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A Holiday Reminder to Beware of Check Fraud

  • 75% of American experienced at least one type of holiday scam last year
  • 15 holiday scams to watch for
  • Keeping customers informed on these scams can protect the FI and their customers this holiday season

The holiday season is, as they say, the "most wonderful time of the year." Unfortunately, this goes for fraudsters as well; they know consumers around the world are out buying gifts -- both virtually and in-person. It's more important than ever for financial institutions to keep their customers vigilant.

As noted by Aura, an intelligent online safety solution for consumers:

“Nearly 75% of Americans experienced at least one type of holiday scam last year.”

Aura provides a great list of scams that consumers should be on the lookout for:

  1. Fake charities that steal your money
  2. Gift card scams (including empty gift cards)
  3. Lookalike online stores
  4. Phishing emails from companies you trust
  5. Fraudulent seasonal job offers
  6. Missed delivery notification scam texts
  7. Grandparent scams
  8. Social ads promoting fraudulent items
  9. Popular holiday gifts at low prices
  10. Holiday travel and online airfare scams
  11. Fake online giveaways and surveys
  12. Scam online gift exchanges
  13. Hacking over public Wi-Fi
  14. Stealing mail and packages
  15. Shoulder surfing and card skimming
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Click here to learn more about each of these scams.

Holiday Season Primed for Check Fraud

While many are doing their shopping online and giving physical gifts to their loved ones, many people who are far away and can't spend time with their loved ones take a different route and send Christmas cards to their loved ones that include-- you guessed it -- checks!

With that in mind, it's important to understand the threats from check fraud. Our friends at ThreatAdvice have shared a nifty infographic providing consumer tips to avoid falling victim to check fraud.

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While we stress that it's imperative for financial institutions to deploy the latest technologies like image forensic AI to protect themselves and their customers from check fraud, it's equally important for financial institutions to communicate to customers the fraud schemes they need to watch for.

Remember, consumers depend upon their financial institutions to protect their funds. By keeping customers informed, financial institutions can strengthen those relationships while also ensuring that their customers have a safe and secure holiday season.

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