Title: Fool Me Once: Scams, Stories, and Secrets from the Trillion-Dollar Fraud Industry
Author: Kelly Richmond Pope
Hardcover: 288 pages
Publisher: Harvard Business Review Press
Publishing Date: March 21, 2023
Who is this book for?
Anyone who has ever wondered why investors were easily duped by Elizabeth Holmes, or how any of the thousands of scams fraudsters pull off each year is successful.
Anyone who has ever wondered how to identify the scams that cost consumers and businesses trillions of collective dollars annually.
What’s inside this book?
Fascinating stories and insightful analysis on fraud, culled from Pope’s years as a forensic accounting expert.
On-target tips for recognizing fraud and protecting yourself from becoming a victim.
4 questions this book will answer for you:
How is it possible for scammers to dupe successful mega-businesses, as well as educated, bright consumers?
What really motivates whistleblowers?
Are my beliefs about fraud legitimate?
What really makes perps tick and victims gullible?
What people are saying about this book:
“Fool Me Once is insightful, educational, and highly entertaining. Based on hundreds of hours of direct personal contact with fraudsters, Kelly Richmond Pope offers a riveting take on the human side of fraud. A must-read!” — Bethany McLean
“Fool Me Once is required reading for anyone who wants to better understand perpetrators, victims, and whistleblowers and how to better prevent, detect, and investigate fraud.” — Cynthia Cooper
“Accessible, humorous, and engaging, Fool Me Once includes fascinating stories from the perspective of one of the nation’s foremost fraud research experts. I recommend this book for corporate and academic discussion or for anyone interested in understanding and preventing fraud. I do not recommend it for potential fraudsters!” — Paula A. Price
“Fool Me Once sets the bar high for how to protect yourself from scammers. It is an essential read.” — Joe Navarro
TikTok Inspo: Can you sell us on picking up a copy of this book? Give us your take on Fool Me Once in a 15-second video.
When it comes to convenience, service and sheer scope of products, nothing beats Amazon. The world’s largest and most popular online marketplace is the 21st century shopper’s go-to for virtually any product under the sun. Unfortunately, though, Amazon is also rife with scammers. Here are five Amazon scams and tips from the e-commerce giant for protecting yourself from falling victim to these schemes.
Update your order
In this scam, a shopper places an order on Amazon and waits for it to arrive. Before it shows up at their doorstep, though, they receive a phone call or written notification via email or text message, informing them that there is an issue with their account. It further claims that the customer must update or confirm their information before they can receive their purchase. The contact may ask the target to re-share their payment information or other personally identifiable information (PII). Often, the target believes the request is legit and willingly shares this information.
Don’t get scammed: If you’re asked to update your payment information and/or something seems off, go directly into your Amazon account and check the “Your Orders” section. If you aren’t prompted to update your payment method on that screen, the message you received is from a scammer. Amazon will never ask for payment over the phone, by text or via email.
You’re owed a refund
In this scam, a target receives a text or email stating they’ve been overcharged for a recent Amazon purchase and are owed a refund. The target is directed to call the provided phone number. When they call, an alleged Amazon rep will ask to be granted access to the target’s computer so they can issue the refund. Unfortunately, doing that will give a scammer direct access to the victim’s computer and financial accounts.
Don’t get scammed: Any notification from Amazon will be available on the company’s website. If you are owed a refund, you’ll find all the information you need to know within your secure account.
Off-platform payments
In this scam, a target finds a product they’d like to purchase on Amazon. However, when they try to complete the transaction, the seller asks them to follow a link for an off-platform payment, usually via a P2P payment platform like Zelle or Venmo. While these platforms may be secure, completing the purchase off Amazon’s site or app means losing all purchase protection that Amazon provides. The customer will also likely end up with a faulty product, or no product at all.
Don’t get scammed: Authentic Amazon sellers will never ask for payment outside the actual Amazon site.
Amazon Prime Video scams
In this scam, consumers looking to set up Amazon Prime Video on their SmartTV are lured into bogus sites by clicking on pop-up ads including keywords like “Set up Prime on TV”. The fake sites look identical to Amazon’s SmartTV setup page, so the victim believes they’ve landed on the correct page. The target will be asked to enter Amazon’s six-digit code on their TV and then call the phone number the site provides. Once on the phone with a victim, the scammers will direct them into sharing the two-factor authentication code that was sent to their device via Amazon. Unfortunately, if the target complies, they’ll be giving a scammer access to their Amazon account. Don’t get scammed: Never share your passwords, authorization codes and/or login credentials over the phone. If you need to set up Amazon Prime Video on your SmartTIV, visit
Amazon’s website directly and follow the instructions here. It’s also good to know that all legitimate Amazon websites have a dot before “amazon.com,” such as “pay.amazon.com”. Any link to a website that contains the words “amazon” but does not follow this rule is a scammy site.
