Financial fraud and its increasing occurrence on financial markets are one of the major challenges of today not only for financial institutions and companies, but for consumers and the economy. All of the participants in the financial market are exposed to the negative consequences that financial fraud brings upon, which is the reason why it is important to focus on fraud prevention and supression but changes in our surroudings have caused new forms of fraud that are making the process of fraud detection more difficult. Nowadays, the most common cases of fraudelent activity is cybercrime and scams delivered over mobile devices or through the internet. These activities cause identity thefts, data security breaches and great financial losses for both cosumers and financial institutions. The main purpose of this paper is to shine the light on the topic of financial fraud by analizing the most common cases that consumers encountered and to point out how to identify fraud and highlight the necessary measures to control its consequences. Globalization, liberalization of the financial system and digitization are some of the factors that have simplified how businesses operate, but on the other hand facilitated the development of new forms of fraud in the use of financial services and made the process of financial supervision more difficult.