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For Your Life December 28, 2023

An 82% rise in this type of bank fraud is why you need to protect yourself

A banker’s job is to help a client through their financial journey, whether it’s getting credit ready, obtaining a loan, helping them acquire a business, getting their first home, and more. But lately bankers have been forced to add combating fraud to their duties, as bankers are reporting a startling uptick in some types of fraud.

Digital fraud is on the rise, and according to ic3.gov, losses related to cybercrimes increased to $10.3 billion dollars in 2022. Traditional mail fraud is on the rise as well, as according to the American Bankers Association, check fraud increased 82% in 2022.

While banks continue to work hard in helping their clients prevent and recover from fraud, there are some ways for customers to take control, to get ahead of scammers, and further protect their information:

Digital Protection

  • Set up alerts through online banking.
  • Utilize security words on your accounts for making counter withdrawals.
  • Monitor your credit bureau report at least annually.
  • Hover over links in emails before clicking to verify the address. This is also a good practice to verify the sender, as many scams can come from email addresses that spoof people you may know.
  • Be wary of any retail sales that send a check and then ask for return funds.

(Snail) Mail Protection

  • DON’T place mail in your home mailbox and raise the flag.
  • DO take your mail to the post office and mail it inside the post office.
  • Avoid using curbside mailboxes. If you must mail a check, hand deliver it to the post office.
  • More tips can be found on the United States Postal Inspection Service website.

Phone Protection

Listen closely before you take action for the various types of phone scams. Here are a few:

Impersonation Scam -- Clients receive calls from someone portraying a bank official and convince the client that their money is at risk, and they need to send their money by wire OR deposit in a Bitcoin ATM to help with an investigation. A legit bank representative would never demand money from you, especially over the phone. To verify the caller, hang up and call your known bank phone number.

Voice-cloning Scam -- Scammers may also call you using a voice they cloned using a computer program, or may be impersonating someone you know. For example, they could pose as your child saying they’re in trouble and need money. To get ahead of this, we recommend coming up with a family password to verify the identity of the caller. Don’t share this password electronically or with anyone else.

Government Official Scam -- Clients receive calls from someone portraying a government official threatening to arrest them if they don’t send funds. Again, this scenario is highly unlikely to happen in a legitimate sense, but if you need to verify the issue, reach out to a known government official or contact your bank.

Unfortunately, scammers are getting smarter and utilizing new technology -- and for them, this is truly a full-time job. All cyber-security crimes should be reported to the FBI by filing a complaint through ic3.gov.

Remember that you have an ally in your corner through your bank. Bankers are always on the lookout for fraud, know the latest scams and techniques, and can help you determine the legitimacy of a call, letter, email, etc., to the best of their ability. If you do fall victim to a scam, bankers are also available to help you work through the repercussions.

To learn more about how to protect yourself from fraud, Old National offers financial education both virtually and in person. Click here to learn more.

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