Online Banking Scams and How to Avoid Them
In today’s digital age, online and mobile banking offer convenience and efficiency when accessing your accounts on the go, but this convenience also presents cyber criminals the opportunity to exploit unsuspecting victims for their data, information, and money. In this blog, we have outlined three common scams, and tips on how to secure your data from cyber criminals.
Common Scams:
Phishing Scams:
Phishing is a cyber scam where attackers will impersonate a legitimate source with the goal of stealing personal information and data, including usernames, passwords, social security numbers, and more. This scam has multiple forms, including:
Vishing (Voice Phishing): Involving a scammer calling victims and posing as a trusted entity.
Smishing (SMS Phishing): Involving scammers using text messages to gain information.
Email Phishing: Involving emails that impersonate a reputable source. These emails utilize similar colors, logos, and language to trick the user into clicking a harmful link or supplying personal data and information.
Advance-Fee Scams:
Advance-fee scams involve scammers tricking victims into paying for goods or services upfront with no intention of providing the goods or services. This type of scam often involves a third-party payment transfer software such as CashApp or Zelle to exploit consumers.
Overpayment Scams:
Overpayment scams have many forms, with the most common being Check Overpayment Scams in which a scammer will pay the victim for goods or services using a check and purposely overpaying. The scammer will then request the excess be returned, and the original check bounces, leaving the victim to lose their money. This type of scam also commonly occurs to victims using a variety of payment transfer software.
How to Protect Yourself:
Be Skeptical of Unsolicited Communication:
Legitimate banks will not ask for your personal information via unsolicited emails, texts, or calls. If you receive any contact from your bank, we recommend ending communication, and calling your bank directly to verify legitimacy.
Use Strong Unique Passwords:
Ensure you have a strong and unique password that is different for each site. Avoid using any information that would be easy to find online, such as Last Names, Pets Name, Birthday’s, Anniversary’s, etc. Considering utilizing a password manager to create and store your passwords.
Enable Two Factor Authentication (2FA):
By utilizing Two Factor Authentication (2FA) you are adding an extra layer of security to your log-in. Two Factor Authentication requires anyone signing into your account to enter a one-time use code that can be sent to your phone through SMS or Phone Call, to your email, or to advanced security applications.
Be Cautious with Personal Information:
Avoid sharing your personal information, including your Account Number, Pin Number, or Social Security Number online or over the phone. Legitimate financial institutions will never ask for your personal information through emails or unsolicited calls. It is always best to end a phone call you believe to be illegitimate and call your financial institution directly to verify.
Stay Informed:
With technology advancing at such a fast rate, it is always best to stay up to date and informed on the most recent scams and threats coming your way. Many financial institutions including Shoreham Bank offer online resources to learn about emerging threats.