They say money can’t buy happiness, but losing it to a scam can definitely cause stress, anxiety, and trauma. A recent report from the Better Business Bureau (BBB) revealed that scams aren’t just financially devastating—they’re taking a serious toll on victims’ mental health.
Let’s break down what’s happening, the riskiest scams, and how you can protect yourself.
Scam-related losses jumped from $300 in 2023 to an even higher amount in 2024. But beyond the money, nearly 30% of scam victims reported negative effects on their mental health, with over half experiencing stress, anxiety, or even trauma.
The Most Dangerous Scams of 2024
According to BBB, the Top 3 riskiest scams in both 2023 and 2024 were:
1️⃣ Cryptocurrency/Investment Scams – Scammers promise high returns, only to disappear with victims' money.
2️⃣ Employment Scams – Fake job offers trick victims into sharing personal info or paying upfront fees.
3️⃣ Home Improvement Scams – Fraudulent contractors take deposits and vanish without completing the work.
How These Scams Work
🔹 False Promises – Scammers offer quick riches, guaranteed jobs, or unrealistically cheap home repairs.
🔹 High-Pressure Tactics – They rush you to make decisions before you can research or think it through.
🔹 Upfront Payments – They ask for deposits, fees, or investments before delivering anything.
🔹 Ghosting – Once they have your money, they disappear, leaving you with empty pockets and broken trust.
Why This Matters
These scams don’t just drain bank accounts—they shatter confidence, cause emotional distress, and leave victims feeling ashamed. BBB’s Neesha Hothi emphasized the importance of speaking up:
💬 “As Fraud Prevention Month comes to a close, we want consumers to know they’re not alone. There is strength in sharing your experience and support is available to help you stay informed and protected throughout the year.”
How to Protect Yourself
• If it sounds too good to be true, it probably is. Scammers thrive on making unrealistic promises.
• Do your research. Check business profiles, read reviews, and verify legitimacy before engaging.
• Don’t click links or share information from unsolicited messages or unknown contacts.
• Never pay upfront fees for jobs, loans, or investments. Legitimate opportunities don’t require prepayments.
• Use credit cards for purchases instead of gift cards, cryptocurrency, or wire transfers, which are harder to trace.
• Be cautious of high-pressure sales tactics. If someone rushes you to act, take a step back and verify.
Quick Tips & Updates
Did you know? Scammers often impersonate real businesses and even create fake job listings on trusted job sites. Always verify directly with the company.
Pro Tip: Feeling pressured to act fast? That’s a red flag. Legitimate offers don’t come with countdown timers or threats.
Stay Safe, Stay Informed
Fraud doesn’t just hurt your wallet—it can shake your confidence and peace of mind. By staying aware, sharing experiences, and reporting scams, we can fight back against fraudsters together.
Keyword Definitions
🔹 Investment Scam – A fraudulent scheme where scammers promise high returns on fake or nonexistent investments.
🔹 Employment Scam – Fake job offers designed to steal personal information or money from job seekers.
🔹 Home Improvement Scam – Fraudsters pose as contractors, take deposits, and never complete the work.
🔹 Upfront Payment Fraud – Any scam that requires victims to pay before receiving a product, service, or job.
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