How To Protect Yourself Against Financial Fraud

Review some of the techniques used to steal personal information and gain access to your money. Then, follow our tips to help protect yourself.

Phishing, smishing, and vishing

Have you ever received an email, text message, or phone call that just didn’t seem right?

They may be:

• Phishing: Email fraud
  
• Smishing: Text message fraud
  
• Vishing: Phone fraud
  

These fraudulent communications include a link, attachment, or phone number that is fake. When you click or call, it enables the scammer to gain access to personal information and steal your money. Some examples include:

Fake login page
If you enter your credentials, fraudsters have your password and can connect to the real website, pretending to be you.

Account takeover
Telltale signs include unusual account activity or unauthorized changes, such as to your street address, email, or phone number. If you receive an account login code that you didn’t initiate, this is likely an attempted takeover.

Fradulent phone calls
Include fake charities asking for your information or someone pressuring you to make quick financial decisions. Other scenarios include attempts at tricking you into sending money using a recording of a loved one’s voice.

Online scams
A fake website can look remarkably like a legitimate one. Unfortunately, you may end up buying something that doesn’t exist or never receive the items you thought you purchased.

Check fraud
Not a new technique, but innovative technology has enabled it to become more effective and more widespread.

1. Don’t overshare on social media. Fraudsters use your information to build convincing scams and guess passwords.
2. Use long, unique passwords for each account. A password manager can help create and save random passwords.
3. Use Multi-Factor Authentication whenever possible. If you get a prompt you did not initiate, assume your password was compromised and change it at once.
4. Avoid mailing physical checks and secure unused checks.
5. Use a code word with your loved ones or ask a question only they can answer. If you have concerns, contact local law enforcement.
6. Initiate calls rather than share personal information with a caller claiming to be from your financial institution. Phone numbers are easily spoofed and can look legitimate.
7. Shred documents with personal information, including used and unused checks.
   
8. Ask for help from a trusted friend.
   
9. Report suspicious activity to your branch and consider placing a fraud alert or freeze on your credit. More information is available at Consumer Advice.