Tips to Avoid Frauds and Scams

Consumers should always exercise caution when it comes to your personal and financial information. The following tips may help prevent you from becoming a fraud victim.

• Be aware of incoming email or text messages that ask you to click on a link because the link may install malware that allows thieves to spy on your computer and gain access to your information.
• Be suspicious of any email or phone requests to update or verify your personal information because a legitimate organization would not solicit updates in an unsecured manner for information it already has.
• Confirm a message is legitimate by contacting the sender (it is best to look up the sender’s contact information yourself instead of using contact information in the message).
• Assume any offer that seems too good to be true, is probably a fraud.
• Be on guard against fraudulent checks, cashier’s checks, money orders, or electronic fund transfers sent to you with requests for you to wire back part of the money.
• Be wary of unsolicited offers that require you to act fast.
• Check your security settings on social network sites. Make sure they block out people who you don’t want seeing your page.
• Research any “apps” before downloading and don’t assume an “app” is legitimate just because it resembles the name of your bank or other company you are familiar with.
• Be wary of any offers that pressure you to send funds quickly by wire transfer or involve another party who insists on secrecy.

Beware of disaster-related financial scams.  Con artists take advantage of people after catastrophic events by claiming to be from legitimate charitable organizations when, in fact, they are attempting to steal money or valuable personal information.

Keep Mobile Banking Safe

As a mobile banking user, it is essential to understand how to keep your personal information safe and detect and respond to any potential fraud.  Below are some tips and safety practices for mobile banking.

• Never share your login credentials or personal information, such as your social security number, date of birth, or banking information.
• Using an encrypted password manager to provide extra security to your devices’ passwords.
• Avoid accessing your mobile banking app on public Wi-Fi networks, as these networks may not be secure, and hackers can intercept your information. Instead, use your home Wi-Fi or use your cellular network when you’re in public.
• You can also take additional steps to secure your mobile device. For example, you can enable a passcode or biometric authentication to prevent unauthorized access to your phone. Your phone is the first defense against scammers, so you should take similar steps to secure it. You should also keep your device’s operating system and apps up-to-date to ensure they patch any security vulnerabilities.

Detect and Respond to Fraud

Even with the best safety practices, there is still a risk of fraud. Therefore, monitoring your accounts regularly and reporting any suspicious activity to your bank immediately is essential. Some signs of potential fraud include:

• Unfamiliar transactions on your account.
• Changes to your account information or login credentials that you did not initiate.
• Emails or text messages that ask for your personal information or login credentials.
• Receiving calls or messages from people claiming to be from your bank or other financial institutions asking for your personal information or login credentials.

If you notice any of these signs, contact the bank immediately to report the activity and take appropriate action.

The American Bankers Association (ABA) recommends the following online safety tips.

• Keep your computers and mobile devices up to date.
• Establish strong passwords and PINs.
• Watch out for phishing scams and bogus website links.
• Keep personal information private.
• Secure your internet connection.
• Shop safely and read privacy policies.