Tips to Avoid Scams and Fraud

The holidays are a time of cheer, good company and presents. Unfortunately, it's also a time when we see an uptick in scams and fraud attempts. The Standard helps lower your risks through awareness and taking precautions, year-round. To assist you and your clients we’ve included some indicators and tips that can help stop fraud in its tracks. 

Frauds and Scams 

Fraudster and scammers commonly use emails, phone calls, texts and social media to connect with you. Here are some common characteristics of a scam:

• Creating a Sense of Urgency — Fraudsters will act as if the situation is urgent and critical. They aim to get you to act without vetting or validating the situation. Don’t get pressured into sending funds immediately or providing financial information to anyone. Confirm the facts provided to you and that the person you are speaking with are legitimate.
• Unexpected Contact — Scammers like to catch you off-guard. They can send an email from a seemingly legitimate address, text from a number that appears to be from a familiar brand, or call saying they are from a company you do business with. Be skeptical of calls coming “out of the blue.” They may ask for personal or financial information, payments of late bills or support for a charity. Ensure that this is actually a representative of the company. Send it to voicemail and research on your own.
• Prompts and Questions — Never click on any link from an unsolicited source. If you receive a call or email you asking about a certain charge or action, ask them for their name and company. 

Tips to Protect Yourself 

Look for Red Flags

• Does the caller seem to be phishing for information? Are they asking for you to confirm your identity before they can talk to you, and they called you?
• Remember, if it seems too good to be true, it probably is. Don't provide your personal information to someone who hasn't been thoroughly vetted by you and your financial institution or manager. 
• Listen to the voice on the phone, does it sound odd or off? Is there a delay in their response to you? If they ask you for another phone number to call you back on, other than the one they just called you on, don’t provide it.
• Examine email addresses and letter senders. Is it close to the name of someone you do business with but not exact? Is the grammar or spelling off? 

Practice Caution

• Don’t reply to unsolicited text messages, calls or emails.
• Don’t click on unsolicited text message links or email attachments.
• Visit the company’s official website or call them yourself to verify information.
• If you're still not sure, contact a trusted friend or family member and talk through the scenario. 

Extra Layers

• Activate two-factor authentication on all your accounts.
• Look into freezing your credit with the main credit bureaus. This makes it harder for fraudsters to get credit cards or loans in your name.
• Keep passwords up to date and don't use the same password for multiple accounts.
• If you think you're the victim of a scam, call your financial advisor, The Standard, a family member or anyone you trust and ask for help.
• Monitor your financial accounts and report any unusual or unauthorized activity. 

The Standard will never call or email you asking for sensitive information like your passwords or facts we should already know.