How to Spot Scams and Protect Your Money

Florida loses more than $1 billion to scams every year. In 2024, the Federal Trade Commission ranked our state the worst in the country for fraud — Floridians reported $866 million in losses, more than any other state in the nation. If you live here, the odds are good that a scammer has already tried to reach you, whether you noticed it or not.

Here's the part nobody tells you, though: most scams run on the same handful of scripts. Once you know what those scripts sound like, they get a lot easier to spot and a lot harder to fall for.

This isn't about being afraid of your phone. It's about knowing the few scams that do the most damage, the things they all have in common, and exactly what to do the moment something feels off.

The three scams costing Floridians the most

A small number of scam types account for an outsized share of the money stolen across the state. These are the ones worth knowing cold.

Romance scams. Someone connects with you online — a dating app, social media, even a "wrong number" text that turns friendly. They're warm, attentive, and patient. Weeks or months in, there's a crisis: a medical bill, a stuck shipment, a business deal that just needs a little cash to close. They'll have a reason they can never meet in person or hop on a video call. The relationship is the setup; the money request is the whole point.

Business impersonation scams. You get a call, text, or email from a company you trust — a major retailer, a streaming service, a utility, or "tech support." There's a problem with your order or your account, and you need to act right now. They'll push you to move money, read off a gift card number, or install software that hands them control of your device. Real companies don't operate this way.

Government impersonation scams. The caller says they're from the IRS, Social Security, Medicare, or the sheriff's office. There's an unpaid tax, a suspended benefit, or a warrant — and you can make it all go away with an immediate payment. The threats feel real. They are not. No government agency calls to demand payment by gift card, wire transfer, or a Bitcoin machine.

Notice what those three have in common. Urgency, secrecy, and an unusual way to pay. If a message floods you with panic and steers you toward gift cards, wire transfers, or a crypto kiosk, that combination is the scam. Slow down right there.

Why seniors are the biggest target

Older Floridians account for nearly 30% of all fraud losses in the state, and when they're hit, they tend to lose more per incident than younger victims. The damage goes well past the dollar amount — it can mean lost independence, generational savings wiped out in a single afternoon, and a level of stress that's hard to recover from.

Even if you're nowhere near retirement, this matters to you. Your parents or grandparents are squarely in the crosshairs. A five-minute conversation now — "Mom, no real agency will ever ask you to pay with a gift card" — does more good than any software ever will.

Two newer tricks worth knowing about

Scammers adapt fast. A couple of tactics have grown enough that Florida lawmakers stepped in.

Check washing. Thieves steal mail right out of the box, use chemicals to erase everything on a check except your signature, and rewrite it to themselves for a much larger amount. Florida criminalized the mail theft behind this in 2025 (SB 700), but you can shut the door on it yourself: don't leave outgoing mail sitting in your box with the flag up, drop checks inside the post office when you can, use a gel pen that resists tampering, and consider switching to electronic payments and statements.

Crypto kiosk scams. This is the newer one. A scammer convinces you there's an emergency, then directs you to a Bitcoin ATM at a gas station or convenience store to "fix" it. The moment your cash goes into that machine, it's gone — there's no chargeback, no reversal. Florida passed regulation of these kiosks in 2026 (HB 505) precisely because of how often they show up in fraud. The simple rule: no legitimate business or agency will ever ask you to pay through a crypto kiosk. Ever.

How your bank actually helps

Banks are often the first to notice when something's wrong, because we see the transaction before the money leaves. Under a Florida law passed in 2024 (SB 556), banks can pause or delay a transfer when there's reasonable suspicion that an older or vulnerable customer is being exploited. That short pause is sometimes the only thing standing between a scammer and someone's life savings.

So if we ever call to ask about a transfer that looks unusual, please don't take it as us being difficult. We're trying to keep your money where it belongs — with you.

One thing that runs the other direction, and it's worth saying plainly: First Federal Bank will never call, text, or email you asking for your full password, your PIN, or a one-time security code. If someone claiming to be us asks for any of those, hang up and call us back using the number on the back of your card or your statement. That single habit defeats a huge share of impersonation scams.

What to do if you think you've been targeted

If you're reading this because something already happened, take a breath. Here's the order of operations.

1. Stop sending money. Scammers count on momentum. The fastest way to limit the damage is to break it.
2. Call your bank directly using the number on your card or statement — not a number someone gave you over the phone.
3. Report it. File with the Florida Attorney General's office at MyFloridaLegal.com or call 1-866-9NO-SCAM. You can also report to the FTC at ReportFraud.ftc.gov.
4. Save everything — texts, emails, receipts, phone numbers, and any names the scammer used. It helps investigators and it helps your case.
5. Tell someone. Embarrassment is what keeps these schemes profitable. There's nothing to be ashamed of, and reporting is how scammers get caught.

FAQ

How do I report a scam in Florida? Contact the Florida Attorney General's office at MyFloridaLegal.com or call 1-866-9NO-SCAM. For broader federal tracking, also report to the FTC at ReportFraud.ftc.gov.

Can my bank really stop a payment to protect me? Yes. A 2024 Florida law (SB 556) lets banks delay a disbursement when they reasonably suspect an older or vulnerable adult is being financially exploited. It's a safeguard, not a hassle.

Does the IRS or Social Security ever call demanding immediate payment? No. Those agencies communicate by mail and do not demand payment by phone, especially not by gift card, wire, or cryptocurrency. A call like that is a scam, full stop.

Are gift cards ever a legitimate way to pay a bill, fine, or tax? No. Gift cards are for gifts. If anyone insists on being paid with one, it's fraud.

Why are scammers using Bitcoin ATMs now? Because crypto payments are fast and nearly impossible to reverse. No real agency or company will ask you to pay through a crypto kiosk.

We're here to help

If something feels wrong with your accounts, or you just want a second set of eyes before you send a payment, reach out to your local First Federal Bank branch or give us a call. We'd much rather answer a question that turns out to be nothing than help clean up after a scam that turned out to be real.

Protecting your money is the whole job. Let's keep it where it belongs.


The figures in this article reflect data reported by the Federal Trade Commission and the Florida Bankers Association. This post is general information and not legal or financial advice.