By Megan SaylesAFRO Workers Writermsayles@afro.com
Yearly, hundreds of thousands of Individuals are victims of bank card fraud. In 2024 alone, 62 million folks had unauthorized fees on their credit score or debit playing cards, with bills surpassing $6.2 billion.
Credit score: Photograph by Virten Media
As know-how advances, scams have gotten extra refined, focused and convincing. Bola Sokunbi, founder and CEO of Intelligent Woman Finance, sat down with the AFRO to debate the highest methods to detect and tackle fraud earlier than it spirals uncontrolled.
AFRO: What are the commonest indicators of financial institution and bank card fraud that folks typically miss?
Bola Sokunbi: One signal folks are likely to overlook is small, unexplained fees. Fraudsters will typically check the waters with a tiny transaction to see if the cardboard is energetic and the account holder is paying consideration. Additionally, don’t ignore random texts or emails asking you to “confirm” purchases or log into your checking account. Even for those who didn’t click on something, these messages typically sign that your info is floating round within the mistaken locations.
AFRO: What are frequent fraud scams that perpetrators would possibly use?
BS: Phishing remains to be one of the vital frequent scams. These are emails or texts that appear to be they’re out of your financial institution or a retailer asking you to “affirm your info.” Scammers are additionally utilizing pretend job postings; Zelle or Money App fee requests; and pretending to be supply firms. The creativity is wild, which makes it much more vital to double test every little thing.
AFRO: Are there purple flags in digital banking exercise that ought to trigger fast concern?
BS: Completely. Issues like account logins from unknown places or gadgets, adjustments to your contact info or sudden password resets are all purple flags. In case your telephone quantity or electronic mail is modified with out your data, take that significantly. It may very well be an indication that somebody is attempting to realize full management of your account.
AFRO: How do perpetrators get entry to financial institution or card info with out entry to a bodily card?
BS: Information breaches are an enormous one. When an organization you’ve been purchasing with will get hacked, your info can find yourself on the darkish internet. Scammers additionally use public Wi-Fi to intercept info, in addition to phishing hyperlinks and pretend web sites that mimic legit ones to trick you into getting into your credentials. It’s not about being careless— it’s about how superior and sneaky these ways have change into.
AFRO: Are there sure fraud ways or tendencies which have emerged in recent times?
BS: Sure. Scammers are getting extra private. They’ll use info from social media to make scams really feel extra plausible, like mentioning your youngsters or hometown. Synthetic intelligence voice scams are additionally rising the place fraudsters mimic a beloved one’s voices to ask for assist or cash. It’s surreal, but it surely’s occurring, so consciousness is every little thing.
AFRO: What fast steps ought to somebody take in the event that they detect suspicious exercise on their accounts?
BS: Don’t wait. Lock your card or freeze your account instantly. Most apps allow you to do that in seconds. Then, name your financial institution or bank card firm to report the fraud and file a declare. Change your passwords immediately, and test your different monetary accounts in case there’s been broader entry. If the fraud is important, file a report with the Federal Commerce Fee and your native police.
AFRO: What recommendation would you give to folks about being proactive in defending their monetary info? BS: Keep curious and cautious. Use sturdy, distinctive passwords. A password supervisor may help with this. You must also allow two-factor authentication, and test your financial institution and bank card accounts repeatedly— weekly for those who can. Don’t be afraid to query texts, emails and even telephone calls that really feel off. You’re not paranoid. You’re being good.
