How to spot the most sophisticated financial scams
As financial scams become increasingly sophisticated, staying informed is the best form of protection. Learn how to spot the signs, keep your data safe and know what to do if someone tries to scam you.
Financial scams are not just about poorly written e-mails or obvious promises of easy money anymore. Scams today are highly credible and well constructed, often making them difficult to spot at first glance, even for those who consider themselves attentive or experienced.
As the number of digital operations has increased, so have the tactics used by scammers. They use social networks, personalised messages and calls with artificial voice technology, as well as fake profiles that appear legitimate.
In this article, we have compiled a list of today’s most common – and dangerous – financial scams. We explain how these scams work and how you can protect yourself and those around you.
The 7 most common financial scams
Recognising scams is the first step to avoiding surprises:
1. Phishing and smishing that look credible
Have you ever received an email or text message saying that your account has been blocked, or asking you to confirm a purchase? At first glance, it appears to be from the bank: the logo is the same, the link appears legitimate, and the tone seems convincing.
But beware: this is a common trick designed to convince you to click and fill in your details. These scams are known as phishing (via e-mail) or smishing (via text message), and they are becoming increasingly sophisticated. The trick is to make it sound urgent. For example, these messages can say: "Avoid having your account blocked” or "Confirm this suspicious transaction”. The aim is simple: to get you to hand over your bank details without realising it.
2. A technical support scam involving real calls
The phone rings and the caller claims to be from Microsoft or another well-known company. They will tell you that your computer is at risk and that they need your help to solve the problem. They will usually ask you to install a programme in order to access it remotely.
They speak in a calm, professional voice and even know your name. But it’s all staged. By giving them access, you’re throwing open the door to your computer, accounts and personal data. They can access your bank account, steal your passwords, and install spyware.
3. False investments promising quick returns
"Earn €3,000 a month with cryptocurrencies” and "Live off passive income with this foolproof method". Have you seen adverts like this on social media? They often feature videos, testimonials and familiar faces.
The pages are well designed and ask for a small initial deposit, followed by more. Each step seems logical, but ultimately, the money disappears – as does the person who promised you easy profits.
4. Fake profiles on dating apps
This type of scam plays on emotions. This is how it works: you meet someone on a dating app or social network. They chat to you in a friendly and interested way, and over time, you form a connection. At some point, when everything seems to be going perfectly, a tragic or urgent situation arises, such as a health problem, an unaffordable plane ticket or unexpected debt. This is when they ask for your help.
Many people don’t realise they’ve been conned until it’s too late. Scammers know exactly what to say and how to keep people interested. The money is sent, and then the person vanishes once it has run out.
5. Vishing: calls that mimic those from banks
You receive a call that appears to be from your bank. The number displayed on the screen is the one you are used to seeing. The caller knows your name and possibly some of your personal information.
Then the conversation begins. You are told that there has been an attempt to access your account and that you need to confirm transactions. But none of this is real. It’s a scam known as vishing (voice phishing). Scammers use technology to copy your bank number and trick you into sharing codes or authorising transfers.
6. Fake bank employees using real data
Some scammers even go so far as to impersonate bank employees. They send e-mails that appear to come from credible sources with seemingly legitimate addresses. Even worse, they use real data such as the name of your former manager, your address and your IBAN.
Despite the professional appearance, the messages are riddled with fraudulent links, requests to update data, and instructions to make transfers. Many people make this mistake because they trust someone who seems to know everything.
7. Cloned homebanking websites
You search for your bank's website on Google and click on the first link. However, you are entering a fake site that has been designed to look exactly like the original. Even the address may differ slightly.
As soon as you enter your details, they are captured and used to log you into your real account immediately. Here's a simple tip: never search for your bank's website address on Google. Always access the website directly or use the app.
How to protect yourself from financial scams
Creating simple but effective habits is the key to avoiding financial scams and greatly reducing the risk. Below are some practical measures that you can adopt on a daily basis:
1. Always check the source before taking action
Never respond to any suspicious messages, e-mails or calls without checking them first. If you receive a call claiming to be from the bank, hang up and call the official number yourself. If you receive a link via text message, do not click on it. Instead, go directly to the website or app.
