At Pangea, we know that security is everything. That’s why when you send with us, you can rest easy knowing that our state-of-the-art encryption keeps your money and your data completely safe. But you do more online than just send money: you shop, chat, read, watch and browse. The downside of all this convenience? An increased risk of getting scammed.
While anyone can be a victim of fraud, many criminals tend to target certain communities: elderly, non-native English speakers and immigrants.
We want you to stay safe, and the best protection is knowing the red flags. Keep reading to learn how to identify the most common fraud schemes and, most importantly, how to avoid being a victim.
The Most Common Scams
Recent data from the Federal Trade Commission shows that consumers reported losing more than $10 billion to fraud in 2024, an increase from the previous year. From imposters to shopping schemes, here are the most common scams on the web:
Phishing
In this scam, you receive an email message that looks to be from a respectable company — maybe your bank or credit card company — asking you to verify your personal information, account PIN or card number. Scammers will send texts or emails often telling you your account is on hold (it isn’t), there’s been a problem with billing (there hasn’t) or asking you to update payment information (don’t).
How to Spot It
These fraudsters can be pretty convincing; they spend a lot of effort making emails look like the real deal. But if you feel like it’s generic or the email address looks strange, it’s likely not real. Also, while legitimate companies may correspond with you via email, they typically direct you to their main website to log in to your account.
How to Protect Yourself
First and foremost: Keep your security software updated to always have the best level of protection. Enable multi-factor authentication (MFA) wherever possible, from social media accounts to bank accounts. You’ll need multiple credentials to access your account, like your PIN and a one-time code sent to your phone, or even your face or fingerprint. And remember: never share verification codes with anyone, even if they claim to be from your bank or a family member.
Automatic withdrawals
While this scheme is often directed at members of immigrant communities, hackers also target the elderly or people with a language barrier. A fake call center will contact the victim, claiming to be from a utilities company or selling a subscription. They will offer automated payments for covering goods or services, drawing funds automatically out of the victim’s account periodically.
How to spot it
If an offer seems too good to be true, it probably is. Avoid giving your bank information to any unfamiliar company or person over the phone or through unfamiliar free-trial websites. If you recognize the company name, but still have doubts, just go directly to their official website and register there rather than via phone. There are no special offers just for people who sign up via phone call.
How to protect yourself
Financial monitoring is the best defense here. Check over your monthly bank statement and flag any charges you don’t recognize, especially if they seem to be recurring.
Rental scams
Scammers will post ads in social media or other outlets offering rental properties at an abnormally low price. Once the victim has contacted them, they will request an immediate deposit in order to stop offering the property and start the paperwork. These fraudsters love targeting immigrant communities, especially the undocumented.
How to spot it
Rental scammers tend to use aggressive sales techniques, encouraging you to sign the paperwork without seeing the property or make a deposit “before someone else gets it.” They often insist that you can’t speak with the owner because they are too busy or out of town and won’t let you into the property or charge a viewing fee.
How to protect yourself
Stand your ground against high-pressure tactics. Don’t send any deposits or sign any agreements without viewing the property, speaking to an owner and running a search on the property. Only make a security deposit or pay a first month’s rent once an official lease has been signed by both you and the property owner.
Identity fraud
Sadly, one scam that keeps on rising these days, identity theft happens when someone gets ahold of your most sensitive information, such as your Social Security Number, credit card number and PIN, etc. Thieves may apply for credit cards, buy or rent property, file taxes, get medical services and more. They rack up heavy bills and it can take time and money to restore your identity.
How to spot it
If you get bills for products you didn’t buy, calls from collections agencies for accounts you didn’t create, or find your credit score dramatically lowered, you could be the victim of identity theft.
How to protect yourself
Identity theft can happen to anyone. If you believe you have been a victim of a scam, you can contact the Federal Trade Commission (FTC) immediately to file a report. The FTC collects all complaints related to financial and identity fraud. You can do it online at identitytheft.gov or by phone at 1-877-382-4357 (9:00 AM – 8:00 PM, ET).
Immediately contact your bank and credit card company to file a report, and remember to ask if there is any kind of fraud coverage included in the services they provide to you.
Depending on the kind of scam you were victim of, your report might be escalated from local to state and even federal authorities.
Family Emergency / AI Voice Scams
In this scam, a fraudster pretends to be a family member who needs urgent help — sometimes using AI voice cloning to mimic their voice.
How to Spot It
They pressure you to act quickly and may tell you not to contact anyone else.
How to Protect Yourself
Hang up and call your family member using the number saved in your contacts. Always verify before sending money.
Good Cybersecurity Habits
Experience has taught us that there is no such thing as being too cautious, so that’s why thinking through any time you make a transaction, taking your time and asking the right questions will go a long way.
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Save suspicious phone numbers in case you need to file a report.
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Know the names of the utility companies you actually use.
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Check that email addresses match previous legitimate messages.
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Never provide your full bank or card numbers to a representative over the phone. Legitimate companies route payments through a secure automated system (IVR).
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If something seems too good to be true, it probably is.
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Before entering personal or banking information online, make sure the site is secure. Look for https:// in the web address bar.
Getting scammed doesn’t just damage your personal finances, it can affect your mental health and take weeks or months to fully recover from. If you are a victim of fraud, remember: you’re not alone. This can happen to anyone and awareness if your best defense.
DISCLAIMER – This content is for informational purposes only. Pangea and its affiliates do not provide financial, legal, investment or tax advice
