Money scams are more polished, more personal and often powered by new technology. The good news? A little awareness goes a long way. Below are five of the most common money scams people are running into this year and practical ways you can avoid falling for them.
And just as a reminder, representatives from Arsenal Credit Union will never reach out to you and ask for your personal information (usernames, passwords, multi-factor authentication codes). If you believe someone is trying to scam you and claims to be from Arsenal, contact us through phone or live chat.
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AI-powered impersonation scams
With AI-generated voices and videos, scammers can convincingly pretend to be a boss, family member or even a company executive.
How this scam works:
- You receive a call or voice message that sounds exactly like someone you trust.
- The message creates a sense of urgency (bail money, payroll issue or emergency payment).
- You’re asked to send money immediately, often via a wire, digital wallet or gift card.
How to avoid it:
- Pause and verify using a separate communication method.
- Create a family or workplace “safe word” for emergencies.
- Be skeptical of urgent requests, even from familiar voices.
Fake investment and “guaranteed return” scams
These scams promise fast profits with little to no risk, often tied to trending assets or technologies.
How this scam works:
- You’re approached via social media, email or messaging apps.
- The offer includes screenshots of “earnings” and glowing testimonials.
- You’re pressured to invest quickly before the “opportunity” disappears.
How to avoid it:
- Remember that guaranteed returns don’t exist.
- Research the company and verify registration with financial regulators (such as the Federal Trade Commission).
- Never invest solely based on social media advice or private messages.
Subscription traps and free trial scams
What looks like a free trial can quietly turn into expensive monthly charges.
How this scam works:
- You sign up for a low-cost or free offer.
- Billing details are required “just in case.”
- Charges continue and cancellation is difficult or hidden.
How to avoid it:
- Read the fine print before entering payment information.
- Use virtual or limited-use card numbers when possible.
- Regularly review bank and credit card statements for small charges.
Phony tech support scams
These scams rely on fear, claiming your device or accounts are corrupted or compromised.
How this scam works:
- You receive a pop-up, email or call claiming there’s a security issue.
- The scammer asks for remote access or payment for “repairs.”
- Personal or financial information is stolen.
How to avoid it:
- Legitimate companies don’t initiate tech support via pop-ups.
- Never grant remote access to unsolicited callers.
- Contact the company directly using official contact info.
Refund and overpayment scams
This scam flips the script by pretending the scammer owes you money.
How this scam works:
- You’re told you’ve been overpaid or are owed a refund.
- You’re asked to return a portion of the money.
- The original payment turns out to be fake or reversed.
How to avoid it:
- Never send money back without confirming funds have cleared.
- Let banks or payment platforms handle refunds directly.
- Be cautious of anyone rushing to “fix” a payment mistake.
