In 2021, the FTC (Federal Trade Commission) received over 2.8 billion consumers filed fraud complaints that resulted in a whopping $5.8 billion in losses*. (ftc.gov) With a massive 70% increase in complaints from 2020, what can consumers do to protect themselves from fraud?
In this blog post, you will learn about the ways to recognize fraudulent email and text messages.
What is phishing & how does it work?
Phishing is when someone sends a message to their victim that appears to be from a reputable source, like a bank, in order to extract personal information. This is done through a link that either leads the victim to a website that mimics the company the phisher claims to represent, or allows the download of malware to your computer. Either way, clicking the link opens the door for your information to be stolen.
Phishing Warning Signs
So how do you tell if you’ve received a legitimate email or text message or if you are the potential victim of a scam? Consider the following:
The email address does not match the official domain of the company. For example, an email from Facebook should end in @facebookmail.com. So, if you receive an email from facebook@gmail.com, you can rest assured that it is not official. Google is a great tool to check the validity of an email address.
You receive a generic greeting at the beginning of the email. “Dear customer” is not an appropriate or proper way to begin an email. When you register for an account with a legitimate business, they will always address you directly.
Bad grammar and spelling errors. Many perpetrators of fraudulent emails and texts don’t bother with understanding the English language. Because of this, you will most like spot multiple grammatical or spelling errors within the message.
An urgent must-act-now message. These can range from missing out on an amazing, once-in-a-lifetime deal to threats to lock you out of your account. Phishers play on your emotions to prevent you from thinking too much about what you’re being asked to do, in the hopes that by keeping your adrenaline going, you will volunteer more information.
Request to update your information. If you receive a request to update personal information via a provided link, don’t do it. You should always be able to go to the web and log in through an official website and update your information, so never click on the link provided.
Other Warning Signs
Not all email scams are phishing based. Remember that not all scammers play on your negative emotions. Some scammers try to tempt you with happiness.
Offer to split a fortune if you help them get money or other liquid assets out of their native country. These ones are a little easier to spot, mostly for their comical aspect. These usually come from the relative of someone rich who has experienced a seizing of assets; a fortune which they are desperate to smuggle out of the country (legally of course!) and into your bank account for safekeeping. The catch? You have to pay a processing fee so that the assets can be released.
Looking for love? There are scams for that too. A long-distance relationship with a beautiful person who, through fate, has found you – their soul mate. They seem perfect: polite, considerate, loving, inclusive into their lonely world … and in need of frequent funds. The requests for money will usually be small, but will end up costing you in the long run.
Congratulations! You’ve won “xyz”. Just send us a shipping and handling fee and the prize is all yours. Sound too good to be true? That’s because it is. No legitimate prize should ever require payment from you.
What To Do If You’re a Victim of Fraud
If you find yourself in a position where your information or money has been stolen, immediately contact your bank to see how quickly they can stop the payment and lock down your account. Have your phone and computer checked to ensure that no malware has been installed, change passwords, and submit a complaint at identitytheft.org.
Ounce of Prevention …
In addition to arming yourself with knowledge of how to recognize fraud when you see it, you may be wondering what other precautions you can take. Consider doing the following to add an extra layer of protection to your personal information.
Activate multi-factor authentication and other security features offered by your service providers
Create frequent back-ups of your computer data to a removeable drive
At Towne Storage, we know how important security is. Whether you are storing documents or furniture, we have the right sized, safe unit that will work on your budget.