Mystery boxes, prizes and crazy-low deals
Here, a scammer tries to snag a victim by offering something that sounds too good to miss. Of course, it’s also too good to be true. The scam may take the form of a “mystery box” sold on Amazon, prizes the target has randomly “won” or deals that practically give the item away. In each of these cases, the victim receives a message allegedly from Amazon, claiming they’ve won a prize. It may also promote a mystery box sale or a once-in-a-lifetime deal. The victim will be directed to click a link or call a number to receive the prize or item. Of course, doing so will lead them right into the hands of the scammer, who will ask for their PII, or download malware onto their computer.
Don’t get scammed: Never follow a seller’s directions away from the actual Amazon site. Also, if something seems too good to be true, it likely is.
Stay alert and follow the tips mentioned here to enjoy shopping on the world’s largest marketplace without compromising on your safety.
TikTok Inspo: Can you scam us? Impersonate an Amazon scammer using one of the schemes described above or another one you’ve come across. Catch us in your scam … if you can!
Artificial intelligence (AI) is revolutionizing the way we live and work. Unfortunately, though, it’s also revolutionizing the way scammers con unsuspecting victims into sharing their personally identifiable information and their money. Here’s what you need to know about AI fraud and how to protect yourself.
What is AI fraud?
AI fraud is the use of artificial intelligence to deceive or defraud individuals or organizations. When using artificial intelligence to pull off a scam, fraudsters use AI algorithms to create convincing fake identities, manipulate social media, generate realistic fake images and videos (AKA “deepfakes”) and more. The scammers then create fake social media profiles and email addresses using these bogus identities and footage. Often, they’ll pretend to represent celebrities or other famed personalities for soliciting money and information.
In another form of AI fraud, scammers use social engineering tactics to trick people into giving them their personal information or money. They may create fake websites or emails that appear to be from legitimate sources, such as financial institutions or government agencies, and ask people to provide their personal information or login credentials.
AI fraud is especially dangerous because its sophistication makes it difficult to detect. Thanks to AI technology, scammers appear to be legitimate, increasing the likelihood that people will fall for their scams.
Types of AI Fraud
AI fraud is executed in several forms, including:
Phishing
Identity theft
Deepfakes
Fake news
Social media manipulation
Chatbot scams
Fraudulent financial advice
Each type of AI fraud has its own unique characteristics and risks.
Red flags
Are you being targeted by AI fraud? These red flags may be your first clue of an AI scam:
Multiple unsolicited emails and/or text messages
Being asked to provide personal information or login credentials by an unverified contact
Unusual and/or unexplained activity on your social media accounts
Receiving financial advice that seems too good to be true
If you notice any of these signs, it’s important to be cautious and investigate further. If the contact claims to represent a government agency, do not engage. Reach out directly to the agency that supposedly contacted you to see if the communication is legit. Follow the same steps if you’ve been contacted by an alleged representative of Advantage One Credit Union and something about the interaction has set alarm bells ringing in your head. It’s always better to be on the safe side when it comes to your personally identifiable information and your money.
Protect yourself
You don’t have to wait to be targeted by AI fraud to protect yourself from falling victim to these scams. Keep your money and information secure by following these precautions at all times:
Never share sensitive information online with an unverified contact.
Always check the URL of each landing page when banking online or using another platform to share sensitive information. Look for the “s” after the “http” and the padlock icon, as well as the correct spelling of the company’s website to ensure you haven’t been lured into a look-alike scammy site.
Use strong, unique passwords across all of your accounts.
Keep your device’s security on its strongest setting.
Be wary of messages from celebrities asking for money or information.
Use updated antivirus software on your personal devices.
If you’ve been targeted
If you suspect you’ve been the victim of AI fraud, it is important to act quickly to mitigate the damage. First, contact Advantage One Credit Union at 734-676-7000 to let us know your information has been compromised. Similarly, reach out to your credit card companies to let them know about the fraud. Next, report the fraud to the FTC so they can take appropriate measures in catching the humans behind the bot-generated scam.
