Don’t Be a Victim of Fraud: Protect Yourself Online with These Steps

Consumer fraud shows no signs of slowing down, especially Internet fraud attempts. Scammers and hackers are getting better and better at impersonating companies, government agencies, and stores. Cybercriminals are becoming more sophisticated, using social engineering tactics and AI to generate emails and even phone calls that are very convincing.

How prevalent is consumer fraud today? According to the Federal Trade Commission (FTC) fraud is on the rise. In 2023, consumers lost more than $10 billion due to fraud and imposter scams. The best identity theft protection is awareness. Read on to learn about current cybercrimes and how to protect your accounts.

Types of Fraud Attempts

Fraud awareness tips can help you protect your money and even your identity. Learn about these tactics and take steps to prevent becoming a victim.

Email Scams & Text Message Phishing

You’ve likely gotten an email that looks very similar to your credit card company, your bank, or government agency. It may say you’ve won a prize and you should send your account numbers so the company can deposit a check into your bank account.

But there’s something “off” about it. If you’re not expecting an email from the agency, be careful. The goal is to trick you into revealing your personal information, such as passwords, credit cards or social security numbers.

Plus, hackers can more easily create deceptive content that is surprisingly similar to your bank’s email design, so it’s getting tougher to determine if the email is genuinely from the named company.

Similarly, cybercriminals can also send text messages with messages such as “your package is awaiting delivery, please confirm.” These might include links that can add viruses to your computers or request your personal information.

What you can do:

• Check the return address to see if the email address is from your bank. If the return address looks suspicious, don’t open it. Call your bank to see if the email is legitimate.
• Study the email before you click on anything or download anything. Are there misspellings or awkward sentence structures? Is the logo clear or does it look reproduced? Avoid clicking on suspicious links or downloading attachments from unknown senders in emails or text messages.
• Don’t ever send personal information such as your social security number, your birthdate or account numbers through email. Pick up the phone and call your bank or pay them a visit to give them the needed information.
• Use multi-factor authentication for bank and credit card accounts. Yes, it can be annoying to have to verify, but it’s worth it to protect your money and your identity.
• Verify package delivery updates directly with the carrier's official website or app.
• Report suspicious texts to your mobile carrier or block the sender.

Impersonation

Scammers are also becoming more proficient in impersonation. They may say they’re your bank representative, or calling from Social Security, the IRS, or another authoritative agency. They may say they are a family friend who has an emergency and you need to send them money. New technology called voice cloning will allow a fraudster to sound like your friend or relative. They can even create a fake phone number that will display with the company’s name as the caller.

Here’s an example. One evening, a woman received a phone call. The phone identified the number as coming from her credit card company. The pleasant fellow told her she had fraudulent charges and asked for her credit card number, and social security number and birthdate to verify her identity. She was suspicious of the company asking for her full credit card number and the personal information.

Something didn’t seem right. When she resisted providing the data, the caller’s friendly tone shifted to one of insistence and urgency. He said she would be responsible for the fraudulent charges if she didn’t give him her account number and the other information. She hung up and immediately called the credit card company using the phone number on her card. Not surprisingly, the company had not called her. There were no fraudulent charges. It was a scammer at work.

What you can do

• Trust your gut. Does it seem phishy? If you weren’t expecting the call, or the caller changes tone, is insistent that you provide personal information, then hang up and call the company from a known phone number. If they’re overly friendly or switch to a rude tone or manner, be careful.
• Are they telling you to move your money to a different account number? Are they asking for your birthdate or social security number or your account number or passwords? Most companies won’t ask for this over the phone or email.
• Take extra precautions. Hang up and contact the organization’s direct number, found on your account statement. Your bank, credit card company or investment firm will understand your concerns and commend you on your savviness.
• Pay attention to your bank’s policies and warnings about consumer fraud. Know what information they will ask for over the phone.
• Key takeaway: Never provide personal or financial information over the phone or email without verification.

Fake E-commerce Sites & Fake Travel Listings

These fraudulent sites are built to look like real online stores. Website users may be tempted by the unbelievably low prices and discounts. However, once orders are placed, the scammers use the credit card for fraudulent purchases, and the unsuspecting consumer never receives the merchandise they ordered.

