In 2023, Americans reported they were the victims of more nearly $10 billion in financial fraud. With fraud increasing in frequency and intricacy, investors must stay vigilant about protecting their financial security. Here are six steps you can take to help protect yourself:
Actively Avoid Scams
The best advice for bypassing fraud involves a series of don’ts. Don’t pick up calls or respond to texts from numbers you don’t recognize. If your bank leaves a message, return the call only after double-checking you have the correct number for your financial institution. Don’t click on links or download documents unless you are certain of the source. Don’t provide account information over the phone, email or social media.
Look for Red Flags
Typos, grammatical errors and unusual return email addresses are giveaways of phishing emails. Scammers often use a fake address that mimics the address of a trusted source. To “unmask” the sender, hover over the visible address to reveal the real source. Additionally, be wary of investment scams that promise sky-high returns. If your gut is telling you it’s too good to be true – it probably is.
Monitor Your Accounts
Check account transactions and balances frequently to keep an eye out for suspicious or unauthorized charges. If you do not recognize an expenditure or suspect fraud, contact your financial institution immediately. If available, activate alerts to receive immediate notification of suspicious activity on all bank accounts and credit cards.As an added precaution, request a free credit report annually from the three major credit bureaus. Review your report to spot any changes in your credit rating or unauthorized applications for credit.
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