Banks Will Never Ask That!

Betesha Ethridge- #BankWithBea

Hello friends! I wanted to continue our conversation regarding scams. I have heard of and witnessed so many people falling victim to scammers on the phone and on the internet lately. It doesn’t only happen during certain seasons of the year. It happens every day! According to Truecaller, roughly 59.4 million Americans have lost money to phone scams over the past year. Close to 19% fell victim more than once. Consumers lost $56 billion to identity fraud last year!

The unfortunate thing is that we are all at risk of becoming victims of fraud, however most people think it will never happento them. Here are a few statistics from Legaljobs: 1) 1.3 million children have their identities stolen every year. This is partly due to the growing number of children using the internet to play games, watch TV, make purchases, as well as young people with access to their own phones, in-app purchases, and social media. 2) You are more likely to become a victim of identity fraud by having your wallet snatched than you are via online fraud. You are also at risk of being scammed by someone that you know who has access to your personal information. 3) In 2018 internet-enabled theft, fraud, and exploitation were responsible for a massive $2.7 billion in financial losses and 82% of organizations were victims of payment fraud.

Let’s dive deep into a few more to give us more insight on justhow serious this is. A study by Better Business Bureau, FINRA, and the Stanford Center for Longevity revealed that around 53% of all people scammers approach will engage. Our guard is often down when we are on social media, as we feel surrounded by friends and family. BE CAREFUL FRIENDS!

When we talk about identity theft, phone scams statistics include stealing your identity via your phone details to pretend to be you in the interest of taking money from your providers and contacts. Cell fraud accounted for 33,466 reports and made up 10.3% of the top 5. 

So, what are some things that you can do to avoid falling victim to scams? First, know that banks and credit unions will NEVERcall you and then ask you for our one-time verification code, PIN, password, or other personal identification details. I have seen it too many times. I even saw in the news recently, a story about a woman who lost $20,000 because she gave the fraudsters her online pins and her verification code that was sent to her phone, while she was on the phone with someone she thought was from her bank. If something feels strange, hang up immediately and call the phone number on the back of your credit or debit card. Never give your personal information, send cash, gift cards, or money transfers to someone you don’t know in real life. Check your social media privacy settings- scammers can get your personal information by what you post! Trust your instincts! Lastly, if you do fall victim to a scam- file a report with law enforcement and don’t be embarrassed… you are not alone. #BankWithBea

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