Financial fraud and scams have become sophisticated, making it harder for people to navigate digital threats.
While elder fraud receives the most publicity due to high individual losses, younger demographics are targeted most frequently.
In San Diego alone, elder fraud alone accounts for roughly $130 million in annual losses and is on the rise. Non-elder complaints processed by the San Diego Police Financial Crimes Unit, which covers identity theft, spoofed checks and retail digital fraud, add tens of millions of dollars more to that baseline.
Learning how to spot and avoid digital fraud and respond if targeted, has become an important way to ensure long-term financial stability for people of all ages.
Here are some tips that can help prevent financial fraud.
Be alert for suspicious emails
Don’t respond to suspicious emails that claim to be from your bank, the IRS or any company requesting your account details. No bank or government agency is ever likely to approach you this way to ask for personal information.
A quick glance at the email address might help determine validity — if a company name is misspelled or the email is from a public domain, it’s probably not a legitimate email.
Know how to spot an imposter
Imposters may pose as a trusted figure, claim there’s an issue and urge you to act quickly. They may reach out saying there’s fraud on your account, an unexpected fee or another problem requiring you to move or withdraw money.
If they ask you to deposit cash into a “new” account or share your PIN or security code, pause and ask yourself, “Does what they’re asking make sense?” While their stories may change, their tactics don’t, so being aware of these red flags can help you stay protected.
Take note of how you’re asked to pay
Scammers typically demand payments via cryptocurrency, payment apps, gift cards or other nontraditional forms of payment, as these methods are nearly impossible to trace or reverse. Remember, legitimate banks will never instruct you to transfer funds, not even to yourself. Always exercise caution and question unusual payment requests.
Stay vigilant against phishing attacks
Never click any links, reply to or download attachments from suspicious emails. Even legitimate-looking links can be phishing traps. Always access a company’s website via a direct URL search or official app.
Scammers evolve, so vigilance and mobile and online security best practices like strong passcodes and security updates for devices are crucial for proactive online safety.
Utilize the security features on your mobile banking app
At my company, Bank of America, mobile banking app, clients have access to alerts to suspicious activity and real-time guidance on how to help protect against scams. Taking steps to protect your mobile and online accounts with strong passwords and fingerprint sign-on or facial recognition can also ensure the safety of your online account.
Check your credit once a year
Once a year, consumers are allowed to check their credit reports for free from each of the three credit bureaus. Some credit card issuers also give you a copy of your credit score for free. This is a good opportunity to make sure your issuers correctly report to the credit bureaus and to check for any fraudulent activity.
Be aware of your bank’s resources
Many banks offer resources to ensure you have the tips and tricks to keep your information safe. For example, the Bank of America Security Center brings together security features and fraud education to help you avoid scams and suspicious activity before they happen. Available online or in the mobile app, the Security Center also features a security meter to show the current level of protection of your accounts and gives you steps on how you can further increase your security.
Estela Soriano is senior vice president of consumer banking at Bank of America San Diego.
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