Finally, you’ll also want to change your passwords and login credentials and consider a credit freeze. Finally, if your identity has been stolen, reach out to identitytheft.gov to learn your next steps.
AI fraud is a growing concern, but there are steps you can take to protect yourself. Follow the tips outlined here and stay safe.
TikTok Inspo: Can you scam us? Use the info in this blog to impersonate an AI fraudster in a 15-second video.
When Midge Laurin, of Chicago, Illinois, mailed out a $30 check, she had no idea it would be intercepted by a scammer and written out to someone else to the tune of $9,475. Check-washing scams like this are on the rise, and can leave victims struggling to reclaim their lost funds for months. Here’s what you need to know about these scams and how to avoid them.
How the scams play out
In a check-washing scam, the target places a check in the mail, and it is then stolen by scammers who nick envelopes from private mailboxes or lift them out of public mailboxes using “fishing rods” made of strings attached to a sticky substance. With check in hand, the scammer uses ordinary household chemicals, like acetone or bleach, to erase the ink off the stolen checks. Finally, they’ll rewrite the numbers and/or the payee before depositing the checks into their own accounts.
Sometimes, the scammer will take the ruse one step further by using the checking account details found on the check to commit further crimes against the check-writer. This may include producing counterfeit checks in the victim’s name, as well as fake IDs, driver’s licenses and passports. The victim may only learn about these crimes when they begin receiving overdraft notices or are informed that their ID is no longer valid.
Protect yourself
Unfortunately, check washing may not be discovered for weeks, or even months after its occurrence. Sometimes, the victim will only learn of the ruse when they review their monthly checking account statement and see that the check amount and/or payee has been altered. Or, they may only find out about it when the intended recipient reaches out to let the check-writer know they still have not received the check. The scam’s discovery is more likely to be delayed when the scammers have not modified any information on the check and have simply stolen and deposited a check made out to “cash”.
In addition, many financial institutions do not offer complete protection on fraud that is not reported within a few days of its occurrence. Some offer partial protection for up to 60 days.
Law enforcement agencies on local and federal levels, including the U.S. Postal Inspection Service and the FBI, have task forces to help stop check washing. They offer the following strategies for keeping your checks and your information safe from scams:
Whenever possible, use mobile and online banking services and P2P systems as a replacement for checks.
When writing checks, use black ink, preferably the gel kind. The ink found in blue ballpoint pens can be easily removed with acetone.
Don’t raise your mailbox flag when there are bill payments inside. Hand this mail directly to your carrier or mail it from the post office.
Retrieve your mail daily and never leave the mailbox full overnight. If you’ll be traveling, you can arrange for the post office to hold your mail for up to 30 days. Alternatively, have a friend or trusted neighbor retrieve your mail so it doesn’t pile up.
When mailing checks, use envelopes that have security tinting.
Shred or burn all canceled checks, checks deposited through your mobile app, credit card statements and bills.
Review your checking account activity frequently. Ensure all checks have cleared for the correct amounts and to the correct payees. You can generally access this information through your financial institution’s mobile banking app or website.
Store your checks in a secure place within your home.
Avoid making checks out to “cash”. Instead, write out your checks to a specific person or business.
Check washing can wreak havoc on a victim’s finances before they even know it’s occurred. Follow the tips outlined here to keep your checks safe.
TikTok Inspo: Have you side-stepped a check-washing scam? Tell us your story in a 15-second video.
Scammers are always looking for new ways to deceive people for a quick buck. With home improvement season upon us, related scams are common. Here are some of the most common home improvement scams and how to avoid them.
The door-to-door scam
Knock-knock. There’s a scammer at the door! They’ve shown up, pretending to be a contractor or representatives of a home improvement company. They may offer to do work for a low price or even for free, claiming they’ve just finished working in the neighborhood and have extra materials, so they’re happy to work at a reduced or no cost.
Cheap or free labor sounds amazing, doesn’t it? And it is – until you realize the “contractor” is unlicensed or not insured, uses subpar materials and does shoddy work. They may also try to get you to sign a contract on the spot, not leaving you any time to research or get competing quotes.
Stay safe: Never hire a contractor on the spot. Always ask for proof of license and insurance and references of previous clients.
