Each year, scammers steal billions of dollars from hardworking families, underscoring the urgent need for robust fraud prevention strategies. The Federal Trade Commission (FTC) fielded approximately 2.6 million fraud complaints last year alone. With criminals using a variety of tools, community members have to take action and stay alert to avoid becoming victims. We hope these 10 fraud prevention tips help you stay ahead of scammers.
Fraud prevention measures are designed to deter scammers in real life and online. Putting solid roadblocks in an identity thief’s way will likely prompt the criminal to look elsewhere for easier targets. You can take these fraud prevention steps to protect your personal identity information right now.
Place items such as Social Security cards, birth certificates, death certificates, and passports in a safe or lockbox. These documents allow fraudsters to open and access accounts with impunity. It’s also prudent to keep financial statements in a secure location.
Any official document or financial record with an account number or personal identification information should be shredded or destroyed. Never put this paperwork in the trash because criminals do rifle through bins.
There are three easy ways to deter cybercriminals. Never give out your password. Use a capital letter, a symbol, and a number to ensure password strength. Don’t forget to utilize two-factor authentication as a fallback defense. Two-factor authentication works by sending a code to a secondary device that hackers cannot control.
Nothing substitutes due diligence. Checking and double-checking credit cards and bank statements regularly ranks among the best ways to detect suspicious activity. If you notice any unauthorized charges, contact the financial institution or credit card company immediately. You may need to file a fraud complaint with the FTC and local law enforcement.
If you are denied a loan or credit card due to an unusually low FICO score, you may already be the victim of identity theft. Gather the information needed to demonstrate you are the real person associated with the credit reports handled by Equifax, Experian, and TransUnion. Request an immediate freeze to ensure no further fraud occurs.
When you use public Wi-Fi, you may be allowing online scammers to access your device. If allowed, they can quickly steal your personal identity information and drain your financial accounts. The additional cost of unlimited data for a hot spot on your phone may be a good fraud prevention investment. These and other virtual private networks allow users to forego public Wi-Fi offered at cafés and other businesses.
Electronic devices require regular software updates for your protection. When you see requests, allowing the update to run as soon as possible is essential. In many cases, these are necessary security patches designed to prevent widespread breaches. Update the software and anti-virus programs on an ongoing basis.
One of the best ways to be sure no one is using your identity data is to go online and request a credit report from the three reporting bureaus on the Annual Credit Report website. You can request a free credit report from Equifax, Experian, and TransUnion every 12 months.
Taking this proactive measure allows you to scrutinize the transactions and blemishes on your credit score. Look for unauthorized transactions and accounts that you did not open.
The convenience of purchasing items online opens the door to schemes used by cybercriminals. Hackers will do anything to gain access to credit cards, bank accounts, and individual identity information to exploit or sell it on the Dark Web.
They get personal information by deploying phishing schemes that motivate people to respond to electronic messages. Some ask for emergency digital payments. Others request usernames and passwords. Lastly, emails and text messages prompt people to download a file laced with malware or go to a website that infects their devices. It’s imperative not to share your full name, address, driver’s license, medical insurance, Social Security number, credit card, bank account information, or anything that can be used to develop an identity theft profile. Never click on a link or open a file or attachment unless you are sure it’s legitimate and free of malicious software.
Hackers and fraudsters who steal physical documents and private information continue to invent clever schemes to benefit from your success. That’s why it is crucial to stay ahead of felons by learning about the latest scams and implementing security measures. We hope you use these fraud prevention tips and continue to protect yourself and your family from fraud.
PCU is here to keep you and your money safe and secure. If you feel you have fallen victim to a scam or you're unsure about a phone call, text message or alert you've received, please contact us immediately.