facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause

How to Fight COVID-19 Financial Fraud as a First-Generation American

How to Fight COVID-19 Financial Fraud as a First-Generation American

By JW Rayhons & Victor Giordano

As first-generation Americans navigate through life they encounter difficulties when facing certain types of situations, such as financial distress from the COVID-19 pandemic. Since neither themselves nor their parents experienced this they may become more vulnerable to fall for scam-like and fraudulent ideas. Another point which may cause struggle and vulnerability is the level of debt, savings, or investments they may hold. Being a first-generation American makes it more difficult to accumulate wealth and have emergency funds readily available. Because most first-generation Americans are the first ones in their families to be able to take advantage of investments and certain bank accounts. Thus, the lack of experience and financial security may put them in a vulnerable position of being open to risky and fraudulent ideas.

Seeking education and advice is a great way to be prepared and knowledgeable when encountered with situations which may be tempting and/or too good to be true. In the internet age, information is available all over the place but how credible are the sources? How can you determine their credibility? Some characteristics to look for is their authority and experience on the subject. You certainly would not want to ask a fish about flying techniques. Looking at the background and experience of who is providing the advice is crucial. Ask yourself, if their advice or offer seems too good to be true, why isn’t everybody doing it. There is no such a thing as making money quickly without hard work or dedication.

Types of Fraud

  • Investment Fraud
  • Identity Fraud
  • Phishing Emails
  • Fake Prizes
  • Fake Credit Card Company Calls

What Can You Do

  • Keep personal information and documents safe at all times
  • Keep passwords and PIN numbers secret 
  • Do not give out any personal information on websites or over the phone without being able to identify and authenticate the source/person you are speaking with
  • Watch your bank and credit card accounts regularly for fraudulent activity 
  • Make sure your finances are within an authorized financial institution 
  • Do not click on hyperlinks
  • Check you credit report regularly  

Actions and decisions taken in certain situations may differ from person to person, but having the information, advice and insights available helps when making a decision. 


In order to better analyze and help individuals, Rayhons Financial Solutions counts on a great team of knowledgable and experienced professionals with strengths in different areas. This allows us to create great ideas and alternatives to meet the best interest of the individual. Call us at (480) 507-2425 or contact us online. We’d love to meet you.

 The content in this article was prepared by the article’s author. Cetera Advisor Networks, LLC does not endorse its content, and the views expressed may not necessarily reflect those held by Cetera Advisor Networks, LLC.