April is Financial Literacy Month, and experts say protecting your money is becoming just as important as growing it. New Federal Trade Commission data shows consumers reported losing nearly $16 billion to fraud and scams nationwide in 2025 — a sharp increase from roughly $12 billion to $12.5 billion in 2024.
Impostor scams remain the most common threat, with criminals posing as banks, government agencies, the IRS, Social Security and even law enforcement to steal money and personal information.
Many of these scams arrive through calls, texts and emails that appear legitimate. Fraudsters are increasingly using spoofed phone numbers and polished messages to gain trust. At the same time, social media platforms are seeing a surge in fake rental listings, job scams and investment fraud.
Artificial intelligence is making scams even harder to detect. Tools like voice cloning can mimic trusted officials, while AI-generated messages often appear flawless.
“So you get an email, and you could look for a typo or something, the logo wasn’t right or the company where it was coming from, that’s usually not the case anymore,” said Darius Kingsley, head of Consumer Fraud and Scam Prevention at Chase. “You can’t assume if you see something and it looks perfect that it’s actually going to be legitimate.”
Experts say there are several warning signs consumers should watch for. Scammers often create a sense of urgency, claiming your account is compromised or that you owe money and must pay immediately.
They may request verification codes or demand payment through gift cards, wire transfers, cryptocurrency or apps like Venmo or Zelle. Some will ask you to click links, provide personal details, pay upfront fees or share banking information.
If a message pressures you to act quickly, experts say to pause. To protect yourself, hang up and verify the request by contacting your bank or the agency directly using official contact information. Never share sensitive details like passwords, Social Security numbers or verification codes over the phone, text or email.
Consumers are also encouraged to secure their accounts with strong, unique passwords and monitor bank and credit accounts weekly for suspicious activity.
If you believe you’ve been targeted or scammed, report it immediately to your bank.
Protecting your money starts with awareness — and a healthy dose of skepticism. If something feels off, it probably is.
This story was originally reported for broadcast by NBC San Diego. AI tools helped convert the story to a digital article, and an NBC San Diego journalist edited the article for publication.