.
Most Common Types of Financial Scams
Below are some of the most common financial scams circulating today:
1. Phishing (Fake Emails, Messages, or Links)
Scammers send fake emails, text messages, or social media messages pretending to be from trusted institutions like your bank, delivery services, or payment platforms. The message includes a link to a fake website that looks real and asks for your login or banking details.
🔎 Goal: Steal your usernames, passwords, card numbers, or verification codes
🛑 How to protect yourself: Never enter your information through links sent by email or text. Always access official websites by typing the address manually.
2. Phone Scams
Scammers pretend to be bank representatives, government agents, or tech support. They speak professionally, use technical language, and may even mention your name or partial information to sound convincing. They often create urgency to make you give up information or make a payment quickly.
🔎 Goal: Obtain personal information or convince you to send money
🛑 How to protect yourself: Hang up and call the institution using their official number. Don’t give out information during unexpected calls.
3. Fake Prize Messages, Lotteries, or Inheritance Offers
You receive a message saying you've won a prize, a lottery, or an inheritance, but you must first pay a “processing fee,” “tax,” or “verification charge” to receive it.
🔎 Goal: Trick you into paying upfront for something that doesn’t exist
🛑 How to protect yourself: If you didn’t enter a contest, you didn’t win. Don’t send money or share personal data.
4. Fake Investment or Business Opportunities
These scams promise fast profits with little effort—through cryptocurrency, real estate, betting systems, or automated trading platforms. The websites often look professional and include fake testimonials, with pressure to act quickly.
🔎 Goal: Convince you to invest in a fake or high-risk scheme
🛑 How to protect yourself: Be skeptical of promises of “easy money.” Research the company before sending money.
5. Impersonation of Family or Friends
Scammers may hack or clone someone’s WhatsApp or Facebook account and send messages pretending to be a friend or relative in trouble. They ask for money urgently and avoid talking on the phone.
🔎 Goal: Use emotional urgency and trust to get money from you
🛑 How to protect yourself: Call the real person directly to confirm the situation before sending anything.
6. Fake Online Stores or Sellers
You may see online shops offering products at unusually low prices, often through social media or ads. After paying, you may receive nothing—or receive a poor imitation of what was promised.
🔎 Goal: Steal your money or credit card details
🛑 How to protect yourself: Only buy from trusted websites with secure payment options and clear return policies.
General Safety Tips
✅ Never share your passwords or verification codes
✅ Turn on two-factor authentication wherever possible
✅ Avoid clicking suspicious links or downloading unknown attachments
✅ Be cautious with messages that create fear or urgency
✅ Always double-check website addresses and email senders
✅ Don’t send money unless you’re absolutely sure who you’re sending it to
Final Considerations
Financial scams are becoming more frequent and can affect anyone. The best way to protect yourself is to stay informed, pause before reacting, and always verify.
Recognizing common fraud tactics gives you a clear advantage and helps you make safer decisions—so your money and your personal information don’t fall into the wrong hands.
With care,
Dr. Arturo José Sánchez Hernández, your friend in health promotion 💙
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