Scam I Am: 5 Tactics for Protecting Your Finances from Fraudsters
Let’s face an inconvenient truth. No scammer will ever end a phone call by saying, “Great talking to you—and by the way, I’m a scammer! Bwa-ha-ha-ha!”
No, scammers strive to look and sound as legitimate as possible to convince people of the authenticity of their identities and intentions.
This is how they con people out of money — even smart ones like you.
If you’ve lost a few grand to a scam before, you may be embarrassed and may have even chosen not to report it. Trust us when we say you’re not alone. It’s okay to feel the way you do.
You know what else? It’s also not your fault. Scammers are skilled manipulators who prey on trust and exploit vulnerabilities.
But there are strategies to avoid falling victim to today’s scammers– so you can protect your finances and preserve your peace of mind, too.
1) Create strong passwords for your accounts.
If a scammer can’t guess your password, he’s less likely to access your account. It’s that simple.
This means your password shouldn’t be “1234567” or — our least favorite option — “password.”
If you’re unsure what makes a password strong, the Cybersecurity & Infrastructure Security Agency offers tips and even recommends using a password manager to keep track of them.
2) Use multi-factor authentication for protection where available.
If you’ve logged into an account online only to find that you can’t access your account until you enter a random code that’s just been sent to your phone, you have used “multi-factor authentication.”
A scammer may suss out your login and password, but unless he has access to your phone as well, he won’t have access to your bank account. Pretty smart, right?
Set up multi-factor authentication on your accounts today. Your future self will thank you!
3) Don’t bite the dreaded phish-erman’s hook.
Let’s say you receive an urgent text from the United States Postal Service indicating that a package can’t be delivered unless you click a link and supply additional personal information. Do not click!
Phishing scams usually use email to persuade users to disclose sensitive information. Messages have the appearance of authority and authenticity but are, in fact, fraudulent.
That being said, here’s how to avoid the dreaded phish-erman’s hook:
- If you don’t know the sender of an email or text and the message asks for personal information, run the other way.
- If you’re unsure about the source, consider the tone of the message. Scammers use fear appeals and pressure tactics to persuade people to share information. This is definitely happening in the USPS example above. The message essentially says, “Do X or Y will not happen!”
- Avoid clicking on any links in the message. They usually lead you to pages requiring you to enter sensitive information. Are you sensing a theme here?
4) Don’t know the caller? Don’t answer the phone.
It’s better to be safe than sorry, friend. Anyone who really wants to reach you will leave a voicemail if you don’t answer, and it’s easier to delete a manipulative voicemail than to argue with a manipulative caller.
If you decide to answer the phone and you’re suspicious when the caller claims to be from your bank, credit union, or the police department, here’s a pro tip: Hang up and call your bank, credit union, or the police to authenticate the call.
5) Be Mindful of AI Voice Clone Phone Scams.
You can’t make this stuff up.
Imagine answering your phone and hearing your daughter’s voice. She’s in distress and needs money immediately. At that moment, panic overrides skepticism, prompting wallets to open and funds to disappear — POOF!
Prevent this from happening by doing the following:
- Establish a code word with your closest family members that can be used to verify identity. When in doubt about a caller, tell her you need the code word to proceed further.
- As with the above example of a supposed call from a bank, credit card company, or the police, you can also hang up and call your loved one’s phone to assess the call’s authenticity.
If you have questions about fraud protection, book an appointment with Your Legacy Federal Credit Union today. We’re happy to meet with you, discuss your concerns, and talk to you about FraudWatch® PLUS, which protects our members from debit card fraud.
At Your Legacy Federal Credit Union, we want you to know that you’re not alone in the fight against fraud. We’re here to help you protect your finances, and we’re not going anywhere.
