Communication has never been easier.
Where once it took weeks to send a message a few hundred miles, we can now connect with people around the globe in milliseconds.
Unfortunately, that convenience also makes us more vulnerable to scammers.
The American Bankers Association’s #BanksNeverAskThat campaign is back with a monthlong educational effort designed to help consumers and businesses recognize phishing red flags and stop fraud in its tracks. Regions is once again proud to support the ABA’s efforts.
This week, the focus is on the warning signs of five major scams.
“Let’s start with email account compromise,” said Jeff Taylor, senior vice president in Regions’ Corporate Banking Group. “Cybercriminals use social engineering techniques to identify potential victims and then impersonate trusted figures in business and government.
“The attacks often occur using electronic communications. They use these tactics to request a new payment or a change in the account information of an existing payment, all with the goal of stealing your money or personal information.
Red Flags of Five Major Scams
Email Scams
Red flags include unusual email addresses, scare tactics, suspicious URLs and unsolicited attachments. When in doubt, stop, call and confirm.
Text Scams
Look for unexpected messages from unfamiliar numbers or requests for immediate action. For example, a text may claim you have an overdue bill or that your DMV registration has expired and needs immediate renewal through a link.
Phone Scams
Red flags include scare tactics designed to make you respond to an “emergency” immediately, requests for personal information, or calls from supposed trusted organizations, such as your bank, claiming they’ve uncovered a problem.
The challenge? Scammers can spoof legitimate phone numbers, making them appear authentic on caller ID.
AI and Deepfake Scams
If spoofing a phone number sounds brazen, consider this: scammers can now use artificial intelligence to mimic the voices and even the appearances of people you know and trust.
One common warning sign is an unexpected request coupled with urgency and emotional manipulation. Example: “Grandma, it’s me. I’ve been in an accident.”
Payment App Scams
Be cautious when strangers or unfamiliar organizations ask you to send money through a payment app. Another common tactic involves someone contacting you about an alleged overpayment that needs to be repaid.
As with many scams, pressure and urgency are key warning signs. So is the desire to keep things hidden – like someone asking for a payment on an app, but then asking you not to provide a reason or a memo notice.
If you ever receive an emergency call followed by a request for money, ask for the safe word before taking any action.
Hunt Prothro, Regions’ Fraud Prevention manager
“We regularly address these issues on Doing More Today because education is one of the most effective ways to combat cybercrime,” said Hunt Prothro, Regions’ Fraud Prevention manager.
“Some of these social engineering scams may seem familiar, while others, such as deepfake scams, are relatively new. One thing we recommend is creating a safe word with family members. If you ever receive an emergency call followed by a request for money, ask for the safe word before taking any action.”
Throughout October, the #BanksNeverAskThat campaign is offering additional resources to help you protect yourself from scams. Take a few minutes to explore these short, interactive and informative tools:
Additional Resources from Regions.com
Related Articles from Doing More Today
The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD or speak with your Banker for further information on how you can help prevent fraud.