We seem to hear about it every week - someone being scammed out of their life savings. While bad actors may dream of getting the type of focused score that lands their mark on the evening news, many take a wide net approach, targeting large groups of people for smaller amounts.
Regardless of the size of the scam, the results are the same - loss, embarrassment, and a whole lot of work trying to prevent the situation from getting worse.
To prevent all of that vigilance is often recommended, but scammers have taken more nuanced and evolved approaches to their work. And that takes a new approach to protect your assets.
Our experts have compiled a list of six bank fraud prevention tips which may be able to help keep you from being a scammer's next victim.
1. Go to the Source
Most businesses have a prescribed way of doing business. For example, the state is not going to send you a text message asking you to pay a parking ticket. Likewise Amazon is not going to call you about a “missing payment.” And your bank will never randomly send you an email with a link and urgent message to login to your account. These are often sent as phishing expeditions - a scammer casts his line out and hopes that someone takes the bait.
Just as technology makes things easier during our day, it does the same for someone perpetrating a scam. Scammers have gotten increasingly good at making something look almost legitimate. So if you ever get something that makes you wonder “is this legit?” the best course of action is not to engage with the person on the phone or click a link in an email or text message but contact the company or government agency directly. Only login through their verified website. Then you can check the messages in your account to see if there is an actual issue.
2. Take Your Time
Many scams happen because the scammer is able to keep the person off balance with pressure tactics. Common examples of this are:
- “If you don’t make a payment now you will lose your (utility/streaming) service.”
- “We have a package for you, the truck is waiting to leave but there is a payment owed on it which we need or we can’t send this out.”
- “You need to pay this parking ticket today or risk arrest.”
- “You have a relative here in jail and they need bail money now.”
A study from the University of Melbourne found that time pressures increase stress levels which can affect your ability to make “good choices.” It can be difficult to do “in the moment,” but it’s important to slow down and think through what is being asked of you. And if you have any doubt, find an alternative way to verify the request.
3. Update Your Passwords (And Be Different)
Passwords and PIN numbers are an important first line of defense for your financial assets and other personal information. Always remember that those passwords are for you and no bank, company, or other agency should ever need them. Asking for your passwords is a sure sign that you are talking to a scammer.
While it can be slightly annoying to remember which password goes to which account it’s better than the annoyance of discovering that all of your accounts are compromised because you used the same password for everything. Use different, strong passwords for every account you have.
4. Get Detailed
If you get an email, text message, or even a letter, review all of the details before taking any requested next step. Scammers are often focused on the “ask” and can overlook the little things which can give up their game. That means you might see obvious mis-spellings, email addresses with extra letters, or the look might just be…off.
5. Stay Safe in the Wild
Scammers love it when you give them money but they can be just as happy to have access to your personal information. They can use that to not only steal from you but potentially your employers, friends, and family as well. This is why so many of the online fraud prevention tips center around not making identity theft easy to do.
Many businesses and airports offer free charging stations for phones and other portable devices. Unfortunately this helpful amenity has been co-opted by scammers as a point of entry into your device. Where you are just trying to charge your phone they are using the opportunity to connect to it remotely and:
- Steal data directly
- “Watch” what you are doing in order to capture passwords, pin numbers, banking detail, and more
You also need to be alert to the way information is being shared. While QR codes are popular with many businesses, be cautious before scanning random QR codes.
6. Beware of “Mistakes”
In today’s economic environment, everyone is looking for a way to make a little extra money. You might take on a side-job or go online to sell some things you are no longer using. Even these are areas where you need to be alert because on the other side of that transaction could be a scammer.
What typically happens is that they will want to send you a check to buy what you need to get started with your new job or to purchase the item you are selling. When the check arrives it will be significantly more than expected. The scammer will tell you to cash the check, spend what you need and return the difference to them. But the check will be returned by the bank and the scammer will be long gone with the “overpayment” you sent to them.
Helping Wyoming Families Stay Safe
Following these 6 fraud prevention tips should be the start of your asset management security practices. But they shouldn’t be all that you do. That’s because as scammers get bolder and more sophisticated, each of us needs to do the same. It’s why we offer a number of fraud prevention tools like identity theft protection and a mobile banking option that has features like geographical boundaries you can turn on and off to help eliminate unauthorized purchases.
It’s all part of our commitment to the safety and security of your assets. Always remember that, when it comes to financial safety, if something doesn’t feel right, reach out to your local branch directly for help.
