The call sounds exactly like your bank. The caller knows your name, the last four digits of your debit card, and the branch where you opened your account. There has been suspicious activity, they explain, and your savings need to be moved to a secure account today. Nothing about it feels like a scam. That is the point. Fraud aimed at investors and families has become more polished, more personal, and more expensive. People reported losing about $15.9 billion to fraud in 2025, the highest total on record. Imposter scams were the most reported category, and among business impersonators, those posing as banks accounted for the highest reported losses. (Source: Federal Trade Commission Consumer Sentinel Network data, released March and June 2026.) Adults 60 and older reported $7.7 billion in internet crime losses in 2025, more than any other age group. (Source: FBI Internet Crime Complaint Center 2025 Annual Report, released April 2026.) Still, anyone with savings, a retirement account, or a strong credit history can be a target. The encouraging part is that most scams lean on the same few pressure points. Once you recognize them, a handful of habits and safeguards can make you a much harder target.
1. Know How Scams Reach You
Scammers go where your attention already is. In 2025, text messages were the most commonly reported way a fraud began, while scams that started on social media produced the largest reported losses, about $2.1 billion. (Source: Federal Trade Commission, April 2026.) Phone calls. A "fraud department," an "IRS agent," or a panicked relative who needs help. Caller ID may even display a real institution's name or number. The goal is to get you to act before you hang up and have time to think. Text messages. Alerts about a locked account, a suspicious charge, an unpaid toll, or a missed delivery. The goal is a click on a link that leads to a convincing fake login page. Email. Messages that mimic account statements, tax notices, or document-signing requests, often from an address that is one character off. The goal is your password, a malicious download, or a reply with "updated" wiring instructions. Social media and messaging apps. A friendly stranger, an investment "mentor," or a group chat sharing returns that look remarkably steady. The goal is trust built over weeks, followed by a request to invest or transfer money. Artificial intelligence is making each of these more convincing. The FBI's 2025 report included its first dedicated section on AI-enabled crime, and a voice that sounds like your grandchild or your advisor can now be imitated from short clips posted online. A caller ID, a logo, or a familiar voice is no longer proof of who you are talking to. For a closer look at one of the oldest tactics, see our earlier piece on how to avoid phone scams.
2. Recognize the Warning Signs of Impersonation
Impersonation scams work because they borrow credibility from organizations you already trust, including your bank, your brokerage firm, your financial advisor, and government agencies like the IRS. The script changes constantly. The pressure tactics rarely do. Watch for these signals:
- Urgency. You need to act today, within the hour, or before your account is frozen.
- Secrecy. You are told not to mention the call to your spouse, a bank teller, or your advisor.
- Unusual payment methods. Gift cards, cryptocurrency, wire transfers, payment apps, or cash handed to a courier.
- Requests for access. Passwords, one-time verification codes, or remote access to your computer.
- "Protecting" your money. A request to move funds to a new account to keep them safe is one of the most common impersonation scripts.
What the Real Institutions Typically Do Not Do
The IRS generally makes first contact by mail. According to the IRS, it does not initiate contact through text messages or social media, and it will not demand payment by gift card or threaten arrest or deportation for nonpayment. Your bank may reach out about unusual activity, but an unexpected request to transfer your savings to a "safe" account or read back a verification code is a strong sign something is wrong. Your financial advisor should never mind if you pause to verify. Treat any urgent request to sell investments, change wiring instructions, or send money as something to confirm through a phone number you already have. If a message that appears to come from Win Wealth Solutions ever feels off, call our office directly at (949) 413-8387 before acting. Threats involving taxes or immigration status are also used to target newcomers who may be less familiar with how U.S. agencies communicate. It is a pattern we discuss often in our work with immigrant families. The simplest defense is also the most effective. Hang up, then call back using the number on your statement, card, or the institution's official website. A real institution will understand. A scammer will not want you to.
3. Put Practical Safeguards Around Your Accounts
You cannot control whether a scammer reaches out. You can control how much damage a single mistake is able to cause.
Strengthen account access
- Use a long, unique password for every financial account, stored in a reputable password manager.
- Turn on multi-factor authentication, using an authenticator app rather than text codes when that option is available.
- Never share a one-time code with anyone who contacts you. Those codes are meant for you alone.
- Give your primary email account extra protection, since it is often the key used to reset every other password.
Add friction to money movement
- Set up alerts for logins, withdrawals, transfers, and changes to your contact information.
- Ask your bank or custodian what verification steps apply to wire requests and address changes.
- Confirm any new or changed payment instructions by phone before sending money, especially around a home closing or other large purchase.
Plan ahead with your family
- Consider naming a trusted contact person on your investment accounts. Firms may reach out to this person if they suspect financial exploitation, and a trusted contact cannot make transactions on your behalf.
- Agree on a family code word that can be used to verify an emergency call.
- Keep powers of attorney and other estate planning documents current so the right people can step in if needed. If you are helping a parent manage finances, our article on caring for aging parents offers a few additional considerations.
Lock down your credit and tax identity
- A credit freeze with Equifax, Experian, and TransUnion is free and can make it harder for someone to open new credit in your name. You can lift it temporarily when you need to apply for a loan.
