According to the FTC, Americans lost more than $220 million to scammers in 2024. As technology advances, fraudsters will continue to leverage new innovations in their schemes.
Although scammers may change their tactics, there are smart, easily implemented strategies you can start using today.
Consider asking yourself the following questions as you evaluate your risk profile.
How can I strengthen my personal cybersecurity measures?
Don’t neglect the basics of personal security. Use strong, unique passwords for each account and consider using a password manager to manage them. Whenever possible, use multi-factor authentication to add an extra layer of security.
Use a reputable antivirus program and a virtual private network (VPN) to help safeguard your personal data and privacy.
How can I stay informed about the latest fraud trends?
Because fraudsters are constantly using new tricks, it’s important to follow reliable sources such as the Federal Trade Commission (FTC), Better Business Bureau (BBB) and local government agencies. These organizations typically allow consumers to subscribe to alerts so they can receive warnings about emerging scams. For example, the BBB recently sent out a scam alert on how technology is being used to create fake calls and voicemails. Subscribe to alerts and stay informed.
How can I leverage technology to stay one step ahead of scammers?
Many financial institutions provide robust security features. For example, Zions Bank customers have access to a Mobile Fraud Alert Service. With this service, if suspicious activity is detected on your credit or debit card, a text message will be sent to your phone asking you to confirm the transaction. If the transaction is fraudulent, the bank will text you a number to call to validate outstanding charges, block further purchases, and start the process of getting you a new card.
You may also want to consider implementing biometric sign-in on your financial apps to create an additional layer of security. This allows you to log into a system using a unique biological trait such as a fingerprint or facial recognition.
How can I help safeguard my digital footprint on social media?
You may be shredding printed documents that contain sensitive information, but what about your digital footprint? Don’t neglect healthy privacy practices on social media. People tend to overshare without considering the risks, which provides a great resource for scammers.
To help safeguard your account, implement the following practices:
- Limit what you share and set your profiles to private. Periodically check and update your privacy settings to control who has access to your personal information, such as your birthday and workplace.
- Avoid sharing information such as schools you attended, the city you live in, your phone number and the name of your pets. These are potential elements of passwords and security questions, which can unintentionally reveal personal information to potential hackers.
- Don’t post documents, such as a job or college acceptance letter, that might reveal information such as your full name, home address and phone number.
- Watch out for connection requests that appear to be from friends but are really scammers impersonating people you know. Their intention is to gain access to everything you post as well as your entire network of connections.
How can I detect potential fraud?
Regularly review bank and credit card statements for unauthorized transactions. Credit monitoring services can also help detect identify theft by revealing information that may not appear on your bank statement. For example, an identity monitoring service typically informs you when your information appears on something like an application for a payday loan or a request to cash a check.
You may request a free credit report weekly from each of the three credit reporting agencies in the U.S. by visiting AnnualCreditReport.com.
How should I respond to fraud?
If your personal information is compromised, act immediately. You may ask a national credit reporting company to place a fraud alert on your credit file, which will instruct potential creditors to contact you before providing additional credit in your name. It’s free to place a fraud alert and typically lasts for a year.
You may also request a free security freeze, which restricts access to your credit file until you request the freeze to be lifted. You will need to contact each credit reporting company to place a freeze.
Remember, your bank can help. If you’ve lost money to fraud, inform your bank immediately about the activity and relevant details that include the date, time and amount of money involved. If you used a credit or debit card for a questionable transaction, you might be able to dispute the charge.
Despite the continual evolution of fraud and financial crime, you can take these easy-to-implement proactive measures to help safeguard your funds. Your knowledge and vigilance will help you confidently navigate the financial landscape.
Your bank account security is a top priority at Zions Bank. Visit the Zions Bank Security Center to learn more about how you can remain vigilant. With a little caution and know-how, you can significantly reduce the chances of becoming the victim of fraud.
