Isn't That Rich Podcast

Fraud: it’s a word that sends shivers down the spine of anyone who's ever had a phone, email, or even just a bank account. At Farmers State Bank, we're not just about numbers and interest rates—we’re here to ensure your hard-earned money stays safe. But digital fraudsters are getting craftier by the day, so let’s dive into some of the latest scams and how you can stay one step ahead.

Scam #1: The Phony Logo Phishing Scam

Cybercriminals are taking their deception game up a notch by using images in phishing emails to impersonate real organizations. Take the recent Delta Airlines spoof, for instance. The email looked legit, complete with Delta's logo, a photo of a plane, and a gift card image. The catch? Clicking on the image redirected you to a fake login page designed to steal your credentials. The lesson here: Always hover over links to check their authenticity and never act on an offer that seems too good to be true without verifying directly with the organization.

Scam #2: The Friendly Impersonator

Ever received a text from a friend in distress, asking for money? That’s pretexting in action. Scammers gather just enough info from social media to pose convincingly as someone you know. A typical scenario might involve a friend supposedly stranded on vacation, needing cash urgently. Always verify unexpected requests for help through a different communication channel, and be wary of any message that feels out of character.

Scam #3: The Trojan App Trap

Did you know anyone can put an app on the Google Play Store? Recently, malware disguised as legitimate apps have made their way onto app stores, recording your screen to steal sensitive info. Before downloading an app, check reviews, ensure it’s from a trusted publisher, and always read the fine print about permissions. Enabling security features like Google Play Protect can help, too.

Scam #4: The PayPal Panic

In this scam, fraudsters send phishing emails pretending to be from PayPal, claiming a payment didn’t process. The email includes a phone number to call, which connects you to a scammer posing as a PayPal rep. They’ll use this opportunity to extract your personal information. If you receive such an email, always navigate to the official website to verify claims rather than using provided contact info.

Scam #5: The Smishing Sneak

Smishing—phishing via SMS—is a rising threat. Scammers send texts pretending to be from your bank, claiming there’s a security issue. The text prompts you to click a link that leads to a fake bank login page. Enter your credentials, and voila, the scammer has your info. Always be cautious of unexpected texts requesting personal information. Verify the sender by contacting your bank directly using known contact details.

Tips to Stay Safe:

In the age of digital convenience, staying safe from fraud requires constant vigilance and a proactive approach. Here’s a deeper dive into how you can protect yourself:

1. Hover Before You Click:

   • Why It’s Important: Links in emails and text messages can easily be disguised to look legitimate while leading to malicious websites.
   • How to Do It: On a computer, hover your mouse over the link without clicking. This will display the actual URL at the bottom of your browser. On a smartphone, press and hold the link to preview the URL before clicking.
   • What to Look For: Ensure the URL matches the official website of the organization. Be wary of misspellings or unusual domain extensions (e.g., ".com" vs. ".net").

2. Verify Directly:

   • Why It’s Important: Scammers often provide fake contact information that leads directly to them.
   • How to Do It: If you receive a suspicious message or call, don’t use the contact information provided. Instead, use a search engine to find the official website or contact details of the organization.
   • What to Look For: Official phone numbers, email addresses, or customer service chat options listed on the company’s verified website.

3. Be Skeptical of Urgency:

   • Why It’s Important: Fraudsters create a sense of urgency to push you into making hasty decisions.
   • How to Do It: Take a moment to evaluate the situation. Legitimate organizations will rarely pressure you to act immediately.
   • What to Look For: Phrases like “act now,” “urgent,” or “immediate action required” can be red flags. Verify the urgency by contacting the organization directly.

4. Enable Security Features:

   • Why It’s Important: Built-in security features can help identify and block malicious apps and websites.
   • How to Do It: On Android devices, enable Google Play Protect. On Apple devices, keep your software updated to benefit from the latest security patches.
   • What to Look For: Regular scans, security alerts, and recommendations from your device’s security features.

5. Monitor Your Accounts:

   • Why It’s Important: Early detection of unauthorized transactions can prevent further damage.
   • How to Do It: Regularly check your bank and credit card statements. Many banks offer alerts for transactions above a certain amount.
   • What to Look For: Unfamiliar transactions, changes to your contact information, or notifications of new accounts or credit inquiries.

6. Use Strong, Unique Passwords:

   • Why It’s Important: Weak or reused passwords can be easily cracked, giving scammers access to multiple accounts.
   • How to Do It: Create complex passwords that include a mix of letters, numbers, and symbols. Use a password manager to keep track of them.
   • What to Look For: Passwords that are at least 12 characters long and don’t use easily guessable information like birthdays or names.

7. Enable Two-Factor Authentication (2FA):

   • Why It’s Important: 2FA adds an extra layer of security, making it harder for scammers to access your accounts.
   • How to Do It: Most online services offer 2FA via SMS, email, or authentication apps. Enable it in your account settings.
   • What to Look For: Services that offer 2FA and make sure to keep your 2FA methods secure (e.g., avoid using your main email for recovery).

8. Be Wary of Public Wi-Fi:

   • Why It’s Important: Public Wi-Fi networks are often unsecured, making it easier for scammers to intercept your data.
   • How to Do It: Avoid accessing sensitive information or making financial transactions over public Wi-Fi. Use a VPN for an added layer of security.
   • What to Look For: Unsecured networks and avoid using Wi-Fi networks that don’t require a password.

9. Educate Yourself and Others:

   • Why It’s Important: Staying informed about the latest scams and sharing this information can help protect you and your loved ones.
   • How to Do It: Follow trusted news sources and financial institutions for updates on new fraud tactics. Share this information with family and friends.
   • What to Look For: Reliable sources of information like government websites, financial institutions, and cybersecurity blogs.

By incorporating these practices into your daily routine, you can significantly reduce your risk of falling victim to digital fraud. Stay vigilant, stay informed, and remember: if something feels off, it probably is. Stay safe out there!