The most common scams and how to protect yourself
Today’s digital world is fast paced, dynamic, and sophisticated. It’s nearly effortless to find information on almost any topic and connect to the products and services we need.Unfortunately, that same ease of communication and connection attracts scammers who want to separate you from your hard-earned money.
There are a variety of ways that bad actors prey on unsuspecting netizens. And while that might feel disheartening, there are also ways to avoid and combat the methods they use to attack you. Let's take a look at a few of the most common.
Impersonating Authorities
Scammers love to lie and use titles and agencies that add credibility to their claims. They’ll wield false threats like immediate arrest or loss of benefits. Spoofing phone numbers, so that the call appears to come from a legitimate organization, is also common. All of these tactics create a false sense of urgency in the victim and improve their odds of success.
What to do:
- Verify the caller's identity by contacting the agency directly. Use the official contact information you find through their website.
- Legitimate agencies never demand immediate payment over the phone or threaten arrest. If this happens, hang up and contact the agency.
Romance Scams
Fraudsters create fake online dating profiles and use trust-building techniques to emotionally manipulate their victims. They often demand money for financial needs, travel, or supposed medical or family emergencies. In 2023 alone, victims lost over $1.1 billion to romance scams.What to do:
- Be suspicious of anyone who quickly professes their love or asks you to send money to help them out of a jam.
- Verify the person's identity and ask lots of questions. Be wary if the answers seem too perfect.
- Don’t be afraid to consult with friends or family. Their perspective may help you identify shady behaviors and red flags.
Grandparent Scams
With artificial intelligence tools, scammers can impersonate a grandchild in distress or pose as police, doctors, or lawyers. A caller claims to be a relative in trouble or an official trying to help. With the latest AI tools, that caller can be a clone of a real voice, making the fraud harder to detect.
What to do:
- Hang up and call the family member directly or check with other trusted relatives. This is the surest way to verify the story.
- Be skeptical of urgent requests for money, especially if they ask for secrecy.
Financial and Support Scams
These scams typically come from fraudsters pretending to be representatives from a bank, debt collection agency, or tech support. They tell you that your account or device is compromised, or that you’re overdue on a payment. These scams also use fake Caller IDs and professional-looking emails to appear legit.
How Universal Bankers Help Protect You from Scams
Starion Bank’s Universal Bankers, or tellers, are skilled at much more than just processing day-to-day transactions. They play a crucial role in protecting customers from scams through vigilance, a sharp eye for details, and by educating customers who may fall prey to criminals.
They are the Frontline Defense
- Universal Bankers are trained to unusual patterns and suspicious activity that may not match a customer’s usual behavior, including unusual withdrawals or wire transfers to unknown parties.
Taking Action to Protect
- If a Universal Banker sees something suspicious, they may pause a transaction to double check and make sure it is valid. If necessary, the bank staff may consult with fraud prevention teams, law enforcement, or Adult Protective Services.
Asking the Right Questions
- Engaging customers in conversation can help uncover potential scams. A simple conversation can help expose fraud, as scammers often pressure victims to stay silent while they are withdrawing money or doing wire transfers while in the branch.
Stay Vigilant
By staying informed and alert, you can protect yourself and your loved ones from falling victim to these scams. Remember, if something feels off, it's always worth double-checking. Stay safe!
