Most of us tell ourselves, “it won’t happen to me.” The truth is, nearly 1 in 3 Americans report being the victim of online financial fraud or cybercrime. Be on the lookout for fraud. The Federal Trade Commission data shows fraud was up 14% last year with losses exceeding $10 billion. The good news? There are steps you can take to protect yourself and loved ones from fraud. This summer, Alliance Bank is spreading the word to help educate our communities.
Be on the Lookout for Fraud
Every time we answer the phone, open an email, read a text, scroll online, or even open our front door we run the risk of encountering a scam. Obviously, we can’t stop doing all of those things, but we can be on the lookout for fraud. Understanding tactics scammers use, trusting your gut instinct, and monitoring your financial activity can greatly reduce your risk for loss. Let’s take a closer look at how you can protect yourself.
Monitor Your Account
We encourage clients to monitor all of their financial accounts regularly, including any payment apps you might use. Real time access is a significant benefit of Digital Banking. The sooner you report suspicious activity, the more likely we are able to get your money back and prevent further loss. In addition to monitoring transactions, you should look at check images. Check usage has dropped dramatically with the introduction of electronic payment methods, but check fraud is rising at staggering rates. Why? The Federal Reserve of Boston shared check fraud is low-tech and relatively easy to pull off. Scammers most common tactics are washing the ink off of checks to reissue to themselves and printing fraudulent checks using account information from stolen checks. There are ways to minimize your risk for check fraud.
- Avoid sending checks out from your home mailbox or public collection boxes. The safest way to mail a check is to walk it into a post office.
- Use permanent gel ink to write your checks. It is much more difficult to wash off than ballpoint ink.
- Sign up for the United States Postal Service Informed Delivery program to monitor your incoming mail and determine if anything is missing when it arrives.
- When possible, switch to secure electronic payment methods.
Don’t forget that Alliance Bank now gives you the ability to turn your Debit Card on and off in Digital Banking. If you have misplaced your card or see suspicious card activity, toggle your card off right away. If it turns up or you determine the charges are legit, you can simply toggle it back on. Otherwise, your banker can close the card and issue you a new number.
Don’t Be Bullied
Scammers are very good at what they do. Sometimes they talk fast and smooth; sometimes they are bullies. Scammers will use scare tactics to rush you into taking action. They often create a sense of urgency or even threaten victims. You have to stand your ground and not be coerced by their threats. First of all, no legitimate business person would talk to you that way. Slow down the process and do not take any immediate action. Step away from the conversation. Think through their demands. Talk to a trusted friend or advisor who can help you evaluate the situation.
Your parents and educators taught you to use your manners, but this is one instance where it is completely okay to be blunt and end the conversation. Even our own bankers would prefer you hang up on them and then call the bank back to be sure you are talking to a trusted source.
Trust Your Instincts
If it sounds too good to be true, it probably is.
An investment opportunity. An eager buyer on your online listing. An online relationship that feels like it’s progressing. We get it, sometimes it sounds so great. Unfortunately, we have to take a step back and admit it’s too good to be true. It can be very hard to decipher a scam from the real deal. Before you share personal or financial information, talk to someone else you trust. Call your banker.
Beware of Imposters
You can’t trust people are who they say they are. In an email, on the phone, through a text…scammers love to trick people by pretending to represent government entities, well-known companies, and financial institutions. Here are some tips on how to handle an unexpected communication.
- Do not click on links or open attachments. These could lead you to fraudulent websites or download malware on your device.
- Do not trust Caller ID. Scammers can “spoof” the system to make it appear they are calling from a trusted business.
- Verify the person is who they say they are. Look up a publicly listed number for the supposed business and call them directly. Do not use the number from Caller ID or a number the person might provide you.
Keep in mind, imposters could be standing right in front of you.
Report It
No one likes feeling tricked. If you find out that you have been scammed or have suspicious activity on your account, you are not alone. Don’t let them get away with it; report fraud to the police and your financial institution. Along with trying to recoup financial loss, your actions can help us catch these criminals, alert the public of common tactics they are using, and protect your neighbors from becoming victims themselves.
