Easy Ways to Help Protect Yourself from Popular Fraud Schemes

Every day fraudsters are developing new ways to scam innocent people. It’s important to understand that anyone can fall victim to fraud. That’s why we are here to provide resources about popular fraud schemes and how to avoid them.

Fraud is defined as any intentional act or omission designed to deceive others that results in the victim suffering a loss and/or the perpetrator achieving a gain. In 2019, more than 21,000 people nationally were conned into losing $143 million to fraud schemes alone.

Common Types of Fraud

Account Takeover Fraud:

Takes place when a fraudster gains access to an account that does not belong to them, changes information such as log in credentials or personal information, and then makes unauthorized transactions in that account.

Check Fraud:

Occurs when a person intentionally or deliberately acts to deprive another person (or entity) of money using deceptive or unfair means.

Elder Financial Abuse:

Happens when financial resources are misappropriated and/or control of financial resources is abused (in the context of a relationship where there is an expectation of trust), and that abuse causes harm to an older person.

Identity Theft:

Arises when a fraudster uses someone’s personal identifying information without their permission in order to commit fraud or other crimes.

New Account Fraud:

Comes about when fraud takes place within the first 90 days after an account is opened. The accounts are often opened solely to commit fraud.

Phishing:

Happens when scammers use email or text messages to trick you into clicking a malicious link or giving out personal information, enabling them to hack into your account.

Social Engineering: 

Occurs when a fraudster tricks someone into giving up their confidential account and/or personal information by convincing them to think they are communicating with trusted and known sources.

Be Informed and Aware

Being a victim of fraud can result in fraudsters accessing your personal information, bank account, and more. The first step in preventing this from happening is with education.

• Don’t choose the same password for multiple accounts and use a combination of symbols, upper and lowercase letters, and numbers. Be sure to change your passwords regularly and if you write them down, keep them somewhere safe.
• Never provide any passwords or financial credentials to anyone requesting them over phone or email. Legitimate financial institutions and businesses will never ask for that information.
• Confirm email requests via phone prior to making any transactions and never click on a link or open an attachment within an email unless it is from a known source.
• Make sure computers are up to date with malware and security settings.
• Don’t allow yourself to be rushed when someone is asking for information or money – take your time, ask questions, and verify what’s being said.
• Finally, make sure you are continually brushing up on common scams and warning signs.

Protect Yourself from Fraud

• With our NB Online and Mobile Banking you can monitor your activity in real-time to ensure that all transactions posted to the account are authorized and accurate.
• Set up account alerts in order to keep tabs on your activity and receive notifications when things don’t seem right.
• Familiarize yourself with the information in this article. Download the PDF version of it here and feel free to print it out for easy access!
• For more helpful information on types of fraud, how to prevent and protect yourself from fraud, and what to do if you fall victim to fraud, visit needhambank.com/fraudprevention.

If you’re a Needham Bank customer and you suspect there’s been fraudulent activity with one of your accounts, call 1-781-444-2100 or your local branch as soon as possible. If your card is lost or stolen, or you suspect unauthorized use, contact Needham Bank immediately at 1-833-337-6075. For International calls please call 1-614-564-5105.