Awareness with financial frauds

In the modern technological era, we handle most of our personal and business finances through applications and smart devices. However, it’s important to remember that these services are not immune to fraud. Always be cautious with unfamiliar transactions and any suspicious calls from your bank.

How to Monitor and Check Your Financial Records

Here’s a simple guide on how to do it effectively:

1. Regularly Review Bank Statements

• Monthly Statements: Set a routine to review your bank and credit card statements every month.
• Check for Errors: Look for any unfamiliar or incorrect transactions.

2. Use Online Banking Tools

• Alerts and Notifications: Set up email or SMS alerts for transactions, low balances, or unusual activity.
• Frequent Login: Regularly log in to your online banking account to monitor recent transactions.

3. Maintain a Personal Ledger

• Manