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How to Avoid Banking Scams - Stay 1 Step of Your Scammer at All Times
In today’s world of technology, scams are on the rise, and this includes banking scams as well. This is why you need to make sure to be careful. You cannot be careful with your account at all, or else scammers will get the hang of it.
Are you scared of banking scams? They’re awful and everyone’s biggest nightmare! You never know who might end up taking all your money away and leaving you empty-handed. Banking scams are actually one of the most common ways criminals get access to someone’s personal as well as financial information. It has been noted that the Federal Trade Commission received more than 2.1 million fraud reports in the year 2020, and the count doesn’t seem to stop due to the advancement in technology and new ways to scam others. There are a gazillion ways criminals trick others into giving them information that is linked to their bank accounts and passwords. Such criminals are well-experienced in this field and know exactly what needs to be done in order to manipulate you into giving him/her your personal information.
Now, if you are someone who is super scared of banking scams, then have a look down below at some of the tips to stay vigilant of them. Follow all the ways mentioned, and hopefully, you will never get scammed.
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The Secret Strategy To Staying Safe From Banking Scams
Here are some of the ways to keep yourself safe and secure from a banking scam. All of them can keep you safe from losing your money. Moreover, they are quite easy to follow and there is nothing complicated about them.
1. Keep your contact info up to date
One of the most important things to keep in mind is that you should always keep your contact information up to date. The reason behind this is that if your bank thinks that there is something suspicious going on with your account, they can contact you right away. If it is not you, they will block all your transactions and lock your account. If you do not provide your bank with the right phone number and email, they will not be able to contact you right away, and in the meantime, the scammer will get a hold of all your money.
2. Use strong passwords
You must set a strong password for your banking app. The most common mistake people end up making is that they set up passwords that are too easy to guess. It is either their date of birth, their pet, or their child’s name. Remember, this is a big no! Make sure your password is a unique one. It should be at least eight characters long and should include a mix of upper and lowercase letters, along with special characters and numbers. You should also keep on changing your password on a regular basis for added security. However, make sure that every time the password you use is different from the previous one, or else there will be no security.
Another common mistake people end up making is that they keep the same password for literally all of their accounts. Be it their email, social media account, or any other platform. This is another that must be ignored at all costs. If you have the same password and a cybercriminal gets a hold of your email account password, he/she would definitely try the same password for your bank account. This is the major reason that your password must be unique and different for each and every platform, so utmost security. Never compromise on this at all!
3. Allow push alerts on the mobile banking app
Push alerts mean that your banking app will send a notification on your mobile phone whenever there is an activity going on within the app. For instance, this includes a notification whenever you log into your account, whenever there is a transaction made, and related stuff. When you enable push alerts, you will know whatever activity is going on. This way, whenever a scammer uses your app, you will get a notification that someone logged into your account. If the scammer makes a transaction from your account, you will also get an alert of that. This is highly important to keep yourself safe and secure at all times.
In order to do this, go to your banking app and select alerts from the menu option. Here review your settings and enable security alerts on your mobile number or device, the choice is yours. Moreover, most people who have such options enabled do not pay much attention to the alerts they get, and this is another mistake they make. You need to make sure to check these alerts, and if you feel like someone else is using your account, change your password and alert your bank right away so that you do not end up losing any more. The bank will make sure to block your transactions right away and keep your account safe.
4. Protect your devices
Another thing you need to make sure of is to keep your devices up to date at all times. This includes your phone, computer, as well as tablet. You need to keep every device updated with the latest browsing as well as operating systems that help in protecting your phone against criminals that might hack your phone in order to exploit you. The latest security software is the best way to stay safe from malware, viruses, and other online threats. You should turn on automatic updates, so you get the notification of every new software update just as they are available.
The thing is that when cyberattacks are on the rise, you need to take the necessary precautions in this world of technology. Nowadays, it is more important than ever to install antivirus software on your mobile device. An anti-spam software helps prevent spam as well as junk emails that might enter your inbox. This keeps you safe from phishing emails which is another huge factor that plays a role in banking scams. People act as if they are emailing you from your bank, send you fake links, and once you click on them, they get all your information.
