Scams are constantly on the rise with new methods and reported losses growing every year. While scammers work hard to rob people of their hard earned-money, financial institutions, technology developers, and government law enforcement work even harder to prevent all types of scams from happening.
Products like positive pay and integrated online and mobile banking tools make it much easier and quicker to detect, and stop, fraud from happening. However, these tools all sand in second place compared to the number one fraud and scam prevention tool: you. By keeping a sense of caution and a vigilant eye on any type of message or request for money, you can avoid most fraud attempts.
For example, not clicking on links sent from someone you don’t explicitly know AND trust can go a long way in stopping fraud before it even starts. Yes, don’t click on strange links is a common piece of advice but it gets repeated for a reason: it’s important and effective. Additionally, having a sense of scrutiny when it comes to emails, texts, and direct messages can also help you avoid becoming a victim of fraud. Looking for red flags such as inconsistent grammar, false senses of urgency, or an encouragement to open an attachment can help you identify potential fraudsters. View a more comprehensive list on what to look for in fraudulent emails.
The most devastating scams, such as the recently rising pig butchering scam, all rely on the victim (that’s you) willingly giving up funds, bank information, or identifying information. Once that is given to the fraudster, it’s already too late and massive losses can occur. Luckily, since you’re the number one fraud prevention tool, you are always in the best position to stay clear of fraud.