Fraud is rampant, getting more sophisticated and ruthless with every attack

Dear Community,

Fraud is rampant, getting more sophisticated and ruthless with every attack. Every age, gender, and walk of life can be negatively impacted and fall victim to scammers. In 2020, identity theft cases topped 1.3M according to www.aarp.org – that’s a 100% increase in fraud versus 2019.

Governor Andy Beshear recently signed an executive order creating a task force to end unemployment fraud due to its significant increase since the beginning of the pandemic. This team has produced measures to protect against unauthorized changes to claimants’ bank accounts and implementing paper checks to new claimants.

Such drastic actions bring to light the severity of fraud that many industries are currently experiencing. This leads us to ask, how do we prevent ourselves from becoming a victim?

Protect yourself and loved ones against fraud attempts by managing your financial and personal information with these simple and effective tips:

1. Don’t give your personal information to anyone over the phone or email. Ever! I can’t stress this enough. Reputable businesses (especially banks) will never ask for your social security number, debit/credit card number, bank account number, etc. over the phone, in text or email.

2. Nothing needs to happen “right now.” Scammers will use words such as “urgent” and “act now” to pressure you to act before thinking. Don’t bend to this pressure.

3. Confirm your caller is from the organization that they claim. Many scammers are sophisticated enough to mimic the same phone number as your bank or utility company to lull you into a false sense of trust. When unsure, it’s always best to hang up and call the institution directly to confirm the necessity of the call.

4. Sorry, you didn’t win a prize or the lottery or a cruise in the Caribbean. If you did, you won’t be asked to pay a fee to “release” the funds.

5. Practice safe internet etiquette. Set strong passwords, keep your devices up-to-date, and do not list personal information on social media platforms. Many websites will display a warning message if you are navigating to a suspected phishing site.

Take your fraud prevention one step further and report any occurrence your experience directly to the Federal Trade Commission by visiting reportfraud.ftc.gov .

If you become a victim of fraud, let your bank know immediately. Take a proactive approach and monitor your account closely, as well as signing up for alerts on your cards if that option is available.

Stay alert, keep your information safe!

Thank you,

Wade Gaynor
President-Hancock County
Independence Bank