The best defence is to stay cautious and avoid responding to unsolicited requests, even if they seem urgent or familiar. — Pixabay
With Cybersecurity Awareness Month behind us and the holiday season soon upon us, now is the time to have an important conversation about a threat that touches every household and business – cybercrime.
For scammers, the holidays truly are the most wonderful time of the year. That’s because consumers, caught up in the holiday rush, are more likely to let their guard down, take risks online and become vulnerable to increasingly sophisticated digital scams.
At local and national banks, we witness the toll of these scams firsthand – customers who unknowingly share sensitive information, individuals who click a fraudulent link thinking it’s their bank, and families who lose money they were saving for gifts or travel. While we work around the clock to protect our customers, we need to be clear: banks can’t do this alone.
This season, we want to help people protect themselves and their loved ones and call attention to the need for broader cooperation across industries.
Consumers can take a number of simple but effective steps to reduce their risk. Strengthening account security by enabling two-factor authentication can make it much harder for attackers to gain access. It’s also important to shop only with reputable retailers and to double-check URLs before entering any payment information. People should be especially sceptical of messages or ads that use urgent language like “limited time only” or “act now” – a common trick scammers use to provoke hasty decisions. Fraud also thrives on social media, where fake ads and scam products are often disguised as legitimate offers.
Unfortunately, scammers are also evolving beyond traditional tricks. We’re seeing a rise in fraudulent messages impersonating banks or other trusted institutions through phone calls, emails, text messages and even fake QR codes. These scams are designed to look and feel legitimate, but they aren’t. If you receive a call or message about a problem with your account, don’t respond right away. Instead, hang up and reach out to your bank using the official number from the back of your card or from their official website. Caller ID is no longer reliable – spoofing technology allows scammers to make it appear as if a call is coming from your bank when it’s not.
The best defence is to stay cautious and avoid responding to unsolicited requests, even if they seem urgent or familiar. Be wary of job offers that require payment upfront, charity requests from unknown organisations, or social media sellers that don’t have a track record. And always initiate contact yourself when dealing with sensitive information – never rely on links or phone numbers provided in an unsolicited message.
Banks have implemented advanced tools like real-time transaction monitoring, AI-driven fraud detection, and multi-factor authentication. Our teams are constantly trained to detect new threats, and we regularly educate our customers about staying safe online. We also collaborate with other banks to share threat intelligence and stay ahead of emerging fraud trends.
But despite these efforts, the biggest threats are coming from outside the banking system – and this is where broader awareness is critical. Many of the scams we see originate from phone calls that appear to come from legitimate numbers, a tactic made possible by weaknesses in telecom oversight. Becoming a telecom provider requires little more than filling out an online form and paying a small fee, and the agencies responsible for oversight currently lack the enforcement tools to effectively shut down bad actors.
Social media is another major source of fraud. Platforms like Facebook, TikTok and Instagram are flooded with fake ads, fraudulent sellers and impersonation scams. In fact, the scams became so common on Facebook Marketplace that banks had to remove Zelle as a payment option entirely – a drastic but necessary move to protect customers.
And in yet another disturbing trend, scammers are increasingly using crypto ATMs to target older Americans. In one recent study, more than 90% of deposits at these ATMs were found to be fraudulent, with the average victim being 71 years old. It’s important the public, and legislators know how these tools are being misused.
Protecting people from fraud takes more than PSA campaigns and hypervigilant banks. It requires partnership. Banks, telecom providers, social media companies, regulators, and everyday consumers all have a role to play. No single entity can do it all, but together, we can build a stronger line of defence.
This holiday season, take a moment to pause before clicking, buying or sharing. Talk to your loved ones, especially older relatives, about staying safe online. And if something seems off, trust your instincts and verify before you act.
Let’s make this season one of joy, not regret. – The News Tribune (Tacoma, Wash.)/Tribune News Service
