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The_Money_IDEAThe Money IDEA

The Money IDEA

Ideas on How to Save and Ideas for What to Do with Your Savings!

Unemployment Insurance Cybercrime Alert

9/28/2020

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Unemployment Insurance Cybercrime Alert

Five ways to help protect yourself from unemployment insurance fraud

Unemployment Insurance Cybercrime Alert

Five ways to help protect yourself from unemployment insurance fraud

Image courtesy of Brandpoint; Used with permission

Many people around the U.S. are relying on unemployment insurance assistance as the country battles the pandemic and associated economic effects. As unemployment has risen, fraudsters have been targeting consumers to steal unemployment insurance benefits. They do this by taking personally identifiable information (PII) that cybercriminals have posted on the dark web, stolen from unsuspecting consumers or gained from past data breaches.

Once fraudsters have this information, which can include a victim’s name, address, Social Security number and driver license number, they falsely apply to a state’s unemployment insurance program to register for unemployment insurance benefits. These benefits are typically distributed via direct deposit or prepaid debit cards for those without bank accounts. Once a fraudster has access to the stolen funds, they can use a prepaid payment account service and its mobile app to cash out or make purchases — in-store or online — for items like gift cards, electronics, cryptocurrency, money orders, and money transfers.

“We’ve seen a significant increase in fraudulent purchases in July, related to unemployment insurance fraud schemes,” said Michael Lemberger, senior vice president and regional risk officer for North America at Visa. “Fraudsters are actively targeting state unemployment insurance programs hoping to find gaps. This problem requires a collective effort with everyone doing their part, including the state workforce agencies, law enforcement, financial institutions, payment processors and payment networks. Consumers must be on-guard for suspicious activities so fraudsters cannot exploit their identity for financial gain.”

The warning signs for these crimes can be tough to spot, but here are common red flags to look out for:

1) Offers from people or organizations you don’t recognize promising early and faster unemployment insurance benefit payments.

2) Solicitations from people you don’t know offering money in exchange for your personal information.

3) Letters or email correspondence indicating new accounts or unemployment insurance benefits have been initiated in your name.

To avoid your personal information from being used for fraud, Visa recommends the following to protect yourself:

* Proactively register for an unemployment insurance account directly through your state’s website. This way, if anyone tries to steal your information, state authorities will notify you as soon as possible and prevent your money from getting stolen.

* Secure your personal information — online and offline. Use online tools to encrypt and lock down sensitive digital information, such as your financial and health documents. For physical documents with your personal and financial information, make sure they’re locked in a secure spot and safely shred any documents you don’t need.

* Be mindful of social media and email scams. If it seems too good to be true, it probably is. Fraudsters will try to convince you that you can get your benefits sooner, you may be eligible for more benefits, or a person you don’t know needs help with their unemployment insurance payments.

* Just like our physical hygiene is crucial right now, so is our cyber hygiene. Don’t click on links or attachments from email addresses and people you don’t recognize or offers you didn’t ask for.

* And, last but not least, your information is valuable so keep your personal information to yourself. Never share your personal information unless there is a legitimate reason to do so.

If the worst-case scenario happens and a fraudster gets hold of your personally identifiable information to commit unemployment insurance fraud, there are steps Visa recommends you take, including:

* Contact the three primary credit bureaus, Equifax, Experian and TransUnion.

* Contact your respective financial institution.

* Contact your state unemployment office.

* Visit IdentityTheft.gov to report the fraud to the FTC and get help with important next steps for recovery.

* Review your credit reports often.

Cybercriminals are continuing to up their game, but if people take the necessary precautions and remain on the lookout for anything suspicious, these fraud attempts will become much less successful and frequent. (BPT)

Good Advice Publishing
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By Good Advice Publishing on September 14, 2020.

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Exported from Medium on September 19, 2020.

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Financial Insight: Red Flags and Smart Steps to Avoid Scams

1/29/2020

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black-woman-with-multiple-devices

In order to keep your financial and personal information safe, it’s necessary to look for red flags and be proactive about security. Here's important information to help safeguard your money, your personal information, and your family today.


(BPT) - You work hard for your money. Unfortunately, crooks work hard as well, attempting various tactics to take your money. If you fall for a scam, little can be done to help you get your money back. In order to keep your financial and personal information safe, it’s necessary to look for red flags and be proactive about security.

Know the red flags

From classic methods to using sophisticated technology, criminals will try a variety of strategies to gain access to your money. If you experience any of the following, consider it a red flag and pause before you act:

  • A person calls or emails, pretending to be someone you trust, such as a family member, government official or a well-known business or nonprofit organization. The intention is for you to let your guard down immediately.
  • They push you to make decisions in a hurry, ask for personal information such as an authorization code, often threatening legal action or using intimidation tactics to get you to act. They know fast action can mean you won't think things through, causing you to make mistakes.
  • They will ask for money through undetectable methods such as wire transfers and gift cards, or they may even send a check and ask you to return some of the money through these methods.

Learn the do's and don'ts

The Bank of America Privacy and Security Center provides key actions you can take to help protect yourself from becoming the victim of a scam:

  • Don’t send money or give out your personal information in response to an unsolicited text, phone call or email. Companies will never call you and ask you for an authorization code.
  • Don’t be rushed to respond to unexpected requests. If they tell you not to tell anyone or they provide you with talking points to say to your bank or family, you can be absolutely sure it is a scam. Research, validate or talk to someone you trust. Look up the business and phone number online and contact them directly.
  • Don’t trust caller ID. Scammers can fake caller ID information so don’t always trust the name and number that appears on-screen. If the caller asks for money or personal information, hang up and call back through a validated number.
  • Don’t deposit a check and immediately send back funds. Scammers will send a check and ask you to send a portion of it back by wire transfer, gift card codes or a form of cash payment. You might send the money back right away, but their check could still be returned unpaid, leaving you without any money.
  • Don’t fall for work from home scams. No legitimate company will require you to buy things or pay for equipment up front. Car logo, mystery shoppers, baby-sitting services are a few ways consumers are targeted.
  • Do protect your devices by keeping your phone, tablet and computer updated with the latest browser, operating system and antivirus software. If you see a Microsoft pop-up claiming you have a virus on your computer and receive a phone call stating they need to take control of your computer to get rid of the malware, absolutely DO NOT fall for it. Take your laptop to a trusted company to physically clean your device.
  • Do use secure methods of payment such as Zelle® and Bill Pay. Zelle is a fast, safe and easy way to send and receive money in minutes¹ with friends and family and others you trust. It only uses your U.S. mobile number or email so your account information remains private. Bill Pay allows you to manage all your bills securely in a single place online, so you can pay bills with confidence.
  • Do stay on top of account activity and ensure all contact information is up-to-date. With Bank of America’s mobile app, turn on alerts and enable security features such as Face ID or Fingerprint Scanner to allow for simple and secure login.
  • Do trust your gut. If it doesn't feel right, it probably isn't. Your intuition is usually correct, so take the time to pause and evaluate before sharing personal info, sending money or revealing private data.

Learn more and find out about the latest scam and fraud prevention news by visiting www.bankofamerica.com/security.

¹Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle.

Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.


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