Rising Bank Fraud: Steps You Can Take to Safeguard Your Money

Bank fraud is becoming an increasingly serious issue, with cybercriminals devising new tactics to access people’s bank accounts. In 2023, global losses from bank fraud reached nearly $500 billion, according to the 2024 NASDAQ Global Financial Crimes Report. As digital banking grows in popularity, scammers are finding more opportunities to exploit vulnerabilities. 

Some of the most common schemes include phishing, credential stuffing, and social engineering. Phishing involves sending fake emails or text messages designed to trick individuals into sharing their banking details. Credential stuffing occurs when criminals use stolen login credentials to access multiple accounts, while social engineering involves impersonating bank officials to manipulate victims into giving away personal information. 

Other scams like wire transfer fraud and ATM skimming remain widespread. Skimming devices installed at ATMs can steal card information, while unauthorized wire transfers are difficult to stop once initiated.

Security experts recommend three primary strategies to protect your account: staying informed, cautious behavior, and using available security tools. Being aware of emerging threats, pausing to verify suspicious communications before responding, and enabling features like two-factor authentication can all help protect your funds. 

If you suspect your account has been compromised, it’s crucial to act quickly. Immediately

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