Identity theft and fraud remain among the most common crimes in the country, with nearly 70% of scam victims experiencing some type of financial loss. Those concerns were the focus of a recent appearance by Tara Ramos on “The Daily Grind”.
Ramos, who serves as Compliance Fraud Specialist for Peoples Bank, discussed several of the fraud schemes targeting consumers and explained how banks work to identify suspicious activity before additional damage can occur.
Check Washing Becoming More Common
Ramos says one growing concern involves “washed checks,” where criminals steal checks from the mail and chemically alter them before cashing or depositing them.
Ramos says fraud involving mailed checks is becoming more sophisticated and often goes unnoticed for weeks.
She explains that many victims do not realize a problem exists until they review bank statements or are contacted by their financial institution. Because of that delay, Ramos recommends using electronic payment methods whenever possible.
Rather than mailing checks, Ramos recommends safer alternatives like ACH payments or paying directly over the phone.
Criminals Using “Call Spoofing”
Ramos also warned listeners about “call spoofing,” a tactic where scammers manipulate caller ID information to make it appear they are calling from a trusted local number or legitimate institution.
Ramos says scammers often try to gain trust quickly by making calls appear local or familiar.
She emphasized that legitimate banks will never contact customers asking for sensitive personal information such as full debit card numbers or Social Security numbers.
Banks Watching For Red Flags
Ramos says financial institutions actively monitor accounts for suspicious activity and unusual transactions that may indicate fraud.
Ramos says banks look for patterns and warning signs that could signal a customer is being targeted.
Report Fraud Quickly
Ramos says scammers can be extremely convincing, especially when targeting people online or over the phone. She encourages consumers to be cautious when communicating with strangers and to avoid sharing personal or financial information unless they are certain who they are dealing with.
She adds that the faster fraud is reported, the greater the chances of recovering lost funds or helping law enforcement identify those responsible.
