As the holiday season approaches, concerns about scams continue to rise. U.S. Representative Dan Meuser, who serves as the chairman of the House Financial Services Subcommittee on Oversight and Investigations, recently highlighted the growing threat of financial scams. According to the Federal Trade Commission (FTC), Americans lost over $12 billion to scams in 2024, marking a 25% increase from the previous year.
Rep. Meuser held a hearing titled "Fraud in Focus: Exposing Financial Threats to American Families" to address these issues. The hearing aimed to shed light on the tactics scammers use and to discuss measures to protect consumers.
In addition to legislative efforts, Meuser has launched a website to provide resources and information to help the public avoid falling victim to scams. The website offers tips on recognizing fraudulent activities and steps to take if one becomes a victim.
As the holiday season is a prime time for scams, consumers are urged to remain vigilant. Common scams include fake online stores, phishing emails, and fraudulent charity solicitations. Shoppers are advised to verify the authenticity of websites and charities before making any transactions.
If you’ve been scammed or suspect fraud — Do this first:
- Contact your bank/credit union/card issuer immediately to freeze accounts, dispute charges, and initiate recalls (for wires/ACH). For business-email compromise (BEC), ask your bank to contact the destination bank and move fast on a recall. Then file with the FBI IC3.
- Report it so law enforcement can act (see the reporting directory below). FTC’s ReportFraud.ftc.gov routes cases to the right agencies.
- Protect your identity (place a fraud alert/credit freeze, create an IdentityTheft.gov recovery plan).
- For older victims or caregivers, call DOJ’s National Elder Fraud Hotline: 833-FRAUD-11 (833-372-8311) for one-on-one help.
Photo: Sadi Maria / iStock / Getty Images
Common scams — What they look like & how to avoid them:
Imposter & government-agency scams
Scammers pose as the IRS, Social Security, a bank, tech support, or even a relative (“grandparent scam”) to demand money or personal info urgently. Hang up; verify using official numbers/websites; never pay by gift card or crypto.
Phishing / smishing / vishing
Fake emails, texts, or calls try to make you click links, download malware, or reveal credentials or MFA codes. Don’t click; type the site yourself; enable MFA; use a password manager. Report tax-themed phishing to the IRS.
Card, ACH & check fraud
Lost/stolen card numbers, counterfeit checks, “washed” checks from mailboxes, or unauthorized ACH. Use secure mail (or the post office), lock your mailbox, monitor accounts, set alerts, and report immediately.
Investment & crypto scams
“Guaranteed” high returns, fake trading platforms, celebrity impersonations, or romance-turned-investment schemes. Check licensing (BrokerCheck/SEC), be skeptical of pressure to move funds to new “safe” accounts or wallets. Report to SEC/FINRA/IC3.
Business Email Compromise (BEC)
Fraudsters hijack or spoof business/vendor email to redirect payments. Verify payment changes with a known phone number; set dual-control for wires; act within hours to recall funds and file with IC3.
Debt collection scams
Threats of arrest or legal action for debts you don’t recognize, demands for immediate payment, or refusal to provide a written validation notice. Ask for validation; don’t pay on the spot; report to CFPB/FTC.
Mortgage/loan relief & credit repair schemes
Upfront fees for “guaranteed” modifications, special programs, or removing accurate negatives from credit files. Work directly with your servicer; avoid upfront-fee offers; check CFPB resources.
Financial exploitation
Unauthorized withdrawals, pressure to buy gift cards, “tech support” refunds, romance/inheritance scams. Talk to a trusted family member or banker; call the Elder Fraud Hotline.