How to Protect Your Finances from Scams, Fraud, and the Unexpected

When most people think about protecting their finances, they picture strong passwords, antivirus software, or keeping a close eye on account activity. But some of the most powerful safeguards aren’t digital, they’re human. 

Financial scams are becoming more sophisticated every year, and even financially savvy people can fall victim to clever tactics or emotionally manipulative requests. And sometimes, the risks aren’t just about fraud or theft, they’re about being unreachable in an emergency or needing an extra layer of support. 

Whether you’re managing your own finances or helping a loved one stay secure, there are a few simple ways to strengthen your safety net and protect your financial future. 

The Rising Risk of Financial Scams

Financial fraud is on the rise, and it’s not just strangers being targeted. Retirees, professionals, and even families with trusted advisors have all been impacted by increasingly sophisticated scams. 

According to the Federal Trade Commission, consumers reported losing nearly $8.8 billion to fraud in 2022, representing a more than 30% increase over the previous year. Many of these scams employ social engineering, a technique that involves manipulating people through fear, urgency, or false familiarity. Whether it’s a phone call pretending to be your bank or an email that looks like it’s from a loved one, scammers are skilled at creating pressure and confusion. That’s why awareness is the first layer of protection, and financial fraud prevention is the second. 

Common Ways Scammers Target Financial Accounts

Understanding how scams work can help you recognize red flags faster. These are some of the most common tactics used to access or redirect funds: 

• • Impersonation scams: A ‘grandchild’ in trouble, a ‘bank’ calling to confirm a charge, or a ‘government agency’ requesting payment.
  • Phishing messages: Emails or texts with links to fake login pages designed to steal your credentials. 
  • Urgent money transfers: Scammers may demand quick action for a supposed emergency, hoping you won’t stop to think. 
  • Social engineering: Scammers gather personal information from public sources (like social media) to make their stories more convincing. 

Being proactive about scam protection strategies, such as recognizing these patterns and verifying sources, can help protect your money and your peace of mind. 

How TRPG Helps Keep Our Clients Safe

At The Retirement Planning Group, we combine secure systems with strong relationships. That means we don’t just rely on alerts and authentication, we rely on knowing you. 

If something feels off, we take time to verify requests, check in personally, and raise flags when needed. But one of the most effective tools we can use, especially in urgent or unusual situations, is a Trusted Contact. 

What is a Trusted Contact (And Why it Matters)

A Trusted Contact is someone you authorize us to call if we’re concerned about your safety, notice something unusual, or simply can’t reach you. This person has no access to your accounts and can’t make decisions or trades. They’re just a point of contact, a support system if something doesn’t seem right. 

This could be:

• • A spouse or partner 
  • An adult child or close relative 
  • A long-time friend or caregiver 

We recommend that every client name a Trusted Contact. It’s optional, easy to update, and adds a layer of protection that works quietly in the background, particularly for those interested in preventing elder fraud or navigating long-term care planning. 

Three Ways to Strengthen Your Financial Safety Net

Naming a Trusted Contact is just one part of staying protected. Here are three additional ways to enhance your financial fraud prevention plan.

Stay vigilant with your digital security.

Use strong passwords, enable two-factor authentication, and be cautious when clicking links in suspicious emails. A password manager can help you keep things secure without needing to remember everything. 

If you’re looking for a deeper dive into strategies like credit freezes, phishing scams, or password management, we cover that in more detail in our identity theft protection blog. 

Turn on account alerts. 

Set up real-time notifications with your bank and credit card providers to spot any unusual activity early. 

Talk to your advisor. 

If anything seems suspicious, whether it’s a strange message, a wire request, or a gut feeling that something’s off, call your TRPG team. We’re here to help, even if it turns out to be nothing. 

Not sure where to start?

Your finances represent years of hard work, planning, and care. Protecting them should feel just as thoughtful as it is effective, neither overwhelming nor reactionary. A few simple actions today can add real peace of mind tomorrow and help with protecting your money from becoming compromised before it ever becomes an issue. 

If you’re unsure where to start or just want to talk through how to protect your finances from scams, fraud, or identity theft, schedule a complimentary 10-minute guidance call with our team. 

We’re here to help you feel more confident and secure, no matter what life throws your way.