Scammers and fraudsters are constantly evolving their tactics in targeting people and their wallets.
The good news is that you don’t need to know all the details of the latest scam to protect yourself. Instead, taking just a few easy steps and staying vigilant can help protect your finances.
Set Account Alerts
Set transaction alerts on your banking accounts as well as your debit and credit cards to catch any unauthorized transactions in real-time. Most financial institutions let you set a transaction dollar amount that will automatically trigger a text or email notifying you of the transaction. The sooner you can spot unauthorized activity on your accounts, the quicker you can contact your financial institution to alert them of the problem and begin the dispute process.
Learn more about setting alerts on SAFE accounts.
Use Card Controls
SAFE lets members turn debit and credit cards on and off with just a few taps in the SAFE Mobile App and in Online Banking. You can turn off cards until you would like to use them, then turn them back off again. If you misplaced or lost a card, you can quickly turn it off until you find or replace it. This service is also convenient for parents who want a little bit of control and oversight for their children who use their own debit cards!
Learn more about using card controls at SAFE.
Use Two-Factor Authentication Whenever Offered
Taking the extra time to set up and use two-factor authentication can be worth it when keeping your financial accounts safe. With two-factor authentication, a financial institution sends you a text or email with a one-time temporary code to complete logging in to your account. This helps ensure that only you can access the account.
Learn more about how SAFE keeps your information secure.
Use the Tap-to-Pay Function or a Digital Wallet
The safest way to make a purchase in person is to choose the tap to pay option or use a digital wallet. Both of these options create unique, one-time codes for the transaction. Neither your account information nor your credit or debit card information is sent along as part of the transaction.
Also, when using an ATM, use the tap function if available. This helps you avoid “skimming” attempts – when fraudsters install a device and camera to capture card numbers, PINs, and account info. Instead, the tap function provides a one-time unique code that is useless to hackers.
Learn more about SAFE’s tap to pay debit and credit cards.
Remain Vigilant
Scammers use every channel, tool, and tactic imaginable to try to take your money. They may call or text you and threaten to arrest you if you don’t pay a fine; others may try to bring you into an elaborate plot centered on false claims of romance, an international crime syndicate, or family members in trouble. There are also scammers who lie in wait online and social media with false offers for luxury goods or purebred pets. Others post incorrect contact information for various businesses that may show up in an online search, so instead of contacting the business, you reach a scammer.
Here are some tips to keep in mind.
- Don’t share two-factor authentication codes or one-time access codes with anyone. Scammers trying to get into your account may pretend to be from your financial institution, saying there is a problem with your account, such as fraud or am issue with your password. They may ask for your login credentials or ask you for the authentication code if they already have your username and passwords. If you suspect the caller is fraudulent, hang up immediately and contact your financial institution to verify whether there are any issues with your account.
- If it’s too good to be true, it is likely a scam. Scammers depend on people’s preferences for good prices and deals. Know the marketplace and general asking prices for what you’re shopping for to ignore possible scams.
- Person-to-person payment services, also called P2P services, are the same as cash. If a vendor asks you to use a P2P service, know that when you hit send, it’s the same as handing over a bundle of cash. Instead, ask if the vendor will take credit or debit cards, or an old-fashioned paper check. Those options offer some protection that may help you get your money back in a scam.
- Use logic over emotions. Scammers know that emotions are powerful motivators. Fear, hope, even greed can lead people to make decisions they may not make otherwise. Keep a level head when dealing with a stranger on the phone, a random text, messages or posts on social media, or email. Contact the agency, organization, or financial institution they say they’re from to independently verify any claims they’re making.
Learn More
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