5 Financial Scamming Tactics You Should Know About – and How Currency Exchanges Help Protect Your Money from Fraudsters

Scammers who wish to rob you of your hard-earned money operate in many ways. They’re offline and online, in person and on the phone. They’re even going after checking accounts through a variety of fraudulent means. Americans in general – older ones in particular – should learn now more than ever how to protect themselves against these shameless scam artists.

• Talk to your family about smart spending and money saving habits.
• Be aware of how much money is coming in and where it is spent each month.
• Speak to older family members, as they are the most vulnerable to scams.
• Use personal finance services at Currency Exchanges that you know are digitally protected.

Even if you think you could never be scammed, pay attention to how scams happen so you can be sure you’re as prepared as possible to protect yourself and your money.

How Common Are Financial Scams in 2024?

The first thing to know is that – unfortunately – financial scams appear to be growing. Here’s what recent studies tell us about the prevalence of money fraud:

• Over 57,000 people in the U.S. fall victim to financial scams daily.
• 42 percent of people have been targeted by some form of money fraud.
• The average senior victim loses $34,000 in a financial scam – roughly 2.5 times higher than the overall average.

The irony is that people are generally aware of the problem. However, as with any issue that seems overwhelming and complicated, it is still easy to resort to old and unsafe habits. Just know that confronting the problem doesn’t have to be as hard as you may think. If you’re reading this blog, then you’re already a step ahead in dealing with potential fraud so that your cash and sensitive personal information can remain safe and secure.

What Fraudulent Tactics Should You Be Looking Out for?

Some crimes are predictable, so as long as you’re aware of how the criminals operate, you are much more likely to avoid becoming a victim yourself. Many of today’s financial criminals are organized, meaning they operate in groups and scheme how they will target folks on a broad scale. And the good thing about that fact is that they are on our government’s radar. Five methods they tend to use:

1. Imitation Emails and Email Hoaxes

If you have an email account then you’ve likely seen a few of these in your inboxes. Unlike spam, which is annoying but easy enough to ignore, scam emails are a bit more crafty and targeted. They may use your name or imitate real contacts of yours. One tactic is to create an email that closely resembles a legitimate company or organization – such as a bank or credit card company.

The sender’s email address usually makes clear that the email is not legitimately connected to the organization they’re pretending to represent. There may be other red flags: strange demands, frightening financial alerts, and even typos. Most of all, if they are pressuring or demanding that you take any sort of action, they should be treated with suspicion. Always call the actual company (not the number in the email) to verify the information before taking any action.

2. Fraudulent Text Messages

As more people communicate through texting than email, the same tactics have taken hold through text messages. All this means is that you should be suspicious of any text message that is not from a known number, as well as anything that seems “off,” requests personal information, or asks you to click on something that will take you to another site.

3. Harmful Digital Links and Buttons

Whether in a text message, a social media post, an email or on a website, the tactics are fairly similar. Once you click on a button or link, you will be taken somewhere else. This does not always have the same results. At best you will realize that something is off and you can shut down whatever you opened, but you might inadvertently be sharing data about your identity that you don’t want to get out. It’s always best not to click on anything, as it makes your device vulnerable to viruses and theft of sensitive information.

4. Telephone calls

These are some of the older methods that scammers use, which is why older people tend to be more susceptible to them. Caller ID can be helpful, as you can simply avoid calls and later determine the identity of the person calling you. Maybe it’s a friend with an unlisted number. But the rule of thumb is the same: you don’t need to pick up, and you should never give out any personal or sensitive information to anyone no matter who they say they are or what organization they claim to represent.

5. Check Fraud

Fraudsters have also figured out more ways to steal money through checking accounts of strangers. Read here to find out more about protecting yourself from the recent spike in check fraud.

Most of all, know that you have the right and the power to decide what steps you are comfortable taking. Scam artists take advantage of people’s desire to help, so be on the lookout for anyone who would do that to you or a loved one.

Ask Illinois Currency Exchanges About Their Safe & Convenient Financial Services

One of the best things about Currency Exchanges in Illinois and surrounding areas is that they are safe, digitally protected, and convenient to use. Check CCEA out online to find out more! Also, by entering your zip code, you can find the location nearest to you.

Give us a call or just stop on by to find out more about the many benefits of CCEAs!