Dating in the modern era is hard, from disappointing meet-ups to the cycle of endless swiping. And then there’s the cost element.

From $15 drinks to Uber rides, finding love can be expensive. The cost of dining out has climbed 32% since the pandemic began. And the price of movie, concert, and theatre tickets is up 25%. Even if you’re just going on coffee-and-walking dates, $5 lattes can add up.

In an era where many people are meeting online, dating apps are often another layer of expense. While most of the apps have free versions, millions of singles pay $10 to $40 a month for subscriptions, depending on whether they choose to unlock perks like unlimited swipes — hoping to raise their odds of success in a competitive dating scene. (Interestingly, in the last quarter, revenue per payer ticked up at both Match Group, the parent of Hinge and Tinder, and Bumble, but the number of paying users dropped.)

So what? Dating is expensive, but that doesn’t mean you have to give up on romance. Try breaking out of the dinner and movie mindset to reimagine what counts as a “date.” In an April Bank of America survey, 53% of Gen Z respondents said they don’t spend anything on dates, and another 28% said they spend less than $100 a month.

There are plenty of budget-friendly meetup options, from a simple picnic in the park to visiting a museum on a free-entry day (look up free events near you for inspo). You can even volunteer together, which should give you a better sense of your date’s character than you would get by having cocktails.

Other ideas: Take a hike, go to a free open-mic night, or window-shop downtown. These all cost little to nothing, but are still great ways to connect with a partner — whether it’s someone you just swiped right on or are already dating.

Related Reading

Here’s What the Average American Spends On Dates Each Year—How Do You Compare? (Investopedia)

Americans Think They Can Save Almost $4,000 by Not Going on Dates: Poll (Newsweek)

50 Cheap Date Ideas (Because Love Don’t Cost a Thing) (Purewow)

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM20250818SW

Senior Editor Rebecca Moretti explores hot topics at the intersection of finance and pop culture in our new column, “Out of the Chat.”

While Labubus haven’t been around for long, the recent craze over the creepy-cute plush toys got me thinking about the power of products that make adults feel like kids again.

The demand for these is so strong that the company behind Labubu (Chinese toy giant Pop Mart) now has a $46 billion market cap and is projecting revenue to at least triple for the first half of the year. Some adults are spending thousands to get their hands on the furry grinning dolls, which can go for over $100 a pop.

Considering the turbulence of recent years, it makes sense that folks would be latching on to things that remind them of childhood. “Adulting” has never been all fun, but the past five years have been full of uncertainty, from the world-stopping pandemic to major geopolitical turmoil, inflation, tariffs and more.

Nostalgic products can transport us back to a simpler era. Even for Millennials like me, there’s nothing quite like that warm, wistful feeling we get when we put on an old Disney movie, listen to a favorite song from our childhood, or eat that sugary treat that reminds us of happier times. (Dunkaroos, anyone?)

Maybe this comfort factor is why nostalgia — which means homesickness — seems to be guiding spending habits, marketing strategies, and possibly even investment decisions. And why we’re seeing what I’ll call a “nostalgia premium.”

One recent survey showed two in three adults would pay an average of 32% more to have their favorite old-school products revived. (OG faves like Game Boys, Banana Nesquik, and iPods were on the list.) Other surveys have found that it’s nostalgia that can push consumers to make a purchase. (Think: Someone who doesn’t normally buy movie tickets going to see “Freakier Friday” — the sequel to the 2003 Disney hit).

Big brands have certainly noticed the appeal of going retro. Just recently, Ty launched new Beanie Babies (yes, they’re back), Bath & Body Works revived 90s-fave fragrances, and Mattel started selling “Clueless” toys (feat. the Cher and Dionne characters as Polly Pockets) to celebrate the iconic movie’s 30th anniversary.

McDonald’s, which reversed a decline in U.S. sales last quarter, is arguably the leader in nostalgia marketing, bringing back beloved collectables like Pokémon in Happy Meals and reviving vintage items like Snack Wraps and the Holiday Pie (with great fanfare). And this month, retro McDonaldland mascots like Grimace and Hamburglar appeared in its latest adult Happy Meal (first launched in 2022).

Interestingly, younger generations are the likeliest to feel nostalgic, according to market research firm GWI: 15% of Gen Zers and 14% of Millennials said they’d prefer to think about the past rather than the future.

As someone who grew up using point-and-shoot cameras and listening to Britney Spears CDs, it’s interesting to see teens embrace trends they weren’t even around for.

