$12.5 Billion Lost to Fraud in 2024: How to Protect Your Finances

In 2024, reported consumer losses to fraud reached an alarming $12.5 billion, highlighting the increasing sophistication and prevalence of scams. At Liberty Savings Bank, we believe that awareness is the first line of defense. This article is designed to educate you about common fraud tactics, provide actionable protective measures, and guide you on how to report suspicious activity.

Related Article: Protect Your Finances from Check Washing and Mail Check Fraud

Understanding Common Fraud Tactics

Fraudsters are constantly evolving their techniques to exploit unsuspecting individuals. Here are some of the most common types of scams you should be aware of:

1. Phishing and Spoofing

Scammers often impersonate legitimate organizations via emails, phone calls, or text messages. These messages may prompt you to click malicious links or share sensitive information like bank account details or passwords.

2. Romance Scams

Fraudsters build online relationships and eventually manipulate victims into sending money or sharing financial information. They often create fake profiles and fabricate emotional stories to gain trust.

3. Investment Frauds

These scams lure victims with promises of high returns, often involving cryptocurrency or "can't-miss" investment opportunities. If an offer seems too good to be true, it likely is.

4. Tech Support Scams

Scammers pose as tech support agents and claim there is an issue with your device. They may ask for remote access or request payment to "fix" the problem.

5. Imposter Scams

Fraudsters may pose as a family member, government official, or charity representative to solicit money or personal information.

Protective Measures to Safeguard Your Finances

Staying informed and vigilant is key to protecting your financial security. Here are essential steps to help safeguard your information and assets:

1. Stay Informed

• Regularly update yourself about common scam tactics.
• Follow trusted financial institutions and government websites for alerts.
  
  

2. Verify Communications

• Be cautious with unsolicited emails, texts, or calls.
• Never share personal or financial information without confirming the source.
• Contact companies directly using official channels if you receive suspicious messages.
  
  

3. Monitor Financial Accounts

• Regularly check bank statements for unusual transactions.
• Set up account alerts for any significant activity.
  
  

4. Enhance Digital Security

• Use strong, unique passwords for each online account.
• Enable multi-factor authentication where available.
• Avoid clicking on unknown links or downloading suspicious attachments.
  
  

5. Be Cautious with Investments

• Approach unsolicited investment offers with skepticism.
• Research thoroughly before investing.
• Consult with a trusted financial advisor if uncertain.

How to Report Fraud and Seek Assistance

If you suspect you've encountered fraudulent activity, take immediate action:

1. Report the Incident

1. • Contact the Federal Trade Commission (FTC) at reportfraud.ftc.gov.
   • Notify your local law enforcement agency.
     
     

2. Inform Your Financial Institution

• Contact Liberty Savings Bank immediately to help prevent further losses.
• We can assist you in securing your accounts and guide you through recovery steps.
  
  

3. Seek Guidance and Support

• Utilize resources like the AARP’s Fraud Watch Network.
• Consult with trusted professionals if you are uncertain about a financial matter.

Stay Safe with Liberty Savings Bank

At Liberty Savings Bank, your financial security is our top priority. We are committed to providing you with the knowledge and resources to recognize and avoid scams. If you have questions or need assistance, don't hesitate to reach out to our team.

By staying informed and vigilant, you can significantly reduce the risk of falling victim to fraud and protect your financial well-being.

Contact us today to learn more about safeguarding your finances and securing your future.