Common Fraud Scams and How to Avoid Them

Fraud is becoming more and more common today, with the increased use of everything going digital. At The First, we want to help keep you safe and protect your information.

Types of Fraud

Identity theft is most commonly known and what you may see in data breaches. A scammer obtains your personal information, such as name, address, email and social security number to open accounts in your name without your knowledge. Regular credit checks on your account will help you notice if this is happening and you'll be able to dispute these instances. You can also opt to freeze your credit through the credit bureaus so that nobody can open an account using your information.
Phishing is a common form of scamming online, through email and through text messaging. A scammer may send you a message or a popup on your computer, where they ask for your personal information. This could be saying that your bank account has been hacked or asking about a purchase that you didn't actually make. If you ever get a message from a business with this information, it's important to call and verify that there actually is an issue with your account and never click on links or respond to messages that are from numbers or emails you don't recognize.
Wire transfer fraud is another common scam that is happening in the financial industry. Unfortunately, scammers create fake accounts online to form relationships with individuals. This could be someone asking for help, posing as someone from the IRS or someone posing as an individual that you know and wouldn't question the ask. Unfortunately, when a wire transfer is initiated, it can't be retrieved. Once one transfer goes through successfully, they may also continue to ask for money.

 

Signs of Fraud

How do you identify if that could be happening? One of the most common signs of fraud is unusual transactions or activity on your account. If you notice a purchase or transaction that you don't recognize, contact your bank immediately. Phishing scams also include unexpected communication from your bank or other businesses. If you get a message saying there is unusual activity on your account, never click on links or provide information. Contact your bank or the business contacting you directly.

 

How to Avoid Fraud

In order to protect yourself from fraud, there are a few things that we recommend doing. It's important to regularly monitor your bank accounts and statements. Checking your accounts on a regular basis and utilizing online and mobile banking is crucial to noticing unusual activity quickly. Setting up notifications is also an easy safeguard that most institutions offer. This can include getting alerts when changes are made to your accounts, purchases are made or there are unusual login attempts. We also recommend creating strong passwords for your accounts and enabling two-factor authentication. This creates another layer of safety to protect your accounts and your information.

Staying vigilant against fraud is essential for protecting your finances and personal information. By educating yourself on the latest scams and implementing proactive security measures, you can significantly reduce your risk. If you suspect fraud on your account with us here at The First, please contact us right away. You can chat with a Customer Representative on our website or call us at 620.663.1521. Our team is ready to help provide a safer banking environment for you!