Similarly, did you find a deal on a vacation that seems too good to be true? Cybercriminals often create fraudulent listings on travel websites. Once you click on it, you’ll be redirected to a well-designed fake travel website or be pressured to pay through suspicious methods.

What you can do

• Stick with travel websites that you know and pay directly to airlines and hotels. Check for "https://"; in the URL; the “s” means that the website is secure.
• Check the company reviews and make sure you understand the return policy before making purchases.
• Use credit cards rather than debit cards for online shopping.
• Be cautious of deals that seem too good to be true.

Charity Scams

Fake charities are yet another way for swindlers to use current events, such as a tornado or humanitarian crisis, to ask for money. They may use names or variations of well-known charities; they will tug at your heart strings to push you to give. The appeals could come through email, phone calls, or texts.

Of course you want to give to worthy causes, and scammers have made it fast and easy to get you to part with your money. Make sure your generous donations go to the right place. Research the organization and check its registration status with the related government agency.

What you can do

• Like with email and phone scams, be wary of high-pressure tactics. If it doesn’t feel right, research the organization before you give on websites such as Charity Navigator or GuideStar.
• When you do want to give, go directly to the organization’s website; avoid paying through links, texts, or social media posts.

Gift Card Scams

Gift card scams are also common. An imposter, posing as a legitimate business or government agency, or “tech support,” will urge you to buy gift cards and then provide those numbers as payments for bills or taxes or fake fines.

What you can do

• Don’t ever give personal information via text or email. Reputable companies will never ask for a payment via a gift card. Government agencies won’t contact you to ask for money or personal information.
• Never purchase gift cards as a form of payment for unexpected requests.
• Inspect gift cards for tampering before buying them.
• Use gift cards promptly to reduce the risk of fraud.

Protect Yourself and Loved Ones From Consumer Fraud

Cybercriminals are more prevalent than ever. They don’t just target large corporations – they target everyone at any age. Unsuspecting older adults especially can be a common target. Teenagers just learning about finances and less aware of scams can also be vulnerable to scammers. Educate yourself and your loved ones about consumer safety.

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Consumer Fraud Red Flags

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Steps to Take If You Were Caught in a Fraud Attempt

Did you send money or click on a fake link? Did you provide personal information? Take action to limit the effects.

• Stop Interaction: Don’t respond to any additional requests from the scammer
• Secure Your Accounts: Immediately change passwords for any affected accounts, and be sure to turn on multi-factor authentication if possible.
• Contact Your Bank or Credit Card Provider: Report unauthorized transactions and request a freeze or replacement card.
• Monitor Accounts: Review bank and credit card statements regularly and alert companies of any fraudulent activity.
• Alert Credit Bureaus: Set up a credit freeze or lock credit with the three major credit bureaus to prevent accounts being opened in your name.
  • Equifax: Phone: 1-888-EQUIFAX (1-888-378-4329)
  • Experian: Phone: 1-888-EXPERIAN (1-888-397-3742)
  • TransUnion: Phone: (1-800-916-8800)
• Report to Authorities:
  • File a report with the Federal Trade Commission (FTC) at IdentityTheft.gov.
  • Report the scam to your local law enforcement agency.
  • If the fraud involved email, forward the phishing email to phishing@ftc.gov or the appropriate authority.
• Notify Affected Companies: Contact any companies where your information may have been used fraudulently.
• Document Everything: Keep records of all communications and actions taken related to the fraud attempt.
• Educate Yourself: Learn about common scams and warning signs to prevent future incidents.

General Tips for Consumer Safety

• Verify Sources
• Secure Accounts
• Monitor Statements and Credit Reports
• Use Strong Passwords
• Enable MFA (Multi-Factor Authentication)
• Shop Smart
• Be Skeptical
• Report Fraud
• Educate Yourself
• Protect Personal Info

Resources for CNB Bank and Trust, N.A. Customers

• To report a LOST/STOLEN Debit Card call 800-383-8000
• To report a LOST/STOLEN Credit Card or for general inquiries, please contact TCM Customer Service at 800-883-0131
• Contact your local branch for assistance