LIFE & TRENDS 7 Biggest Banking Scams


How to avoid being one of 2.4 million Americans swindled every year. ::


BY JENNIFER NELSON G


race magalit, ph.d., a molecular biologist, recently discovered that her 73-year-old mom, Dolores,


was swindled out of $2,000 in a common banking scam. First, Dolores received a text


message that claimed to be from her bank. It said her account had become compromised, and she needed to set a new password. The link in the message then


took the Laguna Beach, California, resident to a fraudulent site that was set up to look like the bank’s site. There, she was asked to input both her old and new login credentials. “Because she clicked the link and


typed in her passwords, some of her money was transferred to another account,” says Magalit. “Luckily, she soon realized it and called the bank to block access to her account.” Dolores had been “smished.” With the ever-evolving tactics of


cybercriminals and fraudsters, you or your elderly relatives may be exposed to myriad deceptive banking scams


that can bilk you out of hundreds (or even thousands) of dollars and steal your personal information, says cybersecurity expert Howard Globus, founder and CEO of IT On Demand and author of UnHACKD: Cyber Security Essentials to Protect Your Business and Your Identity.


HERE ARE THE MOST COMMON BANKING SCAMS:


1


Smishing Like Dolores’ experience,


smishing involves a scammer sending you a text that prompts you to provide personal information or click on malicious links. Protect Yourself: If you get any text message from a number you don’t know — even if it appears to be a bank you do business with — don’t open any attachments, click on any links, or give out any personal information.


2


Phishing Just like smishing, phishing


scams involve fraudsters asking for personal information and inviting you to click on malicious links. The


difference is that phishing starts with an email instead of a text. Note: The websites these con


artists send links to often mimic your bank’s. Don’t be fooled! Protect Yourself: “Be wary of


any unsolicited communications,” says Percy Grunwald, co-founder of Compare Banks, a financial products comparison site. “Be skeptical of emails, text messages, or calls asking for personal information. “Legitimate financial institutions


won’t ask you to provide sensitive details through these channels.”


3


Vishing Fraudsters try to trick you into


revealing personal information or transferring money by phone. Scammers can spoof a bank’s phone number, and anyone can use a Google Voice phone number that looks local or valid. Protect Yourself: “Don’t pick


up a call from a number you don’t recognize,” says John Wilson, senior fellow of threat research at cybersecurity provider Fortra. “Let the call go to voicemail.”


4


Fake Check Scams Fraudsters will send you a check.


TO FURTHER GUARD AGAINST BANKING SCAMS: Monitor accounts


Strengthen your passwords. Use unique, complex passwords for your online bank accounts and change them regularly.


66 NEWSMAX MAXLIFE | AUGUST 2023


daily. Report any unauthorized activity to your bank immediately.


FACEBOOK/POSTMODERN STUDIO/SHUTTERSTOCK / TEXT/MUNDISSIMA/SHUTTERSTOCK / PASSWORD/CELIA ONG/SHUTTERSTOCK


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