The pendulum effect is everywhere. On one end of the pendulum, you have those who pretend to have the gift of prophecy. On the other end of the pendulum, you have those who deny the gift of prophecy for today. While the first group commits abuse, the second group will attempt to tell you that by 'prophecy' it means "forth-telling" rather than "fore-telling." This is a cop-out and a delusion meant to make the second group feel comfortable with their denial of the Spirit's ability to work.
Now, you are probably asking, "If prophecy exists, how do you know if the person prophesying over you is legitimate or a fraud?" Excellent question! The answer I provided for myself is this: Don't worry about it. Don't think about it. If their words are legitimately from Yahweh God, then they will come to pass. If they don't come to pass, they weren't from God. But that is only half the truth, as we are about to discover. It is a good foundation to start from, however.
In Acts 2:17-18, Peter quotes Joel and explains that the Spirit is now available to the entire Ekklesia community, regardless of age, gender, or social status. Joel's prophecy was fulfilled on the day of Pentecost. In 1 Corinthians 1:7, Paul explains that the Ekklesia community was "not lacking in any gift." The Ekklesia was intended to be a fully equipped body. While an individual might lack a specific gift, the community as a whole possesses everything necessary to represent Christ and funtion healthily until He returns.
In 1 Corinthians 12, Paul says "To each is given the manifestation of the Spirit for the common good." The gift of prophecy is then listed. In Ephesians 4:11, Paul says that the Spirit gave prophets (specifically the gift of prophecy) to the Ekklesia. In verse 12, he explains the goal of leading the Ekklesia toward maturity: "for building up the body of Christ." In Romans 12:6, Paul includes prophecy in his list of "grace-gifts" (charismata) given to the Ekklesia to ensure the community functions healthily: "if prophecy, in proportion to our faith."
Now, what does God's Word have to say on the subject of false prophets?
Deuteronomy 13:1-3: The Test of Loyalty
"If a prophet or a dreamer of dreams arises among you and gives you a sign or a wonder, and the sign or wonder that he tells you comes to pass, and if he says, ‘Let us go after other gods,’ which you have not known, ‘and let us serve them,’ you shall not listen to the words of that prophet or that dreamer of dreams. For the Lord your God is testing you, to know whether you love the Lord your God with all your heart and with all your soul."
The integrity of the message (allegiance to Yahweh God) outweighs the "magic" of a fulfilled sign. This contradicts my provided answer above. How? Because this passage says that their prophecies actually come to pass. But, as we will discover from Jesus regarding "signs and wonders," miracles alone are not proof of divine authority! If they are leading you away from Christ Jesus toward other gods, or even toward themselves, they are false prophets, regardless of the validity of their words. If you believe that questioning a certain "prophet" is equivalent to questioning God, you have been deceived by a false prophet!
Deuteronomy 18:20-22: The Test of Fulfillment
"But the prophet who presumes to speak a word in my name that I have not commanded him to speak, or who speaks in the name of other gods, that same prophet shall die. And if you say in your heart, ‘How may we know the word that the Lord has not spoken?’— when a prophet speaks in the name of the Lord, if the word does not come to pass or come true, that is a word that the Lord has not spoken; the prophet has spoken it presumptuously. You need not be afraid of him."
This agrees with my provided answer above. Why fret over some prophecy that someone spoke over you? Providing they are not attempting to lead you away from Christ Jesus, if their words come to pass then it was clearly from God. You should not be dwelling on whether their words are true or false, but continue going about your day or days regularly. If it is from God, it will happen. Remember, our faith is not in miracles and whatnot, so you should not be thinking about such things.
Jeremiah 23:16-17, 28: The Character of False Prophets
"Thus says the Lord of hosts: 'Do not listen to the words of the prophets who prophesy to you, filling you with vain hopes. They speak visions of their own minds, not from the mouth of the Lord. They say continually to those who despise the word of the Lord, "It shall be well with you"; and to everyone who stubbornly follows his own heart, they say, "No disaster shall come upon you." ... Let the prophet who has a dream tell the dream, but let him who has my word speak my word faithfully. What has straw in common with wheat? declares the Lord."
Jeremiah lived in a time when many "prophets" were telling the king and the people precisely what they wanted to hear: "peace and safety." The message they should have been delivering was that of repentance. These false prophets not only commit sit, but they lead others into sin. They give encouragement to those who are doing wickedness, never calling them to repentance.
Jeremiah 28:8-9: A Direct Confrontation
This chapter provides a case study in false prophecy through the conflict between Jeremiah and the popular prophet Hananiah. In verses 8-9, Jeremiah basically argues what we just saw in Deuteronomy 18: "The prophets who preceded you and me from ancient times prophesied war, famine, and pestilence against many countries and great kingdoms. As for the prophet who prophesies peace, when the word of that prophet comes to pass, then it will be known that the Lord has truly sent the prophet." Hananiah claimed that God would break the yoke of Babylon within two years (v.11), and because Hananiah "uttered rebellion against the Lord," Jeremiah prophesied Hananiah's death, which occurred within two months (vv.16-17).
Matthew 7:15-23: The Test of Fruit
"Beware of false prophets, who come to you in sheep's clothing but inwardly are ravenous wolves. You will recognize them by their fruits. Are grapes gathered from thornbushes, or figs from thistles? So, every healthy tree bears good fruit, but the diseased tree bears bad fruit... Thus you will recognize them by their fruits. Not everyone who says to me, 'Lord, Lord,' will enter the kingdom of heaven... On that day many will say to me, 'Lord, Lord, did we not prophesy in your name...?' And then will I declare to them, 'I never knew you; depart from me, you workers of lawlessness.'"
Jesus warned that false prophets are not always easy to spot, simply because they use the right vocabulary (i.e., speak "Christian-ese") and look the part. In Matthew 24, He even warned against the rise of false prophets. Even if they use Jesus' name, their lifestyle contradicts His commandments. These false prophets may be able to perform "signs and wonders," just like what we read in Deuteronomy 13, but they lack a genuine relationship with Jesus.
So, are there prophets today? Clearly, yes. Can they prophesy (fore-tell)? Obviously, yes. The primary goal of prophecy (really, any gift) was for the upbuilding, encouragement, and consolation of the Ekklesia (1 Cor. 14:3). Any of the gifts are potentially available to all believers as the Spirit wills (Acts 2:17; 1 Cor. 14:31). Through discernment and accountability, the community was to "weigh" and "test" what was said (1 Cor. 14:29; 1 Thess. 5:20-21). The gifts were to be exercised "in proportion to faith" and always in love (Rom. 12:6; 1 Cor. 13). What Paul is addressing in 1 Corinthians 14 demonstrates that they were not conducting themselves in love, but rather seeking the "flashy" gifts to make themselves look better or greater than they really were.
Yes, there are those out there who pretend to have the gift of prophecy (and other gifts) and abuse it, hurting others. But do not listen to those ignorant people who claim that prophecy is dead and the Ekklesia has lost several of her gifts. Be a cautious continuationist. Allow Christ Jesus to use such gifts in your life (whether through you or through others) without trying to put Him inside a box of your own making.