It is National Cybersecurity Awareness Month – a great opportunity to strengthen your defenses against fraud. Fraud is growing more sophisticated every day, and scammers are targeting both individuals and businesses. Last year alone, nearly 1 in 3 people experienced checking, savings or debit fraud.1 The good news? With the right steps, you can make sure you’re not next.
Here are common fraud schemes to look for — and how to stay ahead of them.
Social Engineering
What it is: We've seen a rise in impersonation scams where fraudsters create convincing websites that mimic legitimate ones, urging you to log in and share one-time passcodes. These are messages delivered via emails, calls or texts appearing to come from your bank, a government agency or a trusted company. They often ask for personal details or try to entice you to click a link that might install malware on your device to get personal information.
How to protect yourself: Don’t trust links, numbers or emails provided in a suspicious message. Verify requests using a trusted phone number or website.
Account Takeovers
What it is: Hackers use stolen online banking credentials to access accounts and make unauthorized transactions. They also know most people reuse account / password combinations and leverage previous breach information to see if they’re able to gain access to your online accounts.
How to protect yourself: Use strong, unique passwords, enable multifactor authentication and avoid reusing login details across accounts.
Payment Scams
What it is: Scammers pose as friends, family or trusted businesses to trick you into sending money, often with urgent or emotional requests.
How to protect yourself: Confirm payment requests directly with the person or business before sending funds. Once money leaves your account in a scam, it’s often difficult to recover.
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