In fact, Gen Z seems obsessed with the 90s, Y2K, and low-tech, something I’ve noticed not just in social media and fashion (hello again, low-rise jeans), but in interactions with friends’ younger siblings. At a bridal party I recently attended, the youngest people in the room were the only ones armed with disposable cameras. (The rest of us used our uncool smartphones.)

“Trailblazed by Gen Z and millennials, more people are hungry for all kinds of retro, pre-digital hobbies and experiences that restore the tactile and touch,” the Global Wellness Institute said in a June report.

Perhaps it makes sense that people who grew up on social media and had their formative years upended by the pandemic are the most likely to seek the comfort of simpler times. After all, many Gen Zers had their education disrupted and struggled to find a place in the COVID job market.

The Labubu craze makes a lot of sense in this context. Even if we tell ourselves they’re a fashionable purse accessory, they’re also just a great excuse for adults to tote around stuffed animals. No judgement — I love it.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

Will renewed inflation pressure break the American consumer? After last week’s hot inflation data shifted the market narrative, that’s the burning question. We may get some answers this week.

A number of the nation’s largest retailers, including industry bellwethers Home Depot (HD), Lowe’s (LOW), Walmart (WMT), and Target (TGT,) are set to report their second-quarter earnings. Will they show shoppers are pulling back to focus on necessities rather than discretionary goods? And given tariff pressures, who is absorbing more of the increase in costs, consumers or businesses? If it’s the latter, how much is that eating into their profit margins?

While results are technically backward-looking, any forward-looking guidance from the companies should offer a somewhat real-time pulse on consumer behavior.

On the economic front, we’ll get a read on housing with homebuilder sentiment, housing starts, and existing home sales. The property market is a major driver of economic activity — and a source of major consternation given how stubbornly high mortgage rates have been.

With the Federal Reserve’s next move a month away, the stakes are high.

Economic and Earnings Calendar

Monday

•  August New York Services Activity: The New York Fed’s survey of manufacturing executives in the region on business conditions and their outlook.

•  August NAHB Housing Market Index: This index tracks how homebuilders feel about the current and future state of the single-family housing market.

•  Earnings: Palo Alto Networks (PANW)

Tuesday

•  July Building Permits and Housing Starts: Construction data is a leading indicator of economic activity.

•  Earnings: Home Depot (HD), Jack Henry & Associates (JKHY), Keysight Technologies (KEYS), Medtronic (MDT)

Wednesday

•  FOMC Meeting Minutes: The Federal Reserve releases detailed notes of every FOMC meeting three weeks after their conclusion. Investors often look for more information on Fed officials’ views for hints on the outlook for interest rates and the economy.

•  Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.

•  Fedspeak: Fed Governor Christopher Waller will speak at the Wyoming Blockchain Symposium. Atlanta Fed President Raphael Bostic will discuss the economic outlook.

•  Earnings: Analog Devices (ADI), Estee Lauder Companies (EL), Lowe’s Companies (LOW), Nordson (NDSN), Target (TGT), TJX Companies (TJX)

Thursday

•  August Philadelphia Fed Manufacturing Activity: The Philadelphia Fed’s survey of manufacturing executives in the region on business conditions and their outlook.

•  August S&P Global US PMIs: These indexes track how purchasing managers across different industries feel about the business environment.

•  July Leading Economic Index: This is an index composed of various economic indicators that have historically led changes in the broader economy.

•  July Existing Home Sales: Most home transactions in any given month tend to come from the existing market, and as a result set the tone for the broader housing market.

•  Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits. Initial jobless claims have remained mostly steady, while continuing claims have increased of late.

•  Fedspeak: The Kansas City Fed will host dozens of central bankers, policymakers, academics and economists at its annual economic policy symposium in Jackson Hole, Wyoming on August 21-23.

•  Earnings: Intuit (INTU), Ross Stores (ROST), Workday (WDAY), Walmart (WMT)

Friday

•  Fedspeak: The Kansas City Fed will host dozens of central bankers, policymakers, academics and economists at its annual economic policy symposium in Jackson Hole, Wyoming on August 21-23.

•  Earnings: Williams-Sonoma (WSM)

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Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

This content may include information about products, features, and/or services that SoFi does not provide and is intended to be educational in nature.

According to the Federal Trade Commission (FTC), consumers reported losing close to $12.5 billion to fraud in 2024 vs. $8.8 billion to fraud in 2022, reflecting a tremendous increase. Many of people’s losses were the result of various types of bank account fraud.

