Many people assume that fraud will never happen to them. But scamming is becoming both more common and more sophisticated. Here are six examples of proactive steps you can take to protect yourself from financial fraud.
Stay Skeptical
This is your number one rule. When you’re online, on your phone, or in your inbox, always question what you see. Scammers are experts at creating fake websites, emails, and text messages (a tactic known as “smishing”) that look incredibly legitimate. For example, you might get an email that appears to be from Amazon, telling you there’s an issue with a recent order.
Never, and we mean never, click on a link or download an attachment from an unverified sender. A smarter approach is to go directly to the company’s official website or app to log in and check your account. If it’s even remotely suspicious, it’s probably safe to delete and ignore.
Use Multi-Factor Authentication (MFA)
Strong, unique passwords are great. But an even better layer of security is multi-factor authentication. This is when an app or company requires a second form of verification to log in, like a code sent to your phone or a fingerprint scan. If any account offers MFA, turn it on, especially if you’ll share any sensitive information.
Pay Attention to Your Accounts
Fraud is much less of a stress if you catch it early. Many people avoid their bank account because they either assume everything’s fine or they’d rather not see the “damage.” But getting into the habit of checking every day or at least setting alerts for activity will give you a head start if anything suspicious goes on.
Keep Your Cards Close to Your Chest
Be careful about what you share online. While most of us are far beyond the days of scrubbing anything embarrassing from the dregs of social media, we can be extra careful not to share anything sensitive. You should be especially vigilant if you’re using a public Wi-fi network, and don’t use it to go shopping or check your bank account. That can wait.
Recognize Red Flags
Fraudsters will try and appeal to your emotions to scam you. They’ll create a sense of urgency, play on your fears, or appeal to your greed. The key is to recognize these red flags and take a step back. They might say you won a contest and have 24 hours to collect your prize. Or they might instill fear by saying you need to act “immediately” or face severe consequences, like having your account closed or being arrested.
Don’t immediately believe everything you read; take a deep breath, do some digging, and check to see if the scam sounds familiar to others on the internet. Reddit is the perfect place for this.
Secure Mobile Devices
Your phone holds a ton of incredibly sensitive data. Protect that information with a strong passcode or biometrics. You should also remember to update your apps. Not just for the best user experience, either; many of these updates contain security patches that protect you from any vulnerabilities.
Most importantly, only download apps from the official store. Downloading random apps from anywhere is practically inviting malware into your phone.
