11/05/2020: Fraud Prevention
When you store your money in the bank, you want to know that it’s secure and trust that the same amount you deposited last month will be there this month when you need to pay your bills. While this is a safe assumption to make, scammers will try to take your hard-earned money fraudulently.
According to the 2019 Identity Fraud Study from Javelin Strategy and Research, more than 14 million people had their identity stolen in 2018. Those fraud cases cost consumers $1.7 billion. Fortunately, the prevalence of chip readers on debit and credit cards helped decrease card fraud in 2018, but that type of fraud is still significant.
With these five strategies, you’ll be more prepared to avoid scammers who are only getting more savvy.
- Be stingy with your information
Protect your accounts and cards. The numbers associated with them are the gateways for scammers to gain access to your money. Don’t share your numbers, and don’t leave your cards out in the open. Someone doesn’t even need to take your card to steal your money. These days, they just need a phone camera, and they have what they want. Avoid giving your card information over the phone, too. Change your passwords often, and when you create one, make sure it’s complex and can’t be easily guessed.
- Don’t believe everything you see or hear
If it’s too good to be true, it probably is. Anybody promising a prize in return for a small payment upfront is probably lying to you and looking to steal your information. Only make purchases from secure websites of companies you trust. Emails with unrecognizable addresses in the “From” section or poor grammar and spelling could be signs of scams. Don’t answer calls from unknown numbers, and don’t give in to demands that try to pressure you to pay a debt. To learn more about possible scams that could affect you, including scams related to the COVID-19 pandemic, click here.
- Secure any transaction you make
Regularly review your statements and receipts to identify any discrepancies. When you sign a receipt, zero out any blank lines so nobody can add to the total. Watch out for skimming devices on ATMs and gas pumps, and be wary of others watching you as you complete your transactions.
- Report scammers
Ignoring or hanging up on a scammer is the first step in the right direction. The next step is to check your accounts to make sure nothing looks suspicious. The final step is reporting the scam to protect others from becoming victims. Visit the Federal Trade Commission online to tell them about potential scams.
- Set up alerts on your accounts
This is where Denmark State Bank is ready to help. You can set up account alerts to be received via text, email, or through their mobile banking app so you’re always aware of what’s happening with your accounts. These alerts are customizable too, so you can select alerts about account login attempts, balances, transactions, transfers, and more.