Martinez: Ignore, block, report. Protect your money from fraudsters with these tips

U.S. consumers lost a record amount of money to fraud in 2024. According to the Federal Trade Commission’s “A Scammy Snapshot of 2024,” scammers swindled consumers out of $12.5 billion – a 25% increase over the previous year. More than one in three people (38%) reported losing money to fraud or scams, up from 27% in 2023.

For the second consecutive year, imposter scams were the most common, but investment scams had the biggest financial impact. Consumers reported losing more money to investment scams – $5.7 billion – than any other category in 2024. Other notable shifts include a rise in job and business opportunity scams, which jumped from the fifth to the third-most reported fraud in 2024.

These incidents are occurring with alarming regularity as scammers employ increasingly sophisticated methods to commit fraud. Using tactics such as Caller ID spoofing, website spoofing, and voice cloning, these scammers convince unsuspecting consumers to turn over sensitive information, which can lead to devastating financial consequences and open the door to future cases of identity theft and fraud.

Fortunately, there are steps consumers can take to reduce their risk of becoming victims of fraud or scams. IBC Bank recommends that consumers take the following measures to protect themselves:

Don’t freely share personal or financial information. Ignore unsolicited requests for sensitive information, such as Social Security numbers, bank details or passwords.

Remember that urgency does not equal legitimacy – scammers will make a situation seem urgent to convince consumers to hand over information they otherwise wouldn’t have shared.

Don’t click on suspicious links. Using publicly available information, scammers can spoof websites, making them appear official. Always check for URL misspellings and independently verify the source by contacting them through their official channels.

Requests for payment in cryptocurrency, wire transfers or gift cards are telltale signs of a scam. Stop all communication with the sender immediately. Hang up, block their phone number or email, and report any suspicious activity to the relevant reporting agencies.

Report it. If you suspect you are a victim of fraud, don’t hesitate. Report the incident swiftly to your financial institution. Request a stop payment on any unauthorized charges and ask your bank to monitor your account for future unauthorized transactions.

As a community bank, IBC Bank is invested in the financial well-being of our clients. As the online threat landscape evolves and as scam artists come up with new ways to exploit consumers, it’s incumbent on banks to implement measures to protect them from becoming victims of fraud.

This is why IBC Bank is committed to educating our customers, making them aware of tactics fraudsters use to manipulate them into transferring funds or divulging sensitive information. From youth to our longest-term customers, we are proud partners with various institutions across the state that offer workshops, seminars, and educational materials tailored to meet our customers’ specific needs and concerns.

IBC Bank puts customer protection at the forefront of everything we do. We carefully monitor the evolving fraud landscape and remain vigilant against emerging scams to protect our customers.

Together, we can work to prevent fraudulent activity. By coordinating efforts and advocating for policies that prioritize consumer protection, we can amplify our impact and create a safer banking environment for all.

Editor’s Note: The above guest column was penned by Dalia Martinez, executive vice president of operations at IBC Bank. The column appears in the Rio Grande Guardian with the permission of the author.

The post Martinez: Ignore, block, report. Protect your money from fraudsters with these tips appeared first on Rio Grande Guardian.