6 Steps To Take So a $100 Scam Does Not Kill Your Finances
You might have to spend money to make money, but only if you're getting what you pay for. When scammers call, that's never the case. A new MoneyLion Survey of 998 adults found that losing a comparatively small amount of cash in a swindle would constitute an emergency for most people.
That’s not surprising, considering the broader economic context. Money doesn’t come easily in 2026, but it sure spends quickly — and if you have to borrow to cover a seemingly minor hit from a scammer, a small loss can quickly become a large one. However, the bigger risk is that the small scam reveals or creates a hole in your financial defenses, leaving you vulnerable to a much more damaging follow-up grift.
Here’s what to do if you fall victim to a low-dollar fraud and how to prevent one in the first place.
Don’t Trip: The Biggest Debt Payoff Mistake People Make When They’re Already Stressed About Money
Look Out! 5 Signs You’re Losing Money Every Month — and How To Find the Leaks
A Small Loss Might Not Stay Small for Long
Nearly three out of four respondents (72%) would consider a loss of less than $500 to be a financial emergency, 44% of whom said that less than $100 would be enough to create a crisis. When asked what would happen if they lost $1,000, more than four in 10 said they wouldn’t be able to pay basic bills like rent, utilities or groceries.
However, those already dire circumstances can get much worse if you don’t take steps to stop the bleeding.
“If someone falls for a small scam — say around $100 — it’s usually not about the money,” said Scott E. Jones, founder and Financial Advisor at Genesis Wealth Advisor Group in Marlton, N.J. “These scams are often ‘test runs’ to see if the person’s information can be exploited further. The biggest mistake people make after a minor scam is letting their guard down. Think of this as your early warning. Tighten up security now to prevent something larger later.”
Keep Financial Literacy Month going — learn how the MoneyLion app helps you track, manage and move your money in one place.
Take Action, No Matter How Minor the Fraud
Follow these steps if you fall victim to a scam, no matter how much or how little you lose.
Contact Your Financial Institution Right Away
According to Ali Zane, who has more than 20 years of consumer finance, banking and identity theft experience as the CEO of IMAX Credit Repair Firm, the first step is to file a fraud report with your financial institution — and don’t waste any time.
“Those who file their complaints within the first 24 hours recover about 87% of their losses,” he said. “Those who file after more than a week recover only 23%.”
Request a Fraud Alert
Next, request a fraud alert from any of the three main credit bureaus — Equifax, Experian and TransUnion — each of which is obligated to notify the other two of such a request.
“This measure will keep them safe for one year and make it impossible for creditors to open an account without verifying their identities, as they will require additional identification,” said Zane.
Gather Evidence and Report It to the Authorities
Attorney Corey Pollard recommends saving all messages, receipts, usernames, phone numbers, email addresses, tracking numbers, websites and any payment confirmations used in the fraud.
“Do not keep arguing with the scammer because you cannot negotiate your way out of this,” he said. What you can do is save evidence and report the scam to the Federal Trade Commission at ReportFraud.ftc.gov and, if relevant, to your state attorney general or local police.”
If You Haven’t Been Scammed, Play Offense Now
If you haven’t yet been victimized by financial fraud, take proactive action by following these steps.
Your Phone Is an Open Door — Guard It Vigilantly
Brett J. Lee, chief compliance officer of the wealth management firm The Planning Center, warns that your phone is a gateway to many scams and that the simple act of answering calls from unknown numbers can be harmful — especially in the age of artificial intelligence.
“By calling you and asking a question that requires a simple ‘yes’ answer, they can use your recorded voice to create messages that sound amazingly similar to you, which can then be used to access certain systems that are voice-activated or even to contact your friends and relatives to solicit funds supposedly intended to benefit you, such as appeals for emergency money,” he said. “Remember, entities like the Internal Revenue Service, Social Security, most banks and most investment companies will never call you on the phone and request sensitive information.”
Social Media: Be Cautious With What You Post
Lee also warned against oversharing on social media.
“A post on Facebook that announces your upcoming tour of the continent looks to a burglar like a flashing neon sign that says, ‘Nobody home,’” he said. “Posting personal information on social media, such as birthdays, places of birth, names of high schools or colleges attended, favorite pets, etc., provides hackers with important clues for guessing passwords or security questions and creating scams with enough personal information included to appear legitimate. Go ahead and let everyone know you traveled — once you’re back home — and be stingy with putting personal details where the whole world can see them.”
Treat Your Email Like It’s as Vulnerable as It Actually Is
Laura J. Blaire, IACCP, chief operating officer of JFS Wealth Advisors, cautions against including personal information in emails, just as with social media.
“Because most email is not encrypted, it’s possible for hackers to gain access to the contents,” she said. “So, while it may seem easy and quick to just send your Social Security number, driver’s license number or insurance policy number in an email to your agent, don’t.”
Instead, she suggests making a phone call or using the recipient company’s data vault or another password-protected platform.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal, or tax advice.
More From MoneyLion:
Discover a Smarter Way to Keep Unexpected Expenses From Derailing Your Budget
The New Middle-Class Trap: Making $100K but Living Paycheck to Paycheck