Tag Archives: Scams

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Digital Deception: How to Identify and Avoid Online Banking Scams

Staying Safe Online

In the digital age, banking has never been more convenient. But with this convenience comes a new wave of cyber threats that can catch even the savviest of us off guard. Online banking scams are on the rise, and it’s crucial to stay one step ahead. Let’s dive into the murky waters of digital deception and learn how to keep your finances secure.

The Latest Online Banking Scams 

Scammers are constantly finding new ways to trick us. Here are some of the latest and most common tactics we’ve seen:

  1. Investment Scams: These scams top the list with reported losses in the billions, where fraudsters lure victims with promises of high returns on investments.
  2. Impersonation Scams: Scammers impersonate business or government officials to steal money or personal information, often using intimidation tactics.
  3. Payment Method Scams: Fraudsters prefer bank transfers and cryptocurrency for scam payments, leading to significant losses for victims. They will even use peer-to-peer payment apps like Zelle.
  4. Social Media Scams: A large portion of scams originate on social media platforms, with scammers using fake profiles or ads to deceive users. In fact, the Better Business Bureau (BBB) 2022 Online Scams Report found that many people commonly found themselves the victims of a scam after trying to buy a puppy online. This was due to scammers purchasing ads for their fake e-commerce websites for social media. Around 44% of social media scams from January to June of 2023 were connected to online shopping.
  5. AI-Powered Scams: Artificial intelligence is being used to create convincing phishing messages and deepfakes, making scams more believable.
  6. Student Loan Forgiveness Scams: Scammers exploit the confusion around student loan forgiveness programs to trick victims into paying fake fees or sharing personal information.
  7. Phone Scams: Including robocalls and impersonators, phone scams use smartphones’ capabilities to install malware or extract personal data.
  8. Job Scams: Offering fake employment opportunities, scammers may ask for personal information or payment to “secure” a job.
  9. Money-Making Opportunity Scams: Victims are enticed with the prospect of easy money, only to find themselves defrauded.
  10. Prize and Grant Scams: Scammers promise fake prizes or grants, requesting payment or personal details to claim the supposed reward.

Recognizing the Red Flags 

So, how can you spot these scams? Here are some telltale signs:

  • Urgency: Scammers often create a sense of urgency, pressuring you to act quickly.
  • Unsolicited contact: Be wary of unexpected calls, emails, or texts asking for personal information.
  • Suspicious links: Hover over links to see where they really lead before clicking.
  • Requests for sensitive information: Your bank will never ask for your password or PIN via email or text.

Avoiding the Traps 

Here are some practical steps to protect yourself:

  • Secure your devices: Use reputable antivirus software and keep it updated.
  • Be skeptical: If something feels off, trust your instincts and verify through official channels.
  • Strong passwords: Create complex passwords and change them regularly.
  • Monitor your accounts: Regularly check your bank statements for any unauthorized transactions.

We’re Your Shield Against Scams 

At Peoples Bank and Trust, we’re committed to your financial safety. Our security measures and vigilant fraud monitoring are like a digital fortress around your finances. We’re here to educate and empower you, so you can bank online with confidence. Remember, if you ever have doubts about the legitimacy of a communication, reach out to us directly. Your peace of mind is our top priority.

Stay informed, stay skeptical, and stay safe. With the right knowledge and tools, you can protect yourself from the digital deceivers looking to disrupt your financial harmony.

The Top Cyber Scams of 2017

Cybersecurity

Each year new technology begins to emerge and make an impact on the way we shop, pay, and manage our money. As mobile becomes more relevant, and Americans begin to understand last year’s cybercrime tactics, hackers have already begun using a new bag of tricks and techniques. To help keep both you and your personal information secure, Peoples Bank & Trust wants to share an updated overview of this year’s most common cyber tactics and how to avoid their tempting lures:

 

  1. Smishing

Smishing is similar to the more commonly referred phishing tactics, however, in these instances, the initiatives are completed through SMS or text messaging. By incorporating a more personal element, hackers have become more dangerous, claiming to be not-too-distant relatives traveling abroad or in other circumstances of need. Sometimes the phone numbers they use may show up as unknown, and other times they may look like they belong to the relative they are claiming to be. To safeguard against this, we suggest always calling the contact you have for your family member to confirm the proposed narrative and ensure you aren’t being scammed in an attempted hoax.

 

  1. IRS Tax Scams

It’s that time of the year, and while many Americans may be waiting until April to file their taxes, countless cyber criminals are already filing fraudulent returns on their behalf. In order to best protect your refund from curious criminals, we recommend filing your federal tax return as soon as you receive all of your filing information from employers and other income sources. While there are many relevant software services to help you file, we always suggest working with a tax professional to ensure you can take advantage of every deduction and new tax regulation.

 

  1. Ransomware

In this scenario, cybercriminals enter your computer through a phishing email or other disguised Trojan horse. Through this charade, they are then able to take control of your computer and change passwords or access codes until a ransom is paid. After any ransom is paid, the victims of this crime hope to get their hardware reset to their original passwords, but unfortunately, there are no guarantees. This crime can be extremely difficult due to the fact that once someone has gained access to your device, most often there is no sure-fire way to know they have removed that access unless you purchase a new device or network. To best safeguard against this, we suggest screening all emails and links before opening to be certain they are coming from a credible source.

 

  1. False Merchandise

Year after year, online and mobile shopping continues to eclipse the traditional brick and mortar retail revenues. The 2016 holiday season only continued this trend, pushing mobile shopping to propel its largest growth compared to prior years. Unfortunately, these increasing online revenues typically come tied to additional cyber crimes as well. There are many instances where spam sites are created using a misspelled version of a common retailer, enticing users to purchase goods that may not truly exist. In these circumstances, we always recommend searching for the retailer on Google, as national retailers typically have organic or paid listing at the top of the search results.

Continue to learn new ways to protect your information online with our monthly cyber security blog! We’ll show you all the in’s and out’s of a safe network, and personal security.

 

Peoples Bank & Trust Co.

Member FDIC

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