Now more now than ever, people are falling victim to financial fraud. Even the most tech savvy can be fooled. Understanding the tricks of scammers can help you avoid fraud. Here’s a few tips:
- Scammers create a sense of urgency to pressure victims into making impulsive decisions.
- “Act now!”
- “Don’t hang up”
- “Do [this] or you’ll be arrested”
- Scammers often impersonate legitimate companies or trusted individuals to gain confidence, whether via email, phone, or social media.
- Scammers increasingly use AI to create more convincing fraudulent emails called phishing emails, fake profiles, and fake videos that mimic real people.
- Different types of scams prey on different vulnerabilities, from romance scams on dating apps to fake charities and investment schemes.
Recognizing the red flags of a phishing attempt
- Check the sender's email address and domain. Phishing emails often use slightly altered or suspicious domain names to trick you, like Amaz0n.com instead of Amazon.com.
- Beware of generic greetings. Legitimate companies will almost always address you by your full name, not "Dear Customer" or "Dear Account Holder".
- Look for poor grammar and spelling. While not foolproof with AI, many phishing emails still contain obvious errors that professionals would not make.
- Hover over links before you click. If the URL that appears doesn't match the one you were expecting, don't click it.
- Be wary of unexpected attachments. Legitimate companies do not usually ask you to download unsolicited attachments to resolve an issue.
- Trust your instincts. If an email or message feels "off" or too good to be true, it is likely a scam.
Protecting yourself from fraud and scams
- Use strong, unique passwords. A password manager can help you create and store complex passwords for all your accounts.
- Enable multi-factor authentication (MFA). This adds a crucial second layer of security to your accounts, making it harder for scammers to gain access.
- Monitor your bank and credit card statements regularly. Check for any unauthorized transactions and report suspicious activity immediately.
- Shred sensitive documents. This prevents identity theft that can occur through physical means, such as dumpster diving.
- Be cautious on public Wi-Fi. Avoid conducting sensitive transactions on unsecured public networks.
- Limit what you share on social media. Scammers can use personal details posted online to craft more convincing social engineering attacks.
Want to learn more?
Your United Way Financial Wellness representative can help you prevent scammers from making you their next victim, and if you are scammed, they can advise you on what to do next. Make an appointment today and take control of your financial future.