Online scams are more prevalent than ever, posing serious risks to your financial safety.
According to the FBI’s Internet Crime Report, American consumers lost $12.5 billion due to cybercrime in 2023, a 22 percent increase over the previous year. As more of our daily lives move online—from shopping to banking to travel—staying alert to scams and learning how to safeguard your personal information is essential.
Cybercriminals are always devising new ways to exploit unsuspecting individuals, but there are common scams you should know about. For example:
Online Shopping Deals: If you’ve ever seen a deal that looks too good to be true, it probably is. Scammers often create fake websites or ads promoting incredibly low prices on popular products. Once you make a purchase, the item never arrives, or worse, your payment details are stolen.
How to Protect Yourself: Shop only on reputable websites. Verify deals directly through the brand’s official website or social media channels. Look for “https://” in the website’s URL and a padlock symbol, which indicates a secure connection.
Flight and Hotel Booking Scams: Cybercriminals take advantage of eager travelers by sending unsolicited emails or ads offering exclusive travel deals. These often lead to fraudulent websites where your payment information can be compromised.
How to Protect Yourself: Book travel through trusted platforms like Expedia, Booking.com, or directly through airlines and hotels. Avoid clicking on links in unsolicited emails or social media ads, and research the legitimacy of unfamiliar travel websites.
Fake Order Tracking Details: Phishing emails or smishing (SMS text message scams) that claim to be from major retailers often include fake tracking links. These links can lead to malware downloads or phishing websites designed to steal your personal information.
How to Protect Yourself: Always track orders through the retailer’s official website. Never click on links from unsolicited emails, especially if you didn’t order anything. Not sure? Verify tracking numbers by copying and pasting them into the retailer’s official tracking tool.
Tech Support Scams: Criminals often pose as customer service representatives from well-known companies, like Apple or even your bank, and send messages claiming that your account has been suspended or compromised. These scams are designed to panic you into quickly providing sensitive information.
How to Protect Yourself: Look for red flags, like misspellings or grammatical errors, a sense of urgency, and a sender domain that’s different from the company’s. Keep in mind that most banks, like Midwest BankCentre, will never call, text, or email to request or verify personal information.
Anyone can be a victim of cyber fraud — individuals and businesses, young and old, tech savvy and tech illiterate. However, you can take proactive measures to protect yourself from cyber threats. Here are some additional tips:
- Monitor Your Accounts. Regularly check your bank and credit card statements for unauthorized transactions. Early detection is key to minimizing the impact of fraud.
- Enable Alerts. Many banks and financial institutions offer real-time alerts for suspicious activity. Sign up for these notifications to stay informed and act quickly if something seems off.
- Use Strong Passwords. Create unique and complex passwords for all your online accounts. Avoid using easily guessed details like birthdays or pet names. Better yet, use a password manager to generate and store secure passwords.
- Use Two-Factor Authentication (2FA). Adding an extra layer of security to your accounts can make a huge difference. With 2FA, even if someone gets your password, they won’t be able to access your account without the secondary verification code sent to your phone or email.
- Update Your Devices Regularly. Software updates often include patches for security vulnerabilities. Keeping your devices and applications up to date ensures you’re protected against the latest threats.
- Make Your Social Media Profiles Private. We often share life updates and photos of family, friends, and even pets. However, if not restricted to contacts only, this information could result in names, locations, and life events being used by cybercriminals to create a realistic scam opportunity.
Most importantly, when in doubt, PAUSE. One of the most effective ways to protect yourself from cyber scams is to stop and think before taking action. Scammers thrive on urgency, hoping you’ll act without thinking. Be skeptical. Whether it’s a suspicious email or an enticing online deal, taking a moment to verify its legitimacy can save you from falling victim to a scam.
At Midwest BankCentre, the financial security and well-being of our community members is our top priority. We safeguard our client data with a multi-layered approach to information security including robust policies, procedures, and systems.
Originally published in the Labor Tribune’s January publication by Wes Burns, Executive Vice President of Community and Economic Development.