Protecting Your Money in a Digital World

The internet has transformed how we manage money, shop, invest, and communicate. Unfortunately, it has also given criminals powerful tools to commit financial fraud at an unprecedented scale. Cyber-enabled financial fraud scams are now among the most common threats facing consumers, costing Americans billions of dollars each year. But first, it’s important to understand how these scams work.

Cyber‑enabled financial fraud scams use digital platforms and technology—such as email, text messages, social media, mobile apps, and online payment systems—to trick consumers into sending money or revealing sensitive financial information. These scams often rely on impersonation, urgency, and emotional manipulation rather than technical hacking.

According to the Federal Trade Commission (FTC), U.S. consumers reported over $12.5 billion in fraud losses in 2024, with online scams accounting for the majority of reported losses. Payment methods tied to the internet—such as bank transfers, cryptocurrency, and digital wallets—were frequently used in these crimes. 

Legitimate organizations rarely demand immediate digital payments or confidential information through unsolicited messages, so you should be cautious if they encounter:

• Messages creating urgency or fear
• Requests for one‑time codes, passwords, PINs; or to pay using crypto, wire transfers, or gift cards
• Pressure to keep the situation secret
• Promises of guaranteed returns
• Unexpected messages from known contacts asking for money

Education and vigilance remain the best defenses against evolving fraud tactics. In the spirit of National Safer Internet Day, turn awareness into protective action and remember to:

• Pause before you click—urgency is a common tactic
• Verify independently—contact companies using official channels
• Enable multi-factor authentication (MFA) on financial and email accounts
• Use strong, unique passwords and never share passwords or one‑time codes
• Be cautious with online payments—especially cryptocurrency, wire transfers, and gift cards
• Monitor accounts regularly and set up alerts—to spot suspicious transactions quickly
• Limit personal information shared on social media—such as your birthdate or financial activity
• Trust your instincts—if something feels off, stop and check by reaching out independently

Reporting scams helps authorities track trends and prevent future victims. So, if you believe you may be involved in a scam:

1. Stop communication immediately
2. Contact your bank or payment provider
3. Change passwords on affected accounts
4. Report the incident to the FTC at ReportFraud.ftc.gov

Online financial fraud scams continue to evolve alongside technology. While criminals adapt quickly, informed consumers have a powerful advantage. National Safer Internet Day emphasizes critical thinking, verification, and digital responsibility, all of which are essential defenses against modern fraud.  Recognizing scam patterns, questioning urgency, and taking swift action can help protect not only your finances—but your peace of mind.

When you call M&T, you may be asked questions that seem to go beyond the standard name and address. If it feels frustrating or intrusive, please understand: Criminals call us trying to impersonate legitimate customers, so we’re just seeking to protect your accounts. Your safety is our top priority. Call us at 1-800-724-2440 (24 hours a day, 7 days a week).