Your phone buzzes: your bank has spotted a suspicious payment and you need to act now. The logo looks right, the number looks right, and the message knows your name. This is exactly how many money scams work today. The good news is that almost all of them share a handful of red flags, and once you know them, they're surprisingly easy to spot.
Scams used to be easy to spot: bad spelling, strange email addresses, a prince who needed your help. Today's scams often look exactly like the real thing. They use real logos, real-looking phone numbers, and sometimes even details about you.
But nearly all of them share the same few tricks. Learn those, and you can spot a scam no matter how polished it looks.
The Most Common Money Scams Right Now
Fake bank texts and calls
A message says there's suspicious activity on your account and asks you to call a number or click a link. The "fraud team" then asks you to confirm details, or to move your money to a "safe account". Your real bank won't ask you to move money to protect it.
Delivery fee texts
"Your parcel couldn't be delivered. Pay a $1.99 redelivery fee." The fee is tiny on purpose. The real goal is to collect your card details on a fake page.
One-time code theft
Someone calls pretending to be your bank, a delivery company or even a friend, and asks you to read out the code that was just texted to you. That code is often the last lock on your account. Anyone asking for it is almost certainly trying to get in.
Investment scams
Guaranteed returns, "risk-free" crypto trading, a secret strategy shared in a group chat, or a fake celebrity endorsement. Some even show a dashboard with your money "growing", right up until you try to withdraw it.
Romance scams
A warm, attentive match online who can never quite meet in person. After weeks or months of trust, there's an emergency: a medical bill, a stuck payment, a flight home. Only money can fix it.
Fake sellers and invoices
A great deal on a marketplace that needs a bank transfer instead of the site's checkout, or an invoice from a "supplier" whose bank details have suddenly changed.
7 Red Flags That Give Almost Every Scam Away
The story changes. The tactics don't. If you notice any of these, stop and check.
- Urgency. "Act now or your account will be closed." Pressure is designed to stop you thinking.
- They contacted you. A call, text or message out of the blue, especially about money.
- A request for codes or passwords. Legitimate companies don't need your one-time codes, PIN or full password.
- Unusual payment methods. Gift cards, crypto, wire transfers or payment apps are hard to reverse, which is exactly why scammers like them.
- Secrecy. "Don't tell your bank" or "keep this between us" is a huge warning sign.
- Too good to be true. Guaranteed high returns, huge discounts, prizes you didn't enter for.
- Links that don't quite match. A web address with extra words, odd spelling or a strange ending.
How to Check If a Message Is Real
You don't need to become a detective. You just need one habit: never use the contact details in the message itself.
- Hang up and call back using the number on the back of your card or on the company's official website.
- Open the app or type the website yourself instead of tapping a link. If there's a real problem, you'll see it there.
- Check with someone you trust. Scams rely on you deciding alone and fast. A second opinion breaks both.
- For family requests, call the person on their usual number before sending anything, even if the message says their phone is broken.
Agree a simple family "safe word" with parents, partners and children. If anyone ever calls or messages asking for urgent money, ask for the word.
How to Protect Your Accounts Before Anything Happens
A few small settings make you a much harder target.
Use strong, unique passwords
A password manager makes this easy. If one site is breached, the others stay safe.
Turn on two-step verification
Especially for email and banking. An authenticator app is generally safer than text message codes.
Switch on transaction alerts
Most banking apps can notify you of every payment. You'll spot anything odd within minutes, not weeks.
Share less financial data
The fewer places that hold your bank logins and card details, the fewer places they can leak from. Here's how to track your money without linking your bank.
It also helps to look over your accounts regularly. A quick monthly money check-in is often when people notice a small charge they don't recognise, which can be a test before a bigger one.
What to Do If You've Been Scammed
First: it's not your fault, and it happens to careful, smart people every day. Scams are designed by professionals. What matters now is acting quickly.
- Call your bank or card provider straight away, using the number on your card. Tell them what happened. The sooner they know, the better the chance of stopping or recovering a payment.
- Change your passwords, starting with email and banking, and turn on two-step verification if it isn't on.
- Report it. In the US you can report fraud to the FTC. In the UK, you can report it to the national fraud reporting service. In both countries, you can forward scam texts to 7726. Check the equivalent where you live.
- Watch your accounts and credit report for new activity over the next few months.
- Beware of recovery scams. People who've lost money are often contacted by someone offering to get it back for a fee. That's a second scam.
How Netvo Keeps Your Data Private
Netvo was built so there's less to steal. It never asks for your bank logins, there's no account to create, and your data stays on your device. If you choose to back up, it goes to your own iCloud Drive or Google Drive. Face ID, Touch ID or fingerprint lock keeps the app private even if someone picks up your phone.
You can still see your full net worth, subscriptions and goals in one place, without handing your financial keys to anyone. You can read more in our privacy policy.
Track your money without sharing your logins.
No bank connection, no account, data stays on your device. Free on iOS and Android.
Frequently Asked Questions
How can you tell if a text from your bank is a scam?
Be suspicious of any message that creates urgency, includes a link, or asks you to call a number or share details. Instead of replying, open your banking app or call the number on the back of your card to check.
Will my bank ever ask for a one-time code?
Banks send one-time codes for you to type in yourself, not to read out to anyone. If someone calls and asks for a code you've just received, hang up and contact your bank directly.
What should I do if I sent money to a scammer?
Contact your bank or payment provider immediately using an official number, because acting fast gives the best chance of stopping the payment. Then change your passwords, report the scam and watch your accounts closely.
What are the signs of an investment scam?
Common signs include guaranteed or unusually high returns, pressure to invest quickly, requests to pay in crypto or by transfer, and trouble withdrawing money. Real investments always carry some risk and never promise fixed high returns.
Netvo is a private net worth tracker for iOS and Android. More from the blog.