Fraud is on the Rise: Are You Prepared?

4 Simple Steps to Protect Yourself or Your Business from Fraud

graphic depicting fraud protection

Fraud used to be something that happened to "other" people, not you. Unfortunately, those days are gone. In fact, more than 2.4 million people were victims of fraud last year for nearly $8.8 billion in reported losses—and those were just the reported cases.

With scammers developing new and better strategies every day (some even through the use of AI), the risk of fraud continues to climb. In the past few months alone, our team has seen an unprecedented increase in fraud attempts—all at varying levels of complexity. As a valued client, we want to help you protect your personal information (and, if you’re a business owner, your business).

Here’s the good news: we have an experienced team along with several safeguards and processes in place to help prevent fraudulent activity here at Loft. At the same time, nothing is 100% foolproof, and we need you to be an active participant in your online safety. Check out these tips that can help you stay a step ahead of the scammers.

1. Stay Educated About Phishing and Social Engineering Attacks

Many fraud attempts start with a criminal tricking an unsuspecting person into giving up valuable information. Make sure you pay attention so you can spot phishing emails, suspicious links, etc. and avoid sharing details and info.

2. Use Strong Passwords and Enable Multi-Factor Authentication

Complex passwords and multi-factor authentication create critical extra barriers for fraudsters. Use strong passwords, change them routinely (we know, changing passwords can be miserable—but it’s worth it), and enable multi-factor authentication for your financial logins and other money-related online activities.

3. Monitor Accounts Closely for Suspicious Activity

Keep a close eye on your financial accounts. Check for unrecognized transactions, changes to account details, or new account openings. Set up alerts for large withdrawals or transfers. Act quickly on anything abnormal to limit losses. In business banking, you typically only have about a 24-hour window to catch suspicious activity, so if you own or run a business, vigilance is key.

4. Consider Adding Positive Pay and ACH Filters to Your Business Services

If you’re a business owner and want to add an extra layer of protection, Loft offers Positive Pay and ACH Filters, which can help you identify potential fraudulent activities. It’s an easy, cost-effective way to increase your security. You can learn more about both services here.

Staying vigilant is key. Follow these tips and you can significantly cut down the risk of fraud impacting your life.

And of course, if you need any help implementing these suggestions, just contact us directly. We’re here for you!

-Your Loft Team

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