2. Only use official channels
To access home banking, avoid using Google. Enter the address manually or use the app. The same applies to apps: only download them from official stores such as the App Store or Google Play, and always check the publisher's name.
3. Activate two-factor authentication
It’s definitely worth doing if you haven’t already. Two-factor authentication, such as a code sent via text message or an in-app confirmation, adds an extra layer of security that makes it extremely difficult for scammers to access your account, even if they know your login details.
4. Don't be fooled by a sense of urgency or pressure
Most financial scams create a sense of urgency, pressuring you into acting impulsively. "I need your help now”, "your account will be blocked in minutes. Just click here quickly.”. If you feel under pressure, take a moment to breathe. Make sure you confirm everything before you do anything.
5. Keep your software up to date
Although it sounds simple, it is effective. One effective way of protecting yourself against vulnerabilities that scammers can exploit is to keep your operating system, browsers, antivirus software and apps up to date.
6. Discuss the matter with the people who live with you
Many financial scams occur because people at home, such as parents, children and partners, either don’t know what to look out for, or simply aren’t paying attention. Talk about these scams. Show examples. Agree on a general rule: never send money or share data without checking with someone else first.
7. If you’re not sure, don't do anything for the time being
If something doesn't feel right, it’s best to do nothing. Close the message. Hang up the call. Just wait. Then talk to someone you trust or your bank. It’s better to err on the side of caution for a moment than to regret it later.
If you have fallen victim to a financial scam, what should you do?
If you suspect that you may have fallen victim to a financial scam, it is important not to panic or put it off. The quicker you react, the better your chances of minimising the damage.
1. Block access to your bank and cards
If you’ve given bank details, codes or passwords, block them right away:
• Access to the app or to homebanking;
• Your ATM or credit card;
• Your MBWay account, if you have one.
Many banks allow you to do this directly via their app or over the phone. If you are unable to do so, call the helpline immediately. Always use official contact details, rather than those that appear in messages or online searches, unless you have checked the source.
2. Contact the bank as soon as possible
Explain to the bank what happened, even if you think it’s not important or you’re not sure. It could have been caused by clicking on a link, sharing a code, or unusual activity on the account.
Banks are becoming more prepared to respond quickly, and in some cases it may still be possible to cancel transfers or recover funds.
3. Keep all possible evidence
Gather all the evidence you can find:
• Screenshots of messages, emails or websites;
• Call logs or unknown numbers;
• Any codes or movements on the account that you don’t recognise.
This evidence could be crucial in identifying the type of fraud and supporting the investigation by both the bank and the authorities.
4. Report it to the authorities
File a complaint with the relevant authorities. In Portugal, you can lodge a complaint with the PSP or GNR. The sooner you share information about a scam, the more likely it is that the scammers will be identified and that others will be prevented from being scammed.
5. Change passwords and activate strong authentication
Even if your bank is already aware, protect the rest of your details. Change the passwords for your email, social media accounts and apps, especially if you use the same ones for several different accounts. Activate two-factor authentication wherever possible. This involves an additional step where you receive a code via text message or the app.
6. Closely monitor your accounts
Keep a closer eye on your bank transactions, online purchases and any unusual activity over the next few weeks. Contact the bank immediately if you notice anything unusual. If the bank allows it, it’s also worth checking the history of devices connected to the account and logging out of old sessions.
7. Talk about what happened
Don’t keep it to yourself. Sharing your experience with family, friends or colleagues can help them avoid ending up in the same situation. Above all, remember that this could happen to anyone. The only wrong response is to remain silent.
How Banco Carregosa can help protect you from financial scams
In today’s digital age, it’s crucial to have a financial partner who takes your security seriously. At Carregosa NextGen, we take our commitment very seriously. From the constant monitoring carried out by our specialist teams to the way we protect your data and communications, everything is designed to give you peace of mind at every stage.
Transparency lies at the heart of our approach. This is why we provide clear information on security practices, data protection, and the use of cookies. We want you to understand exactly how your information is handled, and to have the tools you need to make informed decisions.