On Tuesday, September 29th, PBS Frontline aired Scammed, a global investigation into financial crimes and the efforts to stop them. As I watched, my heart sank for the victims and their families, not only because of the money lost, but because of the trust that was violated.
If you’re interested, you can watch the investigation here: PBS Frontline: Scammed.
To be clear, however, the scams highlighted in this documentary are not isolated events. As we all know, fraud is a growing industry. It is sobering to think that bad actors are expected to steal hundreds of billions of dollars from victims in 2026 alone. So let’s not be prideful enough to think it couldn’t happen to us. The truth is that every person is vulnerable to a well-executed scam.
If you have the opportunity, I encourage you to watch the PBS special. Regardless, I want to use this investigation as a timely reminder to help us prepare for the scams that will inevitably come our way.
Most successful scams begin with social engineering. In other words, we are persuaded to give away information, money, or trust to someone who does not deserve it. Regularly changing passwords and enabling multi-factor authentication are important, but they are only part of the solution. More important is learning how to recognize fraudsters who seek to earn your trust before taking advantage of it.
Here’s a real-life example.
A few months ago, my wife received a birthday party invitation via email from a close friend. The invitation asked her to complete an online form to receive details about the event. Fortunately, something felt off. Our children are not particularly close in age, so the invitation seemed unusual. Instead of completing the form, she texted her friend to verify its legitimacy. It turned out her friend’s email account had been compromised.
The lesson is simple: protecting yourself from scams often means slowing down, asking questions, and paying attention to red flags. A few extra minutes of caution can make all the difference.
It can also be helpful to establish a few simple rules for yourself and your family before a scammer ever reaches out. For example, my wife and I have a standing rule: if someone calls and we do not recognize the phone number, we do not answer. No exceptions. If the call is important, they can leave a voicemail.
Most of the time, they do not leave a message. And despite following this rule for years, we have never missed anything so important that we regretted letting it go to voicemail. Having simple guardrails like this removes the pressure of making a decision in the moment and can dramatically reduce your exposure to scams.
Some common scams today include romance, cryptocurrency, and impersonation scams. While the tactics vary, they all depend on creating trust, urgency, fear, or excitement before asking a victim to take action.
In our office, we work hard to know our clients and understand their normal patterns of communication. Rushed wire requests, sudden changes to banking instructions, unusual circumstances surrounding a distribution request, or requests to communicate exclusively by email are all warning signs that deserve additional scrutiny.
Unfortunately, many of us have people in our lives who may be less equipped to recognize these warning signs than they once were. That's one reason trusted contacts are so important. A trusted contact is someone your financial institution can reach out to if there are concerns about your well-being, cognitive decline, or possible financial exploitation. They cannot transact on your account, but they can serve as an important point of contact when something doesn’t seem right.
And if you ever make a mistake and fall victim to a scam, don’t keep it a secret.
I understand why someone might hesitate to share an experience like that. There can be embarrassment, frustration, or a sense of shame. But remember, scams are designed to deceive people, and they can happen to anyone.
The sooner you let me know, the sooner we can take steps to protect your accounts and, if necessary, place restrictions on distributions while we evaluate the situation.
A strong financial plan focuses on growing wealth AND protecting it. One of the simplest and most effective protections available is ensuring that your trusted contact information is current. If you are unsure who your trusted contact is, or if you would like to add or update one, please reach out. I’d be happy to help review your information and make sure this important protection is in place.
CFP®, CERTIFIED FINANCIAL PLANNER®, and the CFP® logo are certification marks owned by the Certified Financial Planner Board of Standards, Inc., and are awarded to individuals who successfully complete CFP Board's initial and ongoing certification requirements. Financial planning, investment management strategies, and securities offered through Austin M. Mall, CFP®, and LPL Financial. Member FINRA/SIPC. Non-deposit investment products are not FDIC insured, are not bank deposits, and may lose value.