Crooks are getting ever more sophisticated in the ways they steal money from financial institutions or their account holders. There are few things as upsetting as seeing your bank account emptied or your credit card used for thousands of dollars in purchases by a scammer.

So if you have a financial life, you’ll want to be on alert and do what you can to protect yourself and your hard-earned money. Here’s help.

What Is Bank Fraud?

Bank fraud is the use of deceptive, often illegal means to steal money, assets, or other property owned or held by a financial institution. It also entails stealing money from people just like you, who keep money on deposit in their bank accounts or use other financial products at banks.

Bank fraud also includes being defrauded of money by criminals who pose as employees of a financial institution.

Bank fraud is different from bank robbery; with fraud, thieves use schemes or deception to snag funds illegally, versus perpetrating outright theft.

Types of Bank Fraud

Unfortunately, bank fraud comes in many varieties, all the better to fool financial institutions and consumers. The law provides a broad definition of bank fraud, and several of these actions can be considered for federal prosecution.

Here’s a look at the six most common types of fraud in banks. Money scams are all too common today; knowledge can help protect you and your funds.

1. Forgery

Forgery includes all forms of using a false signature or other details on financial documents. This includes when a person changes the name, signature, or other information on a check, including the amount (think adding a zero — or two or three). Forgery is also the term used for filling out a blank check or printing fraudulent checks with another person’s account number or a number for a non-existent account.

2. Fraudulent Loans

It is a crime when someone uses a false identity to obtain a loan. This can happen when, say, identity thieves take out loans using victims’ personal and financial information.

Another type of fraudulent loan: When a person takes out a loan with the intention of filing for bankruptcy soon thereafter. This might occur when a dishonest business person works with a complicit bank officer to get a loan. The borrower then declares bankruptcy, often leaving the bank on the hook for the money borrowed.

Fraudulent loans also occur when someone falsifies answers on a personal or business loan application, usually in an effort to improve their chances of qualifying for the loan. An individual may try to hide a blemished credit history, for example, or a business may use accounting fraud to paint a more positive financial picture. As you might guess, this is criminal activity and can leave the lending bank in a bad situation.

3. Bank Impersonation and Internet Bank Fraud

When a person or group of people set up a fake financial institution, that’s known as bank impersonation. When such thieves hack into your account and steal money, whether by impersonation or otherwise, that’s internet bank fraud. Typically, this kind of crime is usually committed by creating a website designed to lure people into depositing funds.

Fake websites like this can also trick you into downloading computer viruses that can steal your personal information, such as your bank account details. These details are then used to rob you of your hard-earned money

Many phishing schemes also come under the umbrella of bank impersonation or internet bank fraud. In these crimes, consumers receive forged emails impersonating an online bank; they then direct the unwitting recipient to a forged website that looks like a legitimate bank site. From there, the bogus site will ask the user to update personal information. That information can be used for identity theft and other crimes.

Recommended: APY Calculator

4. Stolen Checks

Stealing checks is a crime that plays out just as it sounds. Someone at, say, the post office, a company’s payroll department, or anybody else with access to checks may steal those checks. From there, they can open a false bank account, write checks (depleting the account holder’s cash), and deposit them. The cash is then available for them to use as they desire.

5. Money Laundering

This term is used to describe the process criminals use to hide an illegal (or “dirty”) source of income — say from illegal drug smuggling or gambling operations — through a complex series of transfers. These transactions are designed to make the “dirty” money look legitimate, or “clean,” hence the term money laundering. A bit of trivia: Many people believe the term money laundering comes from gangster Al Capone’s habit of using his chain of laundromats to “launder” his illegal cash. This tale however probably isn’t true.

Now, here’s how the crime of money laundering can work: Often the “dirty” money is first deposited into a bank through a restaurant or other legitimate business. Say that business actually did $1,000 worth of sales in a single day but they say they did $2,000. They then deposit the “real” $1,000 they earned plus the same amount of “dirty” money.

Next, to avoid taxes and detection, the money is distributed to other legitimate businesses or complicit companies, or is otherwise subjected to bookkeeping trickery. Multiple transactions can make the money hard to trace, and so it becomes “clean” enough to be used as the fraudster likes.

Banks may unwittingly or possibly complicitly play a role in many stages of money laundering, which is a severe form of fraud.

6. Credit Card Fraud

This term covers a slew of crimes; it refers to all fraudulent payments made with a credit or debit card. The bogus payments may be used to purchase goods and services, to withdraw funds from the account, or to make payments to another account controlled by a criminal. Fraud may happen by stealing the actual credit or debit card or by illegally obtaining the cardholder’s account and personal information.

