Newest scam making the rounds: If you have automatic deposits enabled with your banking or financial institutions, cybercriminals can put money into your account. Why is that bad, you ask? They’ll immediately follow up with a sob story email asking you to send it back via a phishing link, effectively stealing your login info in the process. Don’t click any random links, and turn on 2FA for your banking logins.
Confidently conned: 1 in 4 Americans still fall for scams
This number blew me away: Nearly 90% of American adults are confident they can detect and prevent a scam. And yet, 27% say they’ve been a victim at some point. The numbers don’t add up.
That’s why I’m here for you. Let’s dive into some of the most common things that trip up even the tech-savviest among us and kick scammers to the curb.
The scam solution
Problem #1: In a Citi survey, 55% say their financial institutions are a trusted fraud and scam prevention authority. But only two-thirds routinely check their bank accounts and credit scores for shady activity. OK, that means one-third of the walking don’t do this basic adulting task.
Fix: Sign up for fraud alerts that come by text or email. You can do this in your bank’s app or through your online account. It’s a no-brainer. If your bank offers free credit monitoring, sign up for that, too. If not, try a free service like Credit Karma.
Problem #2: Americans polled say they’re familiar with standard scams like phishing (54%) and bank impersonation (51%). OK, great. However, 13% couldn’t identify any of the 14 common scams presented to them in the survey. Ouch.
Fix: Spotting a scammer isn’t rocket science (thank goodness). Here are four simple signs to look for from the FTC. Scammers …
- Pretend to be from an organization you know.
- Say there’s a problem or a prize.
- Pressure you to act immediately.
- Tell you to pay in a specific way.
If you get a shady feeling, chances are it’s a shady dealing.
Problem #3: 71% of adults who fell victim to a scam say it did a number on their overall financial health. No kidding. That might include a setback in savings goals, deeper debt and a lowered credit score.
Fix: The key to proper damage control? Act right away. If you paid a scammer, do not give them more money. Gather all the information you can (screenshots rock for this), then block the crook from communicating with you further. File a report with your local police department and at tips.FBI.gov.
But Kim, what if …
Nasty malware can steal login credentials for 400 banks
Malware can be used for many nefarious things. The scariest way it’s used is to steal banking information. Now, hackers are going straight for the financial reward, sidestepping the usual methods for data extraction.
Why your score on Credit Karma seems higher than it should
Having a good credit score is something many aspire to, and it can be difficult to achieve. A good score can give you access to bank loans, credit cards with better interest rates or even more housing options.
But what happens when you get two vastly different scores from competing reporting agencies? Which is the one can you trust? Does the one company have more information on you than the others? Tap or click here to get your free annual credit report.