The internet has changed our lives in so many ways, especially how we bank. There is no question that online banking and mobile apps have made banking easier, but the downside of online convenience is the increase in the number of online scams.
According to the Federal Trade Commission (FTC), there were 1.4 million fraud reports filed in 2018 and fraud losses of $1.48 billion, an increase of 38% over 2017. Most online scams come in the form of phishing attempts. Phishing is when a fraudster poses as someone else in an attempt to acquire personal information they can use for identity theft or fraudulent transactions. The most common phishing attacks are designed to get you to divulge a password or login credentials, financial information such as your bank account or credit card number, or personal information such as your social security number. Phishing attacks are made by phone, text, and email, but email phishing attacks tend to be the most insidious.