In today’s digital world, phishing scams are a big threat to your online banking and personal security. Phishing happens when cybercriminals trick you into revealing sensitive information like your bank account details, passwords, or credit card numbers. They often use fake emails, websites, or phone calls that look like they’re from real institutions, like your credit union or bank. By understanding phishing scams and learning how to protect yourself, you can keep your financial information safe. Here’s what you need to know:
How to Spot a Phishing Scam
Phishing scams can be tricky, but they often have some warning signs. Here’s what to watch out for:
- Unsolicited Messages: If you get an unexpected email, text, or phone call claiming to be from your financial institution, be suspicious. Financial institutions usually don’t contact you this way.
- Urgent Requests: Phishing emails often try to make you act quickly, saying things like your account will be locked if you don’t respond right away. Legitimate institutions won’t demand immediate action.
- Suspicious Links: Phishing emails might have links that look like a legitimate website but are slightly different. Hover your mouse over the link (without clicking) to check the URL. If it’s not the correct website, it’s probably a scam.
- Typos and Errors: Phishing emails often have spelling mistakes, bad grammar, or awkward wording. Financial institutions take care to make sure their emails are professional and error-free.
- Generic Greetings: Phishing emails may use generic greetings like “Dear Customer” instead of your actual name. Real emails from your financial institution will address you by name.
How Phishing Scams Work
Phishing scams can happen in different ways, but they all try to get you to share your personal information.
- Email Phishing: This is the most common type of phishing. You might get an email that looks like it’s from your trusted financial institution, asking you to click a link to verify your account. When you click, you’re sent to a fake website that looks like a real website, where you’re asked to enter sensitive information.
- SMS Phishing (Smishing): Scammers can also use text messages, pretending to be from your financial institution. These texts may include a link to a fake website or ask you to call a fake phone number to “fix an issue.”
- Voice Phishing (Vishing): In vishing scams, scammers call or leave voicemails pretending to be from your bank. They might say there’s a problem with your account and ask for your personal information. Hang up on the caller and contact that financial institution.
If you receive any phishing, smishing or vishing communications, do not click on any links or give out your personal information. Call that financial institution directly and let them know that you received an email, text or phone call from someone claiming to be a representative. They may ask you for screenshots of messages or the number that called for their records.
How to Protect Yourself from Phishing
Here are some simple steps you can take to protect yourself:
- Verify the Source: If you get a suspicious message from your financial institution, don’t click any links or give out any information. Instead, go to your the official website or call their customer service directly to confirm whether the message is real.
- Use Strong, Unique Passwords: Make sure your online banking password is strong and unique. Avoid using easily guessable passwords like your birthdate. A password manager can help you create and store complex passwords.
- Enable Two-Factor Authentication (2FA): Many websites that have sensitive information offer 2FA, which adds extra security by requiring you to verify your identity with a second method, like a one-time code sent to your phone.
- Be Careful with Public Wi-Fi: Avoid logging into your account over public Wi-Fi networks, as these can be unsafe. Use a secure connection or a VPN when accessing sensitive accounts.
- Monitor Your Accounts Regularly: Check your accounts often for any suspicious transactions. If you notice anything strange, report it to the fraud department immediately.
- Install Security Software: Keep your devices protected with up-to-date antivirus and anti-malware software to help spot phishing attempts and other threats.
What to Do if You Fall for a Phishing Scam
If you realize you’ve fallen for a phishing scam, don’t panic. Here’s what to do:
- Contact Your Financial Institution Right Away: Let your financial institution know about the scam. They can freeze your account, stop any unauthorized transactions, and help you secure your account.
- Change Your Passwords: If you entered your login details on a fake website, change your passwords immediately. Also, change passwords for other accounts that might use the same or similar passwords.
- Report the Scam: Report the phishing attempt to authorities like the Federal Trade Commission (FTC) or your local consumer protection agency. Also, report it to the fraud department to protect others.
Security Features to Look For
Many financial institutions offer security features to help spot fraud early. These include:
- Real-Time Alerts: Financial Institutions often send text or email alerts for account activity, like large withdrawals or login attempts. Enable these alerts to keep track of your account.
- Fraud Detection: Some financial institutions use technology to detect unusual transactions or logins, and may flag them for review before they can cause damage.
Phishing scams are becoming more advanced, but by staying aware and using good security habits, you can protect your personal and financial information. Always verify suspicious communications, use strong passwords and two-factor authentication, and stay updated on common phishing tactics. If you do fall for a phishing scam, act quickly to minimize the damage. By being cautious and proactive, you can reduce your chances of falling for these deceptive attacks.