Moreover, a firewall helps prevent unauthorized access to your computer through any virus and malware. On the other hand, anti-spyware software blocks the installation of spyware on your device, which can end up controlling it.
5. Enable biometrics
One of the most important factors everyone out there must follow is to enable biometrics. You simply cannot be completely safe and secure if you do not have them enabled. This means that no one can ever access your bank account without biometric verification, including fingerprint sign-in or facial recognition. This feature was not available during the old days; however, thanks to the advancement in technology, it is available now!
The thing is that having just passwords is not safe at all. Anyone who by chance gets a hold of your password or logging in information can pretend to be you and log in to your account. This way, they can make transactions and wipe away all your money. However, if you do have biometric verification on, that won’t be possible at all, and your account will be fully safe and secure.
In order to enable biometric verification, all you have to do is go to the settings of your banking and click the option that says security. Here you will see an option that says enable biometric verification. If your phone supports fingerprint to log in, then you will have to go for that and if it supports face recognition, go for that.
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6. Know the red flags that signal a scam
To keep yourself safe from banking scams, you must have knowledge regarding the red flags that signal a scam. Now, the most common types of scams target you through fake text messages, emails, calls, and related stuff. At times, scammers even come up at your door, acting as a representative from your bank. The scammer might pressure you into sending you money by making up false information. For instance, they may ask to transfer money so that your account or card remains active. Scammers might ask you to give them your personal bank account information and will threaten with a law enforcement action acting like one of them. The thing is that scammers use numerous tactics to make their victims fall into their trap. There are different cases where scammers may act friendly with you and act as if they are helping you. However, in some cases, they may use tactics that scare you and persuade you into giving your information.
If you do get in contact with someone like this and get a call, do not respond if you are not sure of the source. If you get an email, do not respond back at all. Apart from this, if you get a call from an unknown number that is claiming to be from your bank, you need to report it right away and do not trust it. Never ever give out your information this way. Even bank representatives do not ask you to send them your information via text or email. You need to keep your personal information safe, including your social security number, bank account number, and more.
7. Know which third parties have access to your account information
There are many risks associated with you sharing your bank account information with third parties. You must be aware of all the websites that have access to your information. Now, the customer has the full power to give their information to other apps. This isn’t really the bank’s choice. When you share your information with third-party apps as well as websites, this exposes you to privacy and security risks. The data shared is going to be governed by the third-party company’s privacy and data policy. When sharing your information, it is recommended that you go through this information for sure. This will allow you to understand how the third part is going to use and store your account information. This will include stuff like what happens to your data if you do not use the service anymore and how they are going to keep your information safe.
One thing you need to keep in mind is that when you are sharing your information with a third party, you do not really have access to how much information to share. Moreover, they also store our login information which is a risk, to be honest. It doesn’t really matter if you are regularly using the third-party app or not, your personal information remains with them at all times.
All in all, you must be aware at all times of where your information is being shared. Never ever share your information with a shady app or a website that you are not very well aware of. There is always a risk associated with such websites, which is why it is always better to be safe.
If you’ve been a victim of a banking scam and gave out your account information to scammers, then consult with us to help you get your account data and stolen money!
A Banking Scammer Can Never Steal From You Now!
In today’s world of technology, scams are on the rise, and this includes banking scams as well. This is why you need to make sure to be careful. You cannot be careful with your account at all, or else scammers will get the hang of it. Scammers out there are always looking for the perfect opportunity to scam you, and if they sense any option, they attack right away. It is as if they are alert at all times. This is why you need to make sure to follow all the tips mentioned above in order to keep yourself protected. If you have a look at them, it is not hard to follow them. You just need to keep a couple of factors in mind, that’s it. For instance, keep your account safe with a strong password, do not respond to fake calls, detect red flags, and take other security measures. If you follow these tips, you will surely be able to stay away from banking scams.
In case you do get scammed, you must report the scam right away to the bank and the authorities. They will make sure to catch the scammer and get you your money back!
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Victims of scams are stressed out because they don’t know what to do. We have the tools and experience to fight off scams, and our team can help you in getting your money back.
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