March 02, 2026
Social media has become a primary source for everything from gift ideas to productivity hacks. "Finfluencers," or financial influencers, are now part of this trend, sharing money tips that reflect a growing desire for financial literacy. Studies show younger generations, particularly Gen Z and Millennials, are turning TikTok and Instagram for guidance. However, YouTube and Facebook remain the most popular platforms for people seeking financial advice. While this allows for helpful information to be shared on a broad scale, it can also give bad actors an opportunity to offer bad advice.
Misleading posts are often framed with empowering language like “everyone qualifies,” “money left on the table,” or “the IRS doesn’t want you to know this.” For individuals under financial pressure, these messages can be tempting. But the scammers behind these posts often profit from clicks and fees, while you bear the risk. Acting on bad advice can result in IRS penalties, damaged credit, or costly fraud.
The most dangerous advice often promises a shortcut to wealth or an easy way out of a difficult financial situation. It’s important to recognize these schemes before they cause harm.
• Deceptive Tax "Hacks:" Tax time can be confusing, especially if you are filing on your own. To garner bigger views and video clicks, fraudsters offer “advice” for how to increase your refund including falsifying income on a W-2, claiming nonexistent credits like a “Self-Employment Tax Credit,” or misusing forms. At the end of the day, you are legally responsible for everything on your tax return, even if someone else prepares it. The IRS reports that people have had to pay more than $162 million in penalties because of these scams. Beyond financial repercussions, this advice can lead to audits and even criminal charges.
• Credit and Debt Scams: Posts that promise to instantly fix your credit score or completely wipe out your debt are almost always false. Improving your credit takes time and responsible behavior, like paying bills on time. While legitimate debt relief options exist, such a consolidating debt, blanket promises of forgiveness, especially those requiring an upfront fee, are a major red flag.
• Investment Fraud: Social media is a breeding ground for investment scams, which accounted for a staggering $5.7 billion in 2024 alone. As the category of scams with the highest losses in 2024, these scams promote “can’t-miss,” “ground floor” opportunities, from pump-and-dump stock schemes to fake cryptocurrency apps. Fraudsters create a false sense of trust by recommending legitimate stocks first, then luring you into a manipulated, lesser-known stock that quickly plummets.
With financial scams continuing to evolve, staying vigilant is more important than ever. Protecting yourself starts with skepticism and a commitment to verification. If financial advice sounds too good to be true, it probably is. Use this checklist to evaluate information you find online.
• Question the Promise: Be immediately cautious of any post that guarantees high investment returns, promises unusually large tax refunds, or claims credit and debt issues can be solved overnight. Every investment carries risk, and legitimate financial processes take time.
• Identify High-Pressure Tactics: Scammers often create a sense of urgency or a fear of missing out (FOMO). If a post pressures you to act now for a special deal, encourages you to hide information, or pushes for off-platform communication and upfront payment, it’s likely a scam.
• Verify the Source: Before acting on any advice, check the person’s credentials. You can use free tools like BrokerCheck or the IRS’ directory of tax professionals to check credentials, disclosures or past issues. Be aware that scammers may also impersonate legitimate professionals.
• Cross-Reference with Trusted Sources: Do not rely on a single social media post for financial decisions. Always verify claims with official government websites or professionals.
• Consult a Professional: When in doubt, the best course of action is to speak with a certified professional, such as a CPA, a certified financial planner, or your bank which can provide personalized advice based on your unique situation.
If you find yourself on the other end of one of these scams, WSFS is here to help.
• Contact Us Immediately: Connect with one of our Associates in person or over the phone so we can secure your accounts and monitor for suspicious activity.
• Freeze Your Credit: Contact the three major credit bureaus, Equifax, Experian, and TransUnion, to place a credit freeze, preventing scammers from opening new accounts in your name.
• Update Your Security: Change your passwords and enable multi-factor authentication on all financial and personal accounts.
• File a Report: Visit IC3.gov to report the incident to the Internet Crime Complaint Center.
Robert Eastwood, Senior Vice President, Chief Information Security Officer
Shelly Kavanagh, Senior Vice President, Director of Retail Delivery
