DFI Joins Local, State, and National Partners to Raise Awareness and Improve Fraud Prevention During National Consumer Protection Week, March 1–7

Olympia – The Washington State Department of Financial Institutions (DFI) – joins our local, state, and national partners in recognizing National Consumer Protection Week, March 1-7.

“Financial fraud is an ever-increasing problem with higher than ever risks for Washingtonians,” DFI Director Charlie Clark said. “DFI works hard every day as a state regulator to combat fraud, provide information on how to identify, prevent and report fraud, and to ensure our licensees’ activities remain within the confines of the laws aimed at protecting the people of our state.”

National Consumer Protection Week is an annual initiative sponsored by the Federal Trade Commission bringing together federal, state, and local agencies, along with private and nonprofit partners, to provide resources and educational tools to help investors avoid scams and protect their financial well-being. Throughout the week, DFI is promoting the campaign and the work of partners - including the Washington State Attorney General’s Office, and Secretary of State - sharing educational materials, hosting outreach events, and amplifying anti-fraud messaging to help people recognize and report suspicious activity.

In 2024, Washington State residents lost more than $300 million to fraud. While available statistics from the FTC only reach through the third quarter of 2025, they indicate an increase likely to surpass the previous year’s number, with more than $270 million in reported losses to fraud between January and September of 2025. Imposter scams, identity theft, investment fraud, and online purchase scams were some of the most common types of fraud reported, and it affects people in every income group and community.

This week’s campaign reminds us to slow down and verify information before acting. Fraud does not always look dramatic or complicated. It often looks ordinary. A text from a delivery company. A call from someone claiming to be your bank. A message from a grandchild in trouble. The common theme is urgency – to take immediate action.

Common Fraud Tactics

While schemes change over time, many rely on the same basic strategies:

• Imposter scams: A caller claims to represent a bank, government agency, law enforcement office, or utility company. They may demand payment or ask for account information.
• Account alerts and phishing texts: Messages warn of “suspicious activity” and direct you to click a link. The goal is to capture your login credentials or personal identification information.
• Investment fraud: Promises of high or guaranteed returns, especially involving cryptocurrency or new trading platforms. Fraudsters often build trust before asking for money. These may even include fake investment platforms that disappear once the scammers have your money.
• Romance scams: Someone builds a relationship online, then requests financial help for an emergency, travel costs, or investment opportunity.
• Payment redirection: A message says you owe money and must pay with gift cards, wire transfers, or cryptocurrency. Legitimate businesses and government agencies do not demand payment this way.

What To Do Before You Respond

Fraud prevention does not require special tools. It requires a pause. Make time to verify who is contacting you, what the “emergency” is and where the money is going.

If you receive an unexpected call, text, or email:

• Don’t click links or open attachments.
• Don’t share account numbers, Social Security numbers, or one-time passcodes.
• Hang up and contact the company directly using a verified phone number from its official website or your account statement.
• Take time to think. Fraud often depends on urgency.

If someone asks you to move money quickly, buy gift cards, send cryptocurrency, or keep the request secret, recognize these as warning signs of potential fraud.

Protecting Your Financial Accounts

Basic steps can help reduce risk:

• Use strong, unique passphrases for financial accounts.
• Enable multi-factor authentication when available.
• Review bank and credit card statements regularly.
• Check your credit reports at AnnualCreditReport.com. (You can do this weekly!)
• Place a free fraud alert or credit freeze if you suspect identity theft.

These actions will not eliminate all risk, but they make it harder for someone to misuse your information.

Investment and Licensing Checks

Before sending money for an investment or working with a financial services provider, verify that the person or company is properly licensed or registered in Washington State. Make certain that the investment platform you’re being asked to use is real. You can also call DFI at 877-746-4334.

Unsolicited offers for investment deserve extra scrutiny. Guaranteed returns, limited time offers, and requests to move conversations off established platforms are common red flags. To learn more about recent investment scams in Washington, check out our Investment Scam Tracker.

If You Have Already Sent Money

It is easier than ever to send money to someone, but this convenience comes at a cost. When sending money through bank transfers, cryptocurrency, or peer-to-peer payment methods (think PayPal, CashApp, Venmo, etc.) you are essentially giving up your rights to these funds. Sending money through these channels is comparable to handing someone cash and can be just as hard to get back. If you already sent money to a potential scammer, act quickly! Contact your bank or credit union immediately and report the incident to the company involved, if applicable. Consider changing passwords for affected accounts and monitor your credit and account activity to be able to identify any unauthorized transactions.

While it is normal to feel embarrassed after a scam, we urge people to report the fraud. Reporting helps identify patterns for law enforcement to pursue and protect others. You can file a complaint or learn more at www.dfi.wa.gov. The Financial Industry Regulatory Authority (FINRA) provides information for people in their “It’s Not Your Fault” handout, and encourages people to seek help in support groups so they will be less likely to be defrauded in the future.

A Practical Approach to Prevention

Fraud prevention is not about being suspicious of everything. It is about building habits: Pause. Verify. Do not send money under pressure. National Consumer Protection Week is a reminder that consumer protection is a shared responsibility. Regulators like DFI enforce licensing laws and investigate complaints. Financial institutions monitor accounts. At the end of the day, however, individuals make the final decision to send money or share information.

A brief pause can interrupt a scam. That pause can protect not only your finances, but also your time and peace of mind.