Online banking has changed our lives ever since it came into existence. I mean, what’s better than having control over your financial life while you’re at home chilling on your couch? It can offer you benefits beyond your imagination, connecting you to a world specific to your own needs and wants.
However, while for some it has been entirely a blessing, for some it has been nothing but merely a nightmare. Yes, bank scams in the form of nightmares are increasing now more than ever. Scammers are continuously taking advantage of the rise of technology and ease of access to private information using online banking to spy on their victims. They can quickly get to know your name, your relatives’ names, birth dates, addresses, phone numbers, and locations and use this information to develop an actual banking scam. Disgusting, we know!
Haven’t you heard about the ever-famous, Madoff Scheme? It is the largest documented Ponzi scheme in history and the first to be conducted on an international scale. The system ended up wiping out nearly $65 billion in fictitious wealth. It is said to be one of the most significant losses experienced by the bank market!
Although some people say that there is no such protection against bank scams as people themselves are responsible for any deposits made to their account, we should know that there are numerous tips you can follow to protect yourselves. Want to learn more about these so that you are safe against different banking scams happening today? Don’t worry; we’ve got you
Eight Ways To Protect Yourself From The Rising Banking Frauds
A wise man once said, ‘getting scammed once is a mistake, but twice may be a choice!’ Hence, don’t fool yourself again. Follow the tips below to protect yourself at all times!
Know Who’s Asking
Always remember that banks never send emails or text messages that request personal information like account or social security numbers. Also, they won’t ask you to use this method to verify your account information either.
So before you fall into this trap, don’t forget to never send or receive emails or texts containing personal information, particularly social security or tax identification numbers, account numbers, or login and password details. Although if you really need to contact your bank with sensitive information, make sure you do it using secure email through the bank’s secure online banking system otherwise there’s no guarantee of you to become a victim.
In fact, scammers are now sending emails to businesses pretending to be their suppliers. These emails look very authentic but actually request some extremely personal financial information, similar to fake banking emails. Thus, even if an email appears to be from your bank or a supplier and asks you to provide them with your financial information, please call your banks to confirm before you fall into the trap.
Update Your Computers
As these banking scams are now on a spike, do you know how important it is to keep your computers updated with the installation of anti-virus software? It ensures that your computer is safe from malicious cyber activities and helps it combat viruses that may infect it.
Softwares such as Firewall prevent viruses and malware to enter your computer without your permission. Similarly, anti-spam software assists in preventing spam and unwanted email from reaching your inbox, protecting you against phishing emails, and anti-spy software prevents the installation of spyware, which can track or regulate how you use your computer, give you pop-up ads, or reroute your browser to dangerous websites. How cool!
No wonder how updating your web browsers and installing software on your computer gives you security against fraud and theft to a large extent.
If you’re a victim of a Banking scam please get in touch with us to that we can help you get your money back!
Protect Your Passwords
Bank Scammers are literally ‘up-ping’ their game all the time. But with a little help from customers and high-tech solutions, banks are hoping to keep pace and keep people’s money safe. For example, biometrics have saved millions of dollars while ensuring account holders maintain convenient access to their funds. Basically, in previous years financial institutions used passwords and PINs to protect account data. But now, two-factor authentication has been encouraged to ensure the person logging in can verify their identity using a code sent via text, phone call, or email.
However, you still need to protect your passwords and other financial data at all times. Change your passwords almost every week for better protection and use a variety of letters, numbers, and unusual characters when creating new passwords to increase security. You can also change the default SSID and password for your wireless network and keep your SSID private and even consider encrypting your network
Keep Your Documents Safe
Remember that documents that are sensitive should be shredded at all times. You need to keep your banking records such as ATM receipts, deposit slips, and cheques deposited through mobile banking until your monthly statement is reconciled. Although you can destroy them later.
Also, keep your monthly checking and savings account statements safe until you’re ready to file your taxes as you may need to justify a deduction on your return.
In fact, sign up for eStatements so you can access your statements from anywhere at any time. Online statements are accessible for up to three years at your local bank. Keep a watch out for our Shred Events, which take place at each of our locations throughout the year.
Lost money to online fraud? We will recover your funds !
Filter Your Phone Calls
One of the best ways to avoid bank scams is to filter your phone calls and trust me when I say it helps a lot!
Put all your trusted contacts on your phone to help reduce the influx of spam calls. Your caller ID will then let you know if it’s one of them when the phone rings. If the callers are unknown to you, don’t respond; if they need something urgent, they will leave a message.
