You work hard for your money, so the last thing you’d want to do is lose it to a scam or fraudulent purchase. That’s why it’s important to remain vigilant about protecting your personal information and staying aware of current scam trends that may affect you.
Fortunately, there are reliable resources available to help you navigate the ever-changing world of scam risks. The BBB Institute for Marketplace Trust, the educational wing of the International Association of Better Business Bureaus, offers support to people who are concerned about potential scams or have fallen victim to scams. Through their free online Scam Tracker, they allow users to look up existing scams and report new scams, and in turn share their findings in their annual Scam Tracker Risk Report.
In 2024, the Risk Report offered insights based on hundreds of thousands of users’ submissions to help everyday consumers understand the way scam trends are evolving: messages and means of communication, demographics being targeted, payment methods scammers are employing, and the greatest risks of monetary loss. Let’s discuss the top riskest scams reported by consumers in 2024, and ways you can better indentify and prevents scams that may impact you.
What Are “Risky” Scams?
The BBB grades risk based on exposure or prevalence, susceptibility or the likelihood of monetary loss, and median loss or the dollar amount reported lost via scam. Though there are often non-financial impacts associated with being targeted by a scam—including time, personal information, mental health, financial stability, credit health, and potential earnings—these factors help the BBB analyze and raise awareness for scams that are most likely to do the greatest financial harm to those targeted.
With that in mind, here is the top ten list of risky scams from 2024:
| Scam Type | Median Money Loss in 2024 |
| Investment/Cryptocurrency | $5,000 |
| Employment | $1,500 |
| Romance/Friendship | $6,099 |
| Online Purchase | $75 |
| Home Improvement | $1,800 |
| Phishing/Social Engineering | $423 |
| Advance Fee Loan | $1,000 |
| Travel/Vacation/Timeshare | $573 |
| Government Grant | $1,825 |
| Tech Support | $561 |
Zooming In on Risky Scams
Let’s take a closer look at how some of these scam trends have increased in risk in recent years.
Investment/Cryptocurrency – This scam held top spot from 2023 to 2024, but the median money loss did increase from $3,800 to $5,000 year-over-year. Survey respondents noted that the investment scam they were targeted for included cryptocurrency (45.3%), multi-level marketing (16.8%), or an investment club (15.1%). Many were targeted by an online contact (23.8%) or an online post or advertisement (18.5%), and 1 in 4 said that the scammer built a relationship with them before they were perpetrated.
Romance/Friendship – This scam has risen to the highest spot on the Risk Report since its inception and had the highest median dollar loss across scam types. Interesting, over a third of survey respondents said the scammer encouraged them to deposit money into a cryptocurrency account. Fortunately, more than half recognized the scam because of red flags (such as being unable to meet in person or asking for money at more frequency or amount) and stopped engaging with the scammer soon after.
These scams were noted by the BBB as being particularly risky because they can involve financial grooming, which is a complex process and can include weeks or months of trust-building. The loss involved, not to mention the emotional impact of this scam, can be significant.
Red Flags to Look For in a Potential Scam
If you’re concerned that you may be targeted in a scam, here are some signs to help you identify a scammer’s intentions:
- Unsolicited Messages – When a stranger reaches out to you, or someone claiming to be someone you do know, take time to confirm their credentials before trusting what they’re telling you. Unexpected offers or investment opportunities should be treated as suspect, as should links from senders you don’t know.
- Big Gains at Little Risk – Keep in mind that there’s no such thing as an investment with zero risk. If someone is promising you a significant return without warning you of the risks, it’s safe to assume they’re targeting you for a scam.
- Urgency – Scammers often employ a ticking time clock in order in order to confuse you or not allow you time to perform due diligence. Also, if an online friend or love interest seems to be rushing into a future with you, be cautious that requests for money may soon follow.
- Insistency on Using a Certain Payment Method – If an online contact or prospective employer is requiring you to use gift cards, money orders, or cryptocurrency in order to transfer funds, ask questions. Scammers know that once you put your money into these types of payment methods, it’s not easy to get it back.
- Suspect Language – Be weary of people who claim to have a personal or professional connection with you but may use strange wording, spelling, or grammar in their messages. If their messages don’t make sense, it’s a good reason to distrust their intent.
Remember, the BBB Scam Tracker is a free resource to use when identifying potential scams; but even if the the exact scam you’re worried about is not on their list, it’s recommended that you submit it to their tracker for the sake of others who may be affected.
Ways Scammers May Try to Contact You
We are all familiar with scam texts and calls, which are tried and true methods scammers use to attempt to contact you. However, there are many tools available through mainstream phone plans to help thwart these messages, and some email platforms screen for potential email-based scams. Regardless, you are still responsible for protecting your personal information, even when scrolling on your favorite social media platform.
Internet messaging increased as a means of scammers contacting targets in 2024, and 36% of the BBB Scam Tracker’s survey respondents that they were targeted via social media, including Facebook, Instagram, WhatsApp, and Tiktok. Even an accidental click on a fraudulent post or ad can lead to a scammer contacting you via direct message, so be careful about who you engage with and how.
Final Considerations About Safeguarding Your Information
Protecting yourself from potential scams can help you prevent losing your money, but it can also help you avoid the emotional side effects of falling victim to a scam. Regardless of age and gender, scam victims report feeling anger, stress, a loss of trust and confidence, guilt, shame, and strained relationships. One respondent said they felt betrayed: “I explained to the scammer that I was going through a divorce. I needed that house. He made me feel like the house was going to be mine only to find out it was a scam…”
Take precautions when handling your personal and financial information, and follow trusted resources like the BBB for more about scams that may affect you. Your peace of mind is too valuable to lose!
At SouthEast Bank, we care about the wellbeing of our customers and want to help arm you with tools and resources to help you take steps on your financial journey with confidence. If you’re concerned about the security of your information or potentially fraudulent account activity, don’t hesitate to contact us by phone or by visiting your local branch.