The latter has become more common as online shopping and bill paying has soared, since there is no longer a need to have a physical card to make purchases. This is why you can still be in possession of your plastic, but be having all sorts of false charges turn up on your statement. As long as criminals can obtain enough personal information about an individual, they can use that information to open new credit card accounts or tamper with existing accounts.

Fortunately, thanks to the Fair Credit Billing Act, your liability for unauthorized charges should be capped at $50.

How Do Banks Recover Money That Was Fraudulently Taken?

When bank security personnel notice unusual transactions or a customer reports suspicious account activity, banks will typically conduct an investigation. Their goal: To confirm whether fraud exists and, if so, to uncover its details and take legal action against the perpetrators. Once a bank has determined fraud has taken place, most banks will refund stolen funds to customers. This happens as long as it is clear the customer is not an accessory to the crime or was not negligent with account security. In addition, you may want to report the crime to the authorities so they can work on finding and prosecuting those who stole your money. Some banks may require this, in fact, as a step towards catching the criminals.

What to do if you, the consumer, is defrauded of funds? Contact your financial institution’s fraud department and share what has happened. The representative will walk you through the steps required. Remember, the more quickly you alert your bank to any issues or report identity theft, the more likely you are not to lose any money.

Prosecuting fraud is complicated, time-consuming, and unfortunately sometimes impossible. As a result, many banks put extensive efforts into technological security solutions. These card fraud protection measures can help identify fraud quickly to avoid large losses as well as ward off many types of criminal activity in the first place.

Penalties for Bank Fraud

Bank fraud is a serious crime with serious penalties. How serious depends on how much money was stolen and what type of illegal activity was used to steal the money. It must also be proven that a person charged with bank fraud willfully and knowingly committed the crime.

A conviction of money laundering or other types of bank fraud can involve significant fines as well as prison sentences.

How to Avoid Bank Fraud

There are several steps you can take to avoid having money stolen from your accounts in a bank fraud scheme. Here are some of the most important.

•  Check your account activity regularly. With online banking, this is easy to do. It’s a good idea to log in at least once a week so you evaluate your bank accounts and your debit card and credit card histories. Report any unexpected or suspicious transactions. While you’re at it, why not make sure your bank offers debit card fraud protection, too? It’s important to secure that aspect of your banking.

•  Keep your PIN and passwords secret. Do not give them to anyone and never write them down in an email or text message that could be easily intercepted. Avoid using public wifi networks for any banking, from checking your balance to paying bills. You could be leaving yourself vulnerable.

•  Use a strong password for online banking. And everything else for that matter. Remember to use numbers, capital letters, and symbols. Change passwords regularly, and please: Don’t reuse passwords.

•  Beware phishing schemes. Do not give out your account information over the phone or through email. Anyone legitimate would not be asking for account information by either means. Don’t click links embedded in emails either; they could lead to a fraudulent website posing as your bank. If you receive an email that looks as if it is legitimately from your bank, it’s still better to visit your bank’s website and proceed from any message you receive there.

•  Keep your computer protected. Use anti-virus protection software, firewalls, and spyware blockers to protect your electronic information. Make sure you keep your computer updated with the most recent security upgrades.

The Takeaway

Bank fraud is a criminal activity that can leave you with a big mess to clean up: It can put you at risk for losing money and facing identity theft. Understanding the different types of bank fraud is one important step; knowing how to secure your personal financial information is another one. These moves can help protect you from being a victim. Also double-check that your bank has state-of-the-art security measures.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

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FAQ

How does bank fraud happen?

Bank fraud happens when criminals use deceptive means to steal money, assets, or property owned or held by a financial institution, including banks. It is also considered bank fraud when thieves steal money from customer accounts by posing as a bank or other financial institution or by using personal financial information obtained through identity theft.

How do banks recover money from a scammer?

It is challenging for banks to recover money from a scammer. They can seek to unravel who committed the crime and, with the help of law enforcement, prosecute those individuals. Because this is often so difficult, though, banks also are implementing new, technologically advanced ways of preventing and detecting fraud. This allows them to better protect their account holders.

What is internal fraud?

Internal fraud is fraud that occurs inside a business. It is perpetrated by those who work at the company. While rare, it can have a large impact on everything from travel and expenses to procurement.

Photo credit: iStock/Damir Khabirov

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