SECURITY CENTER

Scam Watch: How to spot fraud and scams

Scammers may be sophisticated, but working together, we can help stay ahead of them.

The holidays are a time for giving, but for scammers it’s the season for taking.

Sophisticated scammers exploit end-of-year tax planning

Around the holidays, scammers target individuals with convincing tax and investment scams. Their websites look professional, and their timing is perfect, especially for those actively doing year-end planning.

I took pride in how I’ve managed my finances, but they still got me

I was deep into year-end tax planning when I got a message from someone who seemed credible. He was an International Wealth Strategist with a private equity background. Eight years at a global tax advisory. We had five mutual connections.

His message was personalized. He referenced our mutual contact and said he’d helped that person optimize their investments. The website looked legitimate, with white papers, historical returns, and even case studies. I booked a video call.

He walked me through private investment opportunities that cut across technology, data and behavioral finance. But to take advantage of this, I had to move fast. I wired a substantial amount.

Then... nothing. No follow-up. His profile vanished. A securities investigator confirmed it was all fake.

I wasn’t fooled by greed. I was fooled by perfect timing and the illusion of expertise.

I wish I’d known:

Scammers are luring people in through networks and mutual connections. Just because they say they know someone, doesn’t guarantee it’s legitimate.
Any offer with a year-end deadline is a huge red flag. Time pressure is a scammer’s tool.
Vetting the "opportunity" through my advisor or attorney is important.

Scammers take advantage of your seasonal kindness

Scammers are heartless. They’ll prey on your generosity during the holidays by creating fake charities or pretending to represent real ones. You think you’re giving to a good cause, but you’re actually lining a scammer’s pocket.

Wanting to give back cost me a lot more

My parents taught me: if you have more than you need, you give. So when the holidays came around, I felt compelled to help.

A post appeared in my social feed claiming to be from a charity raising funds to provide meals to families during the season. A major donor was supposedly matching all contributions made in the next 24 hours. I didn’t hesitate. I clicked the link and donated.

Later, my accountant asked me for the receipt and tax ID, which I didn’t have. I contacted the organization to get it and they had no record of my donation.

I’d been scammed, not by someone selling a fake product or offering a prize, but by someone who exploited my instinct to help.

I wish I’d known:

You can verify charity legitimacy through the charity's website, Charity Watch or BBB Wise Giving Alliance.
A 24-hour countdown is a red flag. While real charities promote matching, extreme urgency should have made me stop and pause.
You can’t trust that an ad you see on social media is legitimate.

Many investment scams are about patiently earning your trust

Scammers can be very patient when they target successful people because their eyes are on a big prize. They know how to sound credible and establish what seems like a friendship, before exploiting you emotionally and financially.

Nothing felt out of place, until I tried to withdraw some money

I connected online with an individual who seemed to speak my language: business, investments, and long-term planning. We shared articles on market trends, book recommendations and compared notes on year-end tax strategies. Over the next several months, I felt we’d established a strong, professional, trusted friendship, including congratulating each other when our investment picks performed well.

At one point he mentioned an AI-powered investment platform he’d been following that seemed to be generating some exceptional returns. I checked it out further and found it had a solid team of prominent tech and investment professionals backing it. We each decided to test it with a small deposit. Both of us had solid returns, sharing our screenshots.

We both kept investing more and we were both excited about this financial edge we’d found. But when I decided to take some of my gains off the table, the site had all sorts of problems. The withdrawals wouldn’t process. And my “trusted friend”, disappeared.

The site was fake and my “friend” was a professional scammer, spending months gaining my trust through patience, knowledge and credibility. I don’t even want to admit how much I lost.

I wish I’d known:

Building your trust over time is a tactic scammers use. The fact that someone invests weeks or months “building rapport” doesn’t make them legitimate.
Professional language doesn’t make someone an expert. Scammers mimic the tone, jargon and habits of real advisors to seem credible.
Results can be staged using fake and elaborate websites. Early “profits” and successful small withdrawals are common tricks to build confidence before larger sums are taken.

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When in doubt, don't engage — it may be fraud or a scam. Instead, call us using the number on the back of your card or stop by any Chase branch.

SECURITY CENTER Scam Watch: How to spot fraud and scams

The holidays are a time for giving, but for scammers it’s the season for taking.

Sophisticated scammers exploit end-of-year tax planning

I took pride in how I’ve managed my finances, but they still got me

I wish I’d known:

Scammers take advantage of your seasonal kindness

Wanting to give back cost me a lot more

I wish I’d known:

Many investment scams are about patiently earning your trust

Nothing felt out of place, until I tried to withdraw some money

I wish I’d known:

Explore the Chase Security Center

We’re always here to help

SECURITY CENTER

Scam Watch: How to spot fraud and scams