Think Twice Before Sharing Your Information
Before signing up with a scammer through your bank details, always conduct thorough and detailed research. Basically, start with small deposits and money transfers first and continue if the process goes smoothly. Do not make the mistake of committing all your money right away. Go to their website; although some of these may have sources that may have the persons you’re investing with recommendations, you should be aware of the ratings because the site is most likely funded through affiliates.
Also, search for affiliate connections leading from the review page to the scammers’ website. It implies that the person who wrote the review will be compensated if you click on the link. It is acceptable if the reader is aware of the relationship; therefore, the site is transparent about its affiliation.
Moreover, the most effective method of avoiding having your bank account or other personal information compromised is to be proactive in controlling who has access to your information. Scammers today are so clever; they maliciously target educated and successful people. However, you may want to consider the events or actions that led to the scam.
Routine activities can often lead people to become victims, and returning to those activities could start over again. These everyday activities could include being active in investor social media groups or chat rooms, commenting on videos, and signing up for trading courses, special offers, free giveaways, or investor newsletters. Be Alert!
Also, look for unfavorable reviews of any company or business that is asking you to be involved in online banking. It would be best to get a comprehensive picture of any person you’re investing with, so look for negative ratings and positive reviews. You can locate these by adding the word ‘scam, bad’ to your search.
One person’s terrible experience does not necessarily imply that you will have a negative experience, but it will give you a fuller picture. And most importantly, look out for other customer complaints about not being able to withdraw money. It is a red flag for a scam, but try to reach out to the user and inquire about their experience before passing judgment.
It’s sad but scammers today are coming up with creative ways to get into people’s bank accounts, which often involves victims pulling cash out to hand over to the criminals. They mostly look for people who are searching for jobs, dating, selling products, and even do-gooders looking to help someone in need. A common tip to avoid getting yourself scammed is to not pay something (you didn’t initiate) over the phone. Just don’t do it!
Be Vigilant Of Checks
Another category of banking scams known as Cash Checking scams is now increasing more than ever. Ask yourself, did you ever receive an unexpected cheque in the mail and thought, Damn, free money?
If you ever do receive it though, please go slow as cashing it may result in losses or reveal your personal information to scammers. In fact, according to the latest reports from the Federal Trade Commission, complaints about check cashing scams remain in the ‘top ten fraud categories’ and were rising during the first quarter of 2021.
Nevertheless, to avoid cash checking scams in the first place, notice the small details in the cheque. For example, apart from edges, bank logos, and address, notice the amount mentioned on the check. Usually, it is less than $5000 because of federal rules. Checks of $5000 or more are subject to more extended holding periods. Also, fake checks are often lighter than the paper used for authentic checks. They also may seem slippery.
Lastly, the bottom of every check has a series of digits in an unusual font, representing the bank routing number, the account number, and the check number. That distinctive and unique font is called MICR, and specialized check-sorting machines can read that. Fake MICR numbers, on the contrary, are often shiny.
Also, don’t accept a check from someone you don’t know, don’t send money to strangers, whether they are individuals or companies, don’t cash a check you were never expecting, and don’t forget to verify if a cashier’s check is valid before depositing it.
In case you have been scammed… Here’s What to do!
Reporting the scam to your bank is the first essential step to recovery. Notifying your bank immediately as knowing about any recent transactions through your account can help you a lot in this situation. If you have provided payment information to the scammers, they will need to take the steps necessary to block access to your accounts and protect against identity theft. For example, if you have used credit card information, contacting your card issuers immediately to make a scam report is essential. Also, if you gave the scammer your bank account number or routing number, you may need to close the account and open a new one. Scam alerts and a credit freeze help a lot!
Protect Yourself From The Hideous Effects Of Banking Scams – Take These Steps Today!
Scammers are constantly thinking of new ways to scam people through banking as the world evolves. It is safe to assume that you are being scammed if anyone asks for your bank or personal details.
However, take the steps above and avoid falling into these hideous traps of scammers at all times. Begin by upgrading the security features on all of the computers you use to access financial accounts and adopting basic network security. Nobody should ever compel you to buy something or donate, and you should never invest on impulse. Never give out personal or financial information to a stranger on the phone. Don’t respond to emails or messages on social media providing financial advice or shopping opportunities; instead, hang up or disregard the communication. To keep your credentials safe, change your passwords. To keep your friends and family safe, spread the news. Be aware that scams can take numerous forms and impact any sort of payment!
Lastly, if you have encountered a banking scam and are worried about what to do? Reach out to the Global Payback expert team of recovery specialists and we promise to aid you in recovering your stolen wealth from scammers. Good luck!
