4 Simple Fraud Prevention Tips

In our modern age, digital tools make communicating, buying, and working easier than ever before. The modern digital age also makes it easier for scammers to use those same tools to deceive and commit fraud.

The Federal Trade Commission reported there were over 2.8 million reports of fraud in 2021 which amounted to a total of loss of $5.8 billion.

Fraud can often be prevented, especially if you follow these suggestions from the Zions Bank Digital Banking Services Team.

Fraud Prevention Tip #1: Never share login information – even with your bank

Sometimes the most complex problems have simple solutions. To help protect yourself from fraud, do not share your digital banking login ID or password with anyone for any reason. Confirm that you are on your bank’s official website before logging into your online bank account.

Zions Bank will never contact you to ask for your online username, password, or PIN number. If you are concerned about a text message, call, or email you received, contact your bank directly using the number of the bank of your credit card or on your bank’s official website.

Fraud Prevention Tip #2: Check emails, online messages and text messages carefully

Do not call the phone numbers or click on links in any suspicious or unwarranted emails, text messages, or online messages.

If you are asked to approve a payment via text or click a link from an unknown number, this is likely fraud.

Remember, if it sounds too good to be true, it probably is. Don't be fooled by romance scams, inheritance scams, or work-from-home scams. If you received a check in an online message, think twice before depositing.

Fraud Prevention Tip #3: Verify communications are from a legitimate source and report any fraudulent messages

So, you’ve received a fraudulent message, what now? Report the fraudulent message to the company the scammer professed to be from. Contact the company on a known published number which can be found on their official website.

Amazon, eBay, PayPal, or any legitimate company will not need to access your personal device for any reason. If you are asked to allow them to remote in (access or take control of your device) and access your digital banking account for a refund, hang up and contact your bank immediately.

Beware of anyone who wants to help you invest money in cryptocurrency. Do more research on the person or company that is contacting you. If you have any reservations about their qualifications, do not engage.

Fraud Prevention Tip #4: Be wary when transferring or receiving money

Unknown individuals or even online friends asking you to transfer money or access your account in any capacity is a sign of fraudulent activity. Never provide gift cards or prepaid card information to someone you don’t know. Do not accept money from someone you do not know, as you may be unknowingly committing fraud or money laundering.

If you are selling something online, be wary of overpayment schemes. If someone wants to pay you extra for any reason, including shipping or holding, it may be fraud.

Additionally, no company can stop fraud by moving your money to a so-called safe place via a payment app, and a legitimate lender will not ask you to send money back to get a larger loan.

Immediately report your experience to your bank if you feel your personal information or account information has been compromised. Zions Bank clients can forward any suspected fraudulent emails to abuse@zionsbank.com. You can also report your experience to the Federal Trade Commission.

To find out more about how to help protect yourself from fraud, visit the Zions Bank Security Center.