Be Smart, Be Safe - Guard Yourself Against Fraud

No matter how much we wish it to be so, fraud and scams aren't going anywhere. In fact, the Federal Trade Commission* recorded 2.4 million fraud reports in 2022, a 30% increase from 2021 to 2022. The losses? 8.8 billion! Make it a priority to be smart and be on guard against all fraud and scams.

While fraud typically occurs when your personal or financial information is acquired by a criminal without your knowledge, there are things you can do to proactively protect yourself and be alerted if it happens:

• Fortify your accounts. Utilize Bank First digital banking services like online and mobile banking, account alerts, and card management. These tools offer monitoring, real-time snapshots of your accounts, and the ability to set parameters and block certain charges to your debit card within our mobile app.
• Is a credit freeze right for you? Consider a credit freeze or credit lock with any of the three major credit bureaus. The bureaus offer both free and paid subscriptions to either alert you or block any new accounts opened in your name. It's important to research your options and decide which works best for you. When intending to apply for a loan, credit card, etc., be sure to follow the credit bureau guidelines.
• Positive Pay for Business. Free of charge for non-profit organizations and select Bank First accounts, we highly encourage businesses to utilize Positive Pay to avoid ACH and Check fraud. Through November, Bank First customers returned just over $2 million dollars in fraudulent items in 2023, proving that Positive Pay works in the fight against fraud! Contact your Relationship Manager to get started today.

When it comes to scams, being informed is the best defense. Stay alert against these common scam attempts:

1. Imposter Scam: Scammers pose as trusted entities like banks or government agencies to trick you into sending money or sharing personal information. Watch out for anyone reaching out to ask for personal information to verify your account, or you are asked for payment via gift cards, wire transfers, or person-to-person transfers.
2. Urgency Scam: These scams pressure you with urgent deals, prizes, or to send payment to hospitals, the IRS, or family members. Be cautious when you're pressured to act immediately. Avoid clicking on any links until you verify the email is legitimate from a secondary source.
3. Phishing Scam: Deceptive emails, texts, or ads mimic trusted companies to gather personal or financial data. Watch for generic greetings, spelling errors, and avoid clicking suspicious links or downloading files.
4. Utility Scam: Scammers pretend to be service providers threatening service disconnection unless immediate payment is made. Legitimate utility companies don’t demand abrupt payments over the phone or email. Contact your provider directly to make any payments over the phone.
5. Support Specialist Scam: Fraudsters impersonate tech support, seeking access to your device or account. Legitimate tech support won’t cold-call or request remote access or account details.
6. Pay Yourself Scam: Faking bank fraud alerts, scammers call to “assist” in stopping fraud, asking you to transfer money to yourself or someone else via transfer or person-to-person payments. This should be a red flag.

When in doubt, just say no! Don't give out any personal or account information over the phone or through email without verifying the source through alternate means. Do not use the information provided by the potential scammer - visit the company website, login to your accounts independently, or call the number on your account statement.

Scammers are creative and very believable which is why it is so important to be on guard. Contact your local Bank First office right away if you have provided bank account information, passwords to your online banking accounts, or paid funds as a result of fraud attempts or scams.

*Source: ftc.gov/data