Evade the Evolving Threat of Financial Fraud
For years, the public has been warned about the dangers of identity theft and financial fraud. By now, you probably know to be wary of opening unsolicited email attachments or sharing account details with strangers. But make no mistake – the fight against fraud is never over. Criminals are always inventing new scams to steal money and today’s fraudsters are more organized, technologically advanced and convincing than ever. Safeguarding your finances requires constant vigilance.
While scams come in many forms, here are four increasingly common cons to keep on your radar:
- Spear phishing. With phishing, perpetrators send an attempted scam to the masses through email, phone or text, hoping someone will bite. Spear phishing is more sophisticated and may target you specifically, using personal details (often found online) to impersonate a trusted party like your banker or broker. Think twice before complying with any urgent requests to supply your account information or move money around.
- Electronic payment scams. As more people use services such as Zelle, PayPal or Venmo to transfer money, scammers have devised countless tricks to get you to pay them. As a rule of thumb, only send money to people/businesses you know and trust to be legitimate.
- Package delivery fraud. If you shop online often, you’re used to seeing emails/texts about your pending delivery. But if the message asks you to verify information such as your address or credit card number, it’s likely a scam. When in doubt, ignore the request and visit the merchant’s or shipping company’s website to contact customer service.
- Mobile malware. Many phone users unwittingly install malicious apps that can capture data from their screen or skim information from other programs (including banking apps). Only download apps from your phone’s official app store, and close all other apps before using your banking app.
What else can you do?
While it’s not always possible to prevent fraud all together, catching it early and acting quickly can minimize the damage. Get in the habit of monitoring your credit card and bank accounts for any suspicious transactions. You can also set up fraud alerts to have your bank contact you regarding abnormal activity. Finally, make sure to bank at an FDIC-insured institution, which limits your liability to just $50 if you’re a victim of fraud.
Would you like more information? Contact Evans at 713.388.1367 or evans.attwell@frostbank.com.
Evans Attwell
Senior Vice President
Frost Bank
Investment and insurance products are not FDIC insured, are not bank guaranteed, and may lose value. Brokerage services offered through Frost Brokerage Services, Inc., Member FINRA/SIPC, and investment advisory services offered through Frost Investment Services, LLC, a registered investment adviser. Both companies are subsidiaries of Frost Bank. Additionally, insurance products are offered through Frost Insurance. Deposit and loan products are offered through Frost Bank, Member FDIC. Frost does not provide legal or tax advice. Please seek legal or tax advice from legal and/or tax professionals.