Fraud is a criminal offence that can have serious consequences for victims. It is important to be aware of the different methods used to commit fraud crimes and take preventive measures to protect yourself. Data breaches, email account breaches (EACs), malware and identity theft are some of the most common ways to commit fraud. Online Internet schemes, impostor scams, and even the coronavirus pandemic have led to a new type of fraud related to unemployment benefits and identity theft.
Fraudsters can steal social security numbers, credit card information, computer passwords, bank PINs, and other sensitive information that can be used for identity theft. Advanced cybersecurity measures, such as device authentication, multi-person approval processes, and batch limits, are essential to protect your company and your customers. Credit monitoring can help you detect potential identity fraud more quickly and avoid surprises when you apply for credit. The Federal Trade Commission (FTC), the state attorney general's office, and the Consumer Protection Agency (CPA) are agencies that help prevent consumer fraud.
Positive Payand other services offer device authentication, multi-person approval processes, and batch limits to help protect you from fraud. The Consumer Financial Protection Office (CFPB) is a government agency that protects consumers from financial fraud and scams by ensuring that banks and financial companies treat consumers fairly.
It is important to educate employees about warning signs, safe practices and responses to suspected fraud. Scammers often target seniors and college students, but all consumers are at risk of fraud. Here are some of the most common crimes and scams faced by the FBI:
- Romance scams
- Fake phone calls from a “grandchild” in the event of a crisis
- Text messages that appear to come from Social Security or law enforcement
- Lottery and sweepstakes
- Be aware of the different methods used to commit fraud crimes.
- Take preventive measures such as advanced cybersecurity measures.
- Educate employees about warning signs, safe practices and responses to suspected fraud.
- Monitor your finances with services such as Positive Pay.
- Use credit monitoring services to detect potential identity fraud more quickly.
- Be aware of common scams such as romance scams or fake phone calls.