Expert provides ways to protect finances from cyber threats
Cybercrime inflicted nearly $21 billion in losses last year, and Kurt Knutsson has issued a warning about the rise of increasingly sophisticated AI scams. In a recent appearance on a weekend news show, he unpacked FBI data revealing that investment fraud alone accounted for $8.65 billion in victim losses. To help families safeguard their finances and secure their accounts, Knutsson is offering a complimentary live class.
That staggering figure of almost $21 billion really stood out to me when I examined the FBI’s latest cybercrime statistics. It represents countless families who have seen their hard-earned savings vanish, often without realizing it until it’s too late—like when they check their bank balance. In 2025, Americans reported losses totaling nearly $21 billion due to cyber-enabled crime, which marked a significant 26% increase from the previous year. Investment fraud was particularly damaging, causing around $8.65 billion in losses. I recently discussed these alarming statistics on “Fox & Friends Weekend,” emphasizing the more significant challenge ahead. Fraudsters now have access to AI tools that can generate realistic messages, voices, and identities, making their approaches much more convincing than the less sophisticated scams many are used to. This shift demands a more robust defense for our finances.
Here are five practical steps to help strengthen the barriers between scammers and your hard-earned money.
Missed CyberGuy LIVE? Watch the Protect Your Money replay
The free class, “Protect Your Money From Today’s Biggest Threats,” has concluded, but you can still view the replay and download a financial protection checklist. Kurt “CyberGuy” Knutsson guides you through five easy methods to guard against AI scams, fraud, identity theft, and financial hacks. You’ll learn to set up bank alerts, enhance account logins, protect your phone number, freeze your credit, and secure your retirement funds from unauthorized transfers—all without needing any technical expertise.
AI is helping scammers sound more convincing
For years, we were advised to look for obvious signs of scams, like poor grammar in emails or suspicious voices on the phone. Unfortunately, AI has significantly reduced those telltale signs. The FBI reports that its Internet Crime Complaint Center received 22,364 complaints in 2025 related to AI, resulting in around $893 million in losses. Scammers are now using AI to generate fake social media profiles, cloned voices, and realistic videos, which makes their deceit even more effective.
This gives them additional ways to seem trustworthy before they try to get money or personal details from you. I think simply advising people to “be careful” isn’t enough anymore; we need to put in place stronger barriers to protect your finances.
5 ways to protect your money from cybercrime
While it’s impossible to predict every potential scam, you can certainly establish safeguards to make it harder for criminals to access your funds.
1) Turn on instant alerts for your financial accounts
Start with your bank and credit cards. Visit the official app or website for each financial institution to locate their notification settings. Activate alerts for transactions and transfers to receive warnings about any suspicious activity. The specifics can differ by bank, but the main idea is straightforward: if money moves without your permission, you want to know right away. I’ve spoken with victims who found out about fraud long after it had started. A prompt alert allows you to react swiftly by contacting your bank.
2) Strengthen the login protecting your money
Next, review the security measures associated with your bank, credit card, and investment accounts. Create a robust password that you don’t use anywhere else—password managers can help with that—and enable two-factor or multifactor authentication (2FA) wherever it’s offered. If available, consider using more secure verification methods like an authenticator app. While texted security codes provide some security, be aware that phone numbers can also be targeted in SIM swap scams.
Also, make sure to secure the email account linked to your finances—if a scammer takes over your email, they can reset passwords or get notifications. For deeper insight, check out resources on whether bank text codes offer sufficient protection.
3) Lock down your phone number
Your phone number has become a crucial part of your financial security. In a SIM swap or port-out scam, a criminal tricks your phone carrier into transferring your number to their device. From there, they can intercept calls and security codes.
Contact your mobile provider to check for security options that guard against unauthorized number transfers, like a port-out lock. If your phone unexpectedly loses service, pay attention; reach out to your carrier from another device, especially if you notice unusual activity with your accounts.
4) Freeze your credit before a criminal uses it
Freezing your credit is still one of the most effective and cost-free defenses against new-account fraud. You’ll need to place a freeze with each credit bureau—Equifax, Experian, and TransUnion—separately. Once enacted, a freeze limits access to your credit file, making it fairly difficult for someone to take out a new credit account in your name.
This won’t affect your credit score, and you can lift the freeze whenever you need to apply for credit legitimately. Just be cautious and go directly to each bureau’s official website for this process to avoid scams preying on those seeking credit freezes.
5) Give your retirement accounts more protection
This one particularly concerns me, as retirement accounts typically represent years of hard work. I recently came across a case about a Colgate-Palmolive employee whose entire 401(k) of $751,430 was wiped out after an impostor altered his account’s contact details. That incident ended in a settlement, but the implications are serious.
Check your retirement and investment accounts for security settings—ensure your contact information is accurate, enable account alerts and multifactor authentication. Inquire with your brokerage or retirement provider about the safeguards they have in place for withdrawals and transfers. Some give additional verification measures or controls to make unauthorized transfers much more challenging. This aspect deserves your attention, maybe even more so than your checking accounts.
Kurt’s key takeaways
The nearly $21 billion loss reported by the FBI raises more concern than just a large number. Scammers have become skilled at exploiting moments when people are likely to trust what they see or hear. AI exacerbates this situation since a familiar voice or a polished message can foster a false sense of security. The data from the FBI reflects significant sums already lost due to cyber-enabled crime. It’s better to establish protective measures now than to rely on spotting a single clue during a convincing scam. Activate alerts and fortify the accounts holding your assets. Then, review the protections around your phone number, credit, and retirement savings. Cybercriminals need only one opportunity, so your mission is to make that chance significantly harder to find.
Have you ever encountered a scam call, email, or investment offer that almost made you believe it was legitimate? What ultimately tipped you off? Share your experience at Cyberguy.com.
