Americans lost $8.8 billion to phishing and other fraud in 2022, according to the Federal Trade Commission, with financial fraud increasing over 30% from 2021. Every day, thousands of people and businesses fall victim to fraudulent emails, texts and calls from scammers pretending to be their financial institution. The abundance of scams and their increased sophistication pose a real threat. Remaining educated on the latest frauds and scams can help you recognize potential red flags, keeping your financial information safe and secure.
Popular Phishing Scams to Avoid:
1. Email Scams: Email scams, often disguising to be from your bank, account for 96% percent of all phishing attacks. Be on the lookout for typos, attachments, and suspicious links with these types of scams. Your bank will never send attachments, like a PDF, in an unexpected email or push you to click a link. If you’re being pressured to verify your login credentials or make a payment, you can be sure it’s a scam.
2. Phone Call Scams: Scammers commonly impersonate your bank over the phone and request either personal information or money. Remember, never share sensitive information like your bank password, PIN, or a one-time passcode with someone who calls you unexpectedly — even if they say they’re from your bank. Scammers can also make any number or name appear on your caller ID so always be wary of incoming calls, even if your phone shows your bank is calling.
3. Text Message Scams: Phishing text messages attempt to trick you into sharing personal information in order to gain access to your bank account. Many banks are seeing increased activity in these types of scams recently. Your bank will never ask for personal information in a text message or ask you to click on a suspicious link. If you receive this type of message, automatically delete the text and inform your bank.
4. Mobile Payment App Scams: Scams using payment apps such as Cash App, PayPal, Venmo, or Zelle, are growing more and more prevalent as those platforms become increasingly popular. These types of scams might claim your account is in danger of being closed or threaten you with legal action. High pressure tactics are red flags of a scam — a real bank would never use them. Payment apps are like handing cash to someone so it’s important to only send money to people you know and trust.
With fraud continuing to rise, financial institutions are continuously enhancing security and implementing technology to combat fraud. Earlier this year, Solvay Bank implemented one-time passcodes (OTP), providing real-time cyber security defense at login, and an enhanced positive pay platform, offering check review for business accounts to lower risk of fraudulent activity. Solvay Bank is committed to ensuring the highest level of financial security so our customers can bank with confidence. For more cybersecurity awareness tips and information on our upcoming Safe Banking seminars, visit Solvaybank.com or follow our social media channels (Facebook, LinkedIn, Twitter, and Instagram). Remain aware, stay safe.
The information reflected in this article was current at the time of publication. This information will not be modified or updated for any subsequent changes, if any.