The high-pressure sales scam
“If I leave here without a signed contract, the deal’s gone!” Some scammers use high-pressure tactics to get you. They may offer a special deal you can only get for a very limited time. It’s take it (now) or leave it. Unfortunately, though, these tactics are only a ploy to pressure you into making a decision before you’re able to think twice. They may also hide extra fees or charges in the contract, and/or promise things that they cannot deliver.
Stay safe: Never rush to hire a contractor. Don’t be swayed by limited-time offers, and always read the contract carefully before signing.
The “as seen on TV” scam
Some home improvement scams use the “as seen on TV” approach to trick you into thinking their product or service is endorsed by a reputable source. They claim their service has been featured on a popular TV show, but these claims are false or exaggerated.
Stay safe: Always do your research and read reviews from other customers on multiple platforms before hiring a contractor. Don’t assume claims of popularity are legit without verifying them first.
Follow these tips to protect yourself from a home improvement scam. Stay safe!
TikTok Inspo: Can you scam us? Try impersonating a home improvement scammer using one of the ruses described above.
Q: My computer has been acting strangely, and I’m worried it may be infected with malware. How can I tell if my computer has a virus?
A: Computer viruses can be a nightmare for anyone, whether they use them for work or personal use. If you think your computer may have a virus, it’s essential to know how to identify it and take necessary steps to protect your device and data. Let’s explore the common signs of computer viruses and ways to prevent them from infecting your computer.
Sluggish performance
If your computer is suddenly operating in slo-mo, it may be infected by a virus. Computer viruses typically utilize a computer’s processing power to perform malicious activities, such as sending spam emails or mining cryptocurrency. If you notice any significant changes in your computer’s performance, investigate further.
It’s important to note that another possible cause for sluggish performance is a nearly-full hard drive. If your computer’s slowed down significantly, check how much free space you have left on your hard drive. If your hard drive is almost full, delete any unnecessary files and programs to free up space. If your computer is still running slowly after freeing up space, it’s time to run a virus scan.
Pop-up ads
If your computer starts displaying pop-up ads while you’re browsing the internet or using other programs, it’s a sign that it may have a virus. Pop-up ads can be annoying and may lead to malware installation or other malicious activities.
If you’re seeing pop-up ads, avoid clicking on them and run a virus scan as soon as possible. You can also install an ad-blocker extension on your web browser to prevent pop-up ads from appearing in the future.
Strange, new programs
If you notice new programs on your computer, and you do not remember installing them, it’s possible that your computer has a virus. These programs may be malware designed to perform malicious activities, such as stealing your personal information or encrypting your files.
Uninstall these programs immediately and run a virus scan.
Sudden crashes and freezes
If your computer is crashing or freezing frequently, it may indicate that it has a virus. Viruses can overload a computer’s resources or modify critical system files. This can lead to frequent crashes and freezes.
It’s essential to run a virus scan if you’re experiencing frequent crashes and freezes. Additionally, make sure to keep your operating system and other software up-to-date to prevent vulnerabilities that can be exploited by viruses.
Strange network activity
A virus may be using your computer’s network resources to perform malicious activities, such as sending spam emails or performing DDoS attacks. If you notice unusual network activity, such as your internet connection slowing down or unusual data usage, it’s possible that your computer has a virus. Run a virus scan and check for any unusual programs or processes running in the background.
Changes to browser settings
A computer virus may modify your browser settings to redirect you to malicious websites or display more ads. If your web browser’s homepage or search engine has changed without your consent, it may be an indication of a virus. Reset your browser settings to their default settings and run a virus scan.
Missing files
A virus can delete or modify your files to perform malicious activities, such as stealing your personal information or encrypting your files. If you notice that some of your files are missing or have been modified without your knowledge, it’s possible that your computer has a virus.
Run a virus scan and backup your important files to prevent data loss.
My computer has a virus. Now what?
If a scan detects a virus, the antivirus software on your computer should guide you through your next steps. You’ll likely need to delete all temporary files on your computer, delete infected files and programs, and then restore your computer to an earlier backup. You may also want to reinstall your device’s operating system, though this may result in the loss of important files.
How can I protect my computer from a virus?
Protecting your computer from viruses is essential to avoiding the hassle and potential damage they can cause. Here are some tips to prevent viruses:
Install antivirus software and update it on a regular basis
Avoid downloading files from untrusted sources
Don’t click on suspicious links or pop-up ads
Keep your operating system and other software up-to-date
Use strong and unique passwords across all your online accounts
Use a VPN if you access public Wi-Fi
Backup your important files regularly to prevent data loss in case of a virus attack
If any of the signs of viruses listed above show up while using your computer, run your device through a virus scan. Follow the prevention tips to keep your computer safe.
