SmartBanking Blog

Fraud Prevention Awareness Week: Preventing Fraud

This week we celebrate International Fraud Prevention Awareness Week. In an effort to counter widespread global fraud, this week is dedicated to helping our communities be able to spot and combat fraud. Stopping fraud starts with you, so here are some useful tools to help you spot and prevent fraud.

Knowing the signs of a scam is your number one defense against potentially falling for one. Many scammers utilize the same tactics when they contact a potential victim, regardless of the type of scam they are perpetrating. Below is a list of some of the most common signs of a scam, though these are far from exhaustive.

Signs of a scam

• The person contacts you out of the blue
• The person applies pressure or threats to get you to act
• The person makes an offer that sounds too good to be true
• The person is asking for sensitive personal information like account numbers, social security numbers, PINs, et cetera
• The person tries to keep you on the phone

Now that you know some of the most common signs of a scam, there are some good general practices you can employ with any communications to help stop fraud.

General Fraud Prevention Practices

• Double check the credentials of anyone who contacts you (be wary of Caller ID, as scammers can spoof phone numbers).
• Never give out sensitive personal information, as there are very few legitimate instances where someone will need things like your full social security number. (Please note that there is NEVER a legitimate instance where someone will need your online banking credentials).
• Always treat unsolicited communications suspiciously.
• Keep up to date on the latest scams and tactics those scammers use.

Unfortunately, there may be an instance where you or a loved one becomes the victim of a scam. Your first priority after potentially becoming the victim of a scam should be to limit any further potential loss.

• End all communication with the scammer
• Call the affected institution
• Change usernames and passwords
• Review banking activity closely for several months
• Keep an eye on your credit report for any changes
• Call the police if you feel threatened
• Report the fraud to the FTC (Federal Trade Commission) at ReportFraud.ftc.gov and to your Secretary of State

In order to best serve our communities, The Savings Bank has partnered with several other South Central Ohio banking institutions to help bring awareness to fraud. Through SCOFF (South Central Ohio Fraud Forum), we aim to come together and help our customers combat fraud through sharing resources, providing education, and working with law enforcement agencies. Keep an eye out for more information on future SCOFF events and educational opportunities!

Sources:

fraudweek.com