How To Protect Yourself Against Digital Fraud

Be alert to scams and learn what to look for when dealing with digital predators. Learn more about protecting yourself against digital fraud!

If you’re like most, there’s hardly a moment when you’re without a mobile device. With the rise of technology, smartphones and tablets are a part of everyday life. For this reason, it’s essential to be vigilant when it comes to protecting yourself against fraud.

Scammers are sophisticated social engineers who target people of all backgrounds. Their goal is to steal your personal and financial information. Take these precautions to keep your funds safe.

8 Tips To Protect Yourself From Digital Fraud

While digital scammers are getting smarter every day and coming up with new ways to scam people, there are ways that you can protect yourself. The following can help you get started:

Let’s look at each of these in a bit more depth.

Don’t Save Payment Info

While it’s great to take advantage of sites and apps that make online shopping super convenient, it’s wise to opt out of saving your payment information in them. This will result in more work at checkout, but you won’t have to worry about someone accessing your account and making fraudulent purchases if your password is compromised.

If not saving payment details feels inconvenient, consider using a credit card instead. Credit cards offer better protection against fraud and usually only hold you responsible for a limited amount, if any.

Suspicious Texts

Smishing, spam text messages and text scams are on the rise. If you receive a text message from an unknown sender, it’s best to delete it. Most likely, it’s a scammer trying to steal your personal information with promises of anything from free prizes to free trial offers.

Also, scammers are sending fake SMS messages regarding possible fraud that appears to be coming from your financial institution. Be on guard, know what to look for, and always call the number on the back of your card if you’re concerned about possible fraud. Don’t respond to any suspicious text messages, and never give or “verify” personal or account information via text or phone. It’s very easy for digital fraudsters to hide their real identities over SMS.

Check Your Account History

It’s important to check your account transactions frequently to ensure there aren’t any you don’t recognize. If you wait too long to report suspicious activity, you could end up losing money. Use your financial institution’s mobile app to easily monitor account activity and suspend your card if it’s lost or stolen.

Use Safe ATMs

If you have extra time, find an ATM located at your financial institution. Those are typically checked daily to make sure they’re working properly and haven’t been tampered with. Since ATMs aren’t tamper-proof, getting cash back at stores instead of using stand-alone machines is always ideal if you’re able.

Be sure to look at the machine before putting your card in. If the card reader sticks out from the body of the machine, shake it to see if it comes off or if it’s been separately attached. Fraudsters use these attachments, called skimmers, to collect debit card numbers in order to create counterfeit cards.

Hide Your PIN

Cover your PIN whenever you’re entering it on a PIN pad and never share your PIN with someone else. Fraudsters use cameras and skimmers to duplicate cards, withdraw money, make purchases, and attempt to access your account.

Online Password Health

You can boost your password security from 0 to 100 with just a few extra steps. If you’re used to simple passwords like “password,” upgrading to strong, unique passwords for each site may seem tedious, but it’s a game-changer for protecting yourself from digital fraud. Here’s what’s recommended:

• At least 12 to 16 characters
• A mix of uppercase and lowercase letters, numbers, and special characters
• Avoid easily guessable information like birthdays or names

A password manager can be very helpful to generate and store strong passwords, without the hassle of trying to remember individual passwords.

Two-Factor Or Multi-Factor Authentication

2FA (two-factor authentication) and MFA (multi-factor authentication) provide an extra layer of security for your online accounts. Even if your password is compromised in a data breach, attackers won’t be able to access your account without the second authentication factor. Additionally, they help protect against phishing attacks and secure sensitive information.

Latest Scam Trends

Scammers are skilled at creating new schemes and tactics to get money from people. This can make old scams harder to detect and new ones more deceptive. If you know about common scams, you’re less likely to fall for them. Fraudsters will often take advantage of trending events, like natural disasters or tax season, to make their schemes sound more believable. The Federal Trade Commission (FTC) is an excellent resource for staying up to date on current scam trends.

How Your Financial Institution Can Help Protect You

Financial institutions use technology, security measures, and customer education to protect members from digital fraud.

Protecting You From Identity Theft

Most financial institutions have safeguards to protect against identity theft. However, if thieves gain access to your accounts, they can directly impact your financial health by draining your bank account, making fraudulent purchases, withdrawing cash with stolen card details, or opening credit cards and loans in your name.

Identity theft can also cause indirect financial damage, such as maxed-out credit utilization or accounts going to collections, which can lower your credit score and lead to higher interest rates on loans.

Securing Your Online Accounts

Many financial institutions offer customizable alert systems, such as eAlerts, to help you monitor your account activity. These alerts can notify you of various events, including large withdrawals, low balances, or upcoming loan payments, allowing you to manage your finances more effectively and avoid unnecessary fees. By setting up alerts, you can stay informed about your account status and maintain better control over your financial health.

Fraud Monitoring & Detection

Many banks and credit unions monitor for fraudulent activity. For example, A+FCU offers a fraud text alert service, which monitors debit card transactions for suspicious activity. In addition to text alerts, financial institutions often have security measures like real-time transaction monitoring, card management tools, and multi-factor authentication to help prevent unauthorized access and fraudulent activity. These systems allow customers to stay informed and take immediate action if suspicious activity is detected.

Additionally, setting up alerts can serve as an early warning system for potential fraudulent activity, enabling you to respond quickly to unauthorized transactions.

What To Do If You Believe You Have Been Scammed

If you believe you have been scammed, taking immediate action is important to help minimize any damage. Immediately stop all contact with the scammer by:

• Blocking their number, email, and social media accounts
• Changing your passwords immediately on your banking, email, and social media
• Enabling TFA or MFA
• Contacting your financial institution to place a fraud alert on your accounts
• Looking for suspicious transactions on your account statements
• Freezing or canceling your debit card if it was or might have been affected

Many victims of digital fraud hesitate to speak out due to feelings of shame or embarrassment – but time is critical, don’t wait and take action immediately.

Summary

As simple as it may seem, putting the tips above into practice can help prevent you from becoming a fraudster’s next victim. Be vigilant and protect your hard-earned money.

How A+FCU Can Help Protect You From Digital Fraud

A+FCU helps protect members from digital fraud through real-time fraud detection, security tools, and member education, like helpful webinars. Our fraud text alert service notifies members of suspicious debit card transactions, allowing quick action to prevent unauthorized purchases. Members can also use card management tools to set spending limits, restrict transactions, and freeze or unfreeze their cards.

By staying informed on the latest scam trends and utilizing these security features, members can better protect their financial information and themselves from digital fraud.