TikTok Inspo: Help! My computer has a virus – or does it? Shoot a 15-second video to show us how to check if your computer’s been infected.
Celebrity scams prey on society’s trust in celebrities and the adulation many people have for the rich and famous. Unfortunately, celebrity scams are becoming increasingly common and can be challenging to spot. Here’s what you need to know about these scams and how to protect yourself from falling victim.
How the scams play out
There are several ways celebrity scams play out:
Online phishing schemes. In this ruse, a scammer pretends to be a celebrity to get personal information from unsuspecting victims. They may create fake social media accounts, send emails or even set up fake websites to get credit card numbers, account information and passwords.
Fraudulent charities. Here, a scammer will create fake charities and use a celebrity’s likeness to solicit donations. They may also use the celebrity’s name to advertise non-existent events or products in support of this bogus charity. Of course, any money donated will go directly into the scammer’s own account.
Fake autographs. In this variation, scammers attempt to sell fake autographs as authentic, often at a fraction of the cost of a real one.
Bogus endorsements. In this scam, a scammer creates a bogus promotional post that appears to be from the celebrity to sell their own product.
Protect yourself
The best way to protect yourself from celebrity scams is to be vigilant.
Do your research and make sure that every celebrity-endorsed social media post is legitimate. Be sure to verify a celebrity account before engaging with it. It’s also important to follow basic online safety rules at all times. Never share your credit card or account numbers with an unverified contact, and only visit secure websites.
When donating money to charity, even if it appears to be endorsed by a celebrity, it’s best to verify that it’s legitimate. You can look up the charity on a site like Charity Navigator or CharityWatch.
Finally, when purchasing an autograph or buying a product that’s allegedly endorsed by a celebrity, verify that it’s legitimate. Use reputable dealers for autographs, as celebrities will never sell autographs directly to the public. If you believe a product is actually being endorsed by a celebrity, check out their account on another social media platform to see if they’re really promoting this product.
Stay alert, and stay safe!
Your Turn: Have you been targeted by a celebrity scam? Tell us about it in the comments.
P2P platforms, like Zelle, Venmo and PayPal, have made life so much easier for many consumers. Paying your friend back for the $20 you borrowed while at the mall, splitting a meal and purchasing a shared gift are now as easy as a few quick screen swipes. Unfortunately, though, P2P scams are rampant and varied. Also, once money is transferred through a P2P service, it’s usually gone for good.
Here are six P2P scams to beware of:
Mystery money
In this P2P scam, a stranger “accidentally” sends the target money and then reaches out to them, asking for their money back. The target will see these funds in their P2P account and willingly return the funds. Unfortunately, though, because this money was added to the target’s account using a stolen credit card or checking account, the platform will ultimately flag the transaction as fraud and remove the funds. If the victim already forwarded the funds to the scammer, the platform will hold them accountable for the funds and potentially block their account.
Hidden credit card fraud
In this P2P scam, a fraudster will purchase an item listed on Craigslist or a similar site using a P2P service. They’ll pick up the item, or have it shipped to their home, and they’ll never be heard from again. Meanwhile, the P2P platform will eventually recognize that the funds for the purchase were fraudulently sourced, and will take the money back from the seller. The victim will be left without the item – and have no money to show for it.
Fake customer representative
Customer rep scams are an old story, but their appearance in the P2P world is only as old as these payment platforms. In this scam, a target experiencing difficulty with a transaction on a P2P platform inquires about assistance on social media. A scammer sees that inquiry, and then reaches out to the target, claiming to represent the platform and offering their assistance. If the target falls for the ploy, they’ll be directed to a bogus support site where they’ll be asked to enter their account details or credit card info. This, of course, leaves them open to identity theft and financial loss.
Utility scams
Utility scams pulled off via P2P platforms follow the same script as the classic scam in which an alleged rep from a utility company reaches out to a target, claiming their service will be shut off unless a payment is immediately made. In this variation, the scammer insists on payment via a P2P service. Unfortunately, once the payment is made to this “service rep,” it can be impossible to reclaim the funds.
Password scam
In this P2P scam, an alleged representative of a credit union or bank will reach out to a target via text, asking if they approve a recent large P2P transfer from their account. The target will respond with a quick “no.” Next, the scammer will call the victim, again posing as a rep of their financial institution, and offer to assist them in reclaiming the allegedly frauded money. To do so, the scammer claims, the victim will need to share their Zelle login credentials. Unfortunately, if the victim shares the one-time passcode, the scammer will have the info they need to change the password and access the victim’s Zelle account. The scammer can now send themselves money through the victim’s Zelle account.
Bogus receipts
In this variety of a P2P scam, a scammer will insert themselves into a legitimate P2P transaction by digitally manipulating a screenshot to make it appear as if they have completed a part of an ongoing deal and insisting that you now owe them money. In truth, though, the transaction was never completed and, if you send the money, you’ll be sending it directly to a scammer’s P2P account.
Stay safe
Follow these rules when using P2P platforms:
Only send and accept funds from people you personally know and trust.
Always confirm that you’re interacting with the correct person by verifying their phone number at every stage of the P2P transaction process.
Call the P2P platform’s customer service number directly to resolve errors. Similarly, reach out to Advantage One Credit Union directly if you receive notification of an allegedly frauded account.
After completing a P2P transaction, check your checking account to confirm you’ve actually received the promised funds.
P2P services are enormously convenient, but each transaction carries the risk of fraud. Use the tips outlined here to stay safe from P2P scams.
Your Turn: Have you been targeted by a P2P scam? Share your experience in the comments.
Smartphones are the millennial’s answer to the disorganized life. You can buy practically anything with just a few swipes, schedule your appointments and store all your photos and home videos in this one, convenient location. [You can also manage your accounts, check your balance and deposit checks through Advantage One Credit Union’s mobile banking app and/or website]. Unfortunately, all of that convenience comes at a price: Your mobile devices pose an inherent risk to your security if they fall into the wrong hands. The good news is, there are ways to protect your phone and your information from fraud.
Here are 6 tips for keeping your device safe and secure.
Keep your phone locked
If your entire life is on your phone, you run the risk of giving up complete access to your identity if your phone is stolen or misplaced. The best way to prevent this from happening is to have a lock on your screen. Opt for a physical lock if possible, such as fingerprint or face recognition; meaning no amount of automated password inputs can open your phone. Consider installing a tracking device/app on your phone as well to help you locate it and retrieve or erase the data if it gets misplaced. Finally, adjust your phone’s lock settings so the screen automatically locks after the shortest amount of time being idle.
Choose strong, unique passwords across all your devices and apps
Passwords should be a blend of letters with varied capitalization use, numbers and symbols. Be sure to use a different password for each of your devices, apps and other online accounts, and to change up your passwords approximately every six months. Don’t store the info for all your passwords in one location on your phone or have your device “remember” your passwords. If you find it challenging to recall all your passwords and login credentials, you may benefit from a password manager like Sticky Password or LastPass.
Browse safely
Follow these rules for safe online browsing:
Look for the padlock icon and the “s” after the “http” in the URL of each landing page you visit to ensure it’s a secure site.
Never share your personally identifiable information (PII) with an unknown contact.
If an alleged representative of Advantage One Credit Union reaches out to you regarding an issue with your account and you’re unsure of whether this contact is legit, reach out to us directly through a secure channel to confirm your suspicions.
Don’t store your credit card info in online shopping accounts.
Keep your security settings current.
Avoid clicking on pop-up ads or links in emails from unverified senders.
Use secure Wi-Fi
The first thing many people do when they sit down in a restaurant, at a bar, or almost anywhere, is search for free Wi-Fi access. It’s an easy way to save on data, so why not? Simply put, using public Wi-Fi makes you vulnerable to hacking. It’s best not to use public Wi-Fi at all, especially when banking online. To keep your device safe while using public Wi-Fi, connect to a virtual private network (VPN). Changing your virtual network will protect your location and sensitive information from scammers. In addition, be sure to keep your own Wi-Fi locked to prevent strangers from accessing your network.
5. Encrypt your data
Your phone stores loads of your PII, which can make you vulnerable to identity theft if it’s stolen or misplaced. Protect your information by encrypting all sensitive data on your phone. Most phones have encryption settings, which you can enable easily.
To encrypt data on an Apple device, go to the settings menu, choose “Touch ID & Passcode” from the pop-up menu and follow the prompts to unlock your phone. When you’ve gained access, scroll down until you see the words “Data Protection”. If this feature is not enabled, enable it now. Your data is now unreadable.
If you own an Android phone, charge your phone at least 80% and unroot it. Next, go to your security settings and choose “Encrypt Phone” from the menu. Encryption may take an hour or more.
Install antivirus software on your phone
The same antivirus programs that protect your laptop can also keep your phone secure. Check out security programs for phones, like McAfee or Norton 360. Antivirus software will provide your phone with protection from security breaches and attacks from scammers.
If you believe your device has been compromised, and/or you’re vulnerable to identity theft, notify Advantage One Credit Union immediately. Alert the FTC as well.
Smartphones bring a lot of convenience into our lives, but they carry an inherent security risk. Use the tips outlined here to keep your device safe from fraud.
Your Turn: How do you keep your device secure? Tell us about it in the comments?
With the advent of online commerce, credit and debit card fraud has exploded. In fact, according to data collected by the Federal Trade Commission (FTC), there have been 230,937 reports of credit card fraud filed in the first two quarters of 2022.
Unfortunately, credit card fraud can go unnoticed until it causes serious damage. Here, we’ve outlined what you need to know about credit and debit card fraud, how to protect yourself and what to do if you’re targeted.
What is credit card fraud?
Credit and debit card fraud occurs when a scammer gains access to a victim’s card information and goes on to empty their accounts, commit identity theft and more.
Card fraud can be pulled off in several ways:
Card skimming involves a scammer tampering with an ATM or payment terminal. The machine reads the victim’s card information and transmits this information to the scammer.
Brute force attacks occur when a scammer employs an auto-dialer to access the card numbers issued within the target’s bank identification number (BIN). The scammer can perform an infinite amount of guesses until they land on the card’s expiration date, security code and other numbers.
Online phishing is implemented through insecure links embedded in emails or online ads, or through bogus surveys, solicitations, job offers, dating profiles and the like. The scammer uses these means to gain access to the victim’s credit or debit card information.
Protect yourself
Fortunately, there are measures you can take to protect yourself from credit or debit card fraud. Follow these tips to stay safe:
Monitor your accounts. Check your checking account and credit card statements frequently so you can spot the first signs of fraud.
Sign up for alerts. Many issuers will send you texts or emails when new charges post to your account or card-not-present transactions take place. These alerts can help you spot credit card fraud more easily.
Use strong, unique passwords across all your accounts. It’s also a good idea to change your passwords approximately every six months.
Choose zero liability. If possible, choose a card with zero liability protection so you won’t be held accountable for any fraudulent charges made on your card.
Shop with caution. Only shop reputable sites and avoid clicking on pop-up ads or links in emails from unverified senders. To confirm a site’s security, look for the padlock icon and the “s” after the “http” in the URL. Avoid storing your credit card information in online shopping accounts. Finally, make sure the security settings on your devices are updated and choose a VPN (virtual private network) when using public Wi-Fi.
Keep your cards close. Keep your card tucked into your wallet or purse. If you use a cardholder on your phone case, keep your phone in a safe place and make sure the card numbers are not easily visible. It’s also a good idea to put your card away right after completing a purchase.
If you’re targeted
If you believe your credit or debit card has been frauded, take immediate steps to mitigate the damage. First, let the credit card company know about the fraud. Similarly, if your debit card has been frauded, let Advantage One Credit Union know as soon as possible. Your old card will be canceled and you’ll be issued a replacement card immediately. You may also want to consider placing a credit freeze on your accounts as well to prevent the scammer from taking out a loan or opening another account in your name.
Will I be liable for the fraud?
Taking immediate action upon the event of fraud is critical to your recovery. Under federal law, credit card holders are only liable for up to $50 in fraudulent charges. Debit card holders, on the other hand, only enjoy the same cap on their liability if they report the fraud within two days. Upon failure to do so, they may be held accountable for up to $500 if the fraud is reported within 60 days of occurrence. If they miss this deadline as well, they will be liable to cover the entire fraudulent charge to their account.
The good news is most credit and debit cards issued through major payment networks, like Visa and MasterCard, offer zero liability policies and other consumer protections. Read the fine print in your card agreement carefully to familiarize yourself with your responsibilities.
Credit and debit card fraud can devastate a victim’s financial health and leave them with huge bills to pay. Follow the tips outlined here to stay safe.
Your Turn: How do you protect yourself from debit and credit card fraud? Share your tips with us in the comments.