- An IRS Identity Protection PIN is a six-digit number that can help prevent someone from filing a tax return using your Social Security number.
Most of these steps take an afternoon to set up. For more everyday habits, see our guide to protecting yourself online.
4. Know What to Do If Your Information Has Been Exposed
Maybe you received a data breach notice, clicked a link and typed in a password, or already sent money. Acting quickly matters far more than feeling embarrassed. Scammers are professionals, and being targeted is not a reflection of your intelligence.
Right away
- Stop engaging. Do not reply, send additional payments, or stay on the phone with the contact.
- Call your financial institutions directly. Use the official number on your card or statement, report what happened, and ask whether transactions can be stopped or accounts restricted. Wire transfers and cryptocurrency payments can be difficult to recover, so time matters.
- Secure your logins. Change passwords starting with your email and financial accounts, sign out of other sessions, and turn on multi-factor authentication.
Within the next few days
- Freeze your credit or place a fraud alert with the three major credit bureaus.
- Report it. IdentityTheft.gov can help you build a personalized recovery plan, and internet-enabled fraud can be reported to the FBI at IC3.gov. California residents may also submit a complaint to the Department of Financial Protection and Innovation.
- Review your credit reports and statements for accounts, inquiries, or transactions you do not recognize.
Over the following months
- Watch for recovery scams. Anyone who contacts you offering to get lost money back for an upfront fee is a red flag.
- Loop in your team. Let your financial advisor and CPA know, so account monitoring, tax filings, and future transfers can be handled with added care.
Protection Belongs in Your Financial Plan
You spend years building savings and a plan for your family, and protecting that work deserves a place in the same conversation. No safeguard can eliminate every risk. But a few deliberate habits, clear verification rules, and the right people in your corner can make it far less likely that one convincing phone call undoes years of progress. Fraud prevention fits naturally within broader risk management and comprehensive financial planning. Win Wealth Solutions is an independent financial services firm based in Los Angeles, California, dedicated to helping clients build strong financial futures. Our holistic, personalized approach is about more than account balances. We help clients create customized wealth management strategies designed around their lives, goals, and long-term vision. If you think we may be the right firm for you, contact us today. To schedule a meeting, call (949) 413-8387 or email Nguyen@WinWealthSolutions.com.
Frequently Asked Questions
What are the most common warning signs of a financial scam?
The most common warning signs include pressure to act immediately, requests to keep the conversation secret, demands for payment by gift card, cryptocurrency, or wire transfer, and requests for passwords or one-time verification codes. Win Wealth Solutions encourages clients to pause and verify any unexpected financial request through a phone number they already trust.
Will the IRS ever contact me by phone, text, or email?
The IRS generally initiates contact by mail. According to the IRS, it does not start contact through text messages or social media, and it will not demand immediate payment by gift card or threaten arrest for nonpayment. If you are unsure whether a notice is real, verify it through IRS.gov or a qualified tax professional. Win Wealth Solutions helps clients coordinate with their CPAs when tax-related concerns come up.
Should I freeze my credit even if I have not been a victim of identity theft?
Many people choose to freeze their credit as a preventive step. A credit freeze is free, can make it harder for someone to open new accounts in your name, and can be lifted temporarily when you apply for credit. Win Wealth Solutions can help you think through account security as part of a broader risk management review.
What should I do if I shared my password or sent money to a scammer?
Contact your bank or financial institution right away using an official phone number, change your passwords, and turn on multi-factor authentication. Then consider freezing your credit and filing reports through IdentityTheft.gov and the FBI's IC3.gov. Acting quickly may improve the chances of limiting losses, though recovery is not always possible. Win Wealth Solutions works with clients to review accounts and next steps after a security concern.
About Nguyen
Nguyen Tran is founder and financial advisor at Win Wealth Solutions, an independent financial services firm based in Los Angeles, California. Dedicated to assisting clients with their greatest financial concerns, Win Wealth offers comprehensive investment management and financial strategies, coupled with unbiased advice and recommendations. As a first-generation immigrant, Nguyen thrives off hearing clients' stories, hopes, and dreams, and loves sharing his knowledge to help them find better solutions to their situations. With over 20 years of experience, he has helped clients retire, pay for their kids' college, and build lasting wealth. Nguyen studied finance and marketing and obtained a BS in Business Administration from Cal Poly Pomona, and he holds the Chartered Retirement Planning Counselor™, CRPC™ designation. He is committed to lifting his team and clients to new heights and giving back to the community through scholarships, donations, and volunteering. Raised in Modesto, Nguyen now resides in Hancock Park, Los Angeles, with his wife and three kids. Outside of work, he enjoys playing sand co-ed flag football in Huntington Beach, hiking, organizing trips, and gardening. To learn more about Nguyen, connect with him on LinkedIn.
Disclaimer: The information provided in this article is intended for general informational purposes only. It is believed to be reliable; however, Nguyen Tran and Win Wealth Solutions cannot guarantee its accuracy or completeness. It is essential to understand that laws, regulations, and circumstances may change, and the content provided in this article may not always reflect the most up-to-date information. Readers are strongly encouraged to consult with qualified professionals, including attorneys, tax and financial advisors, to ensure that any actions or decisions align with their needs, objectives, and overall financial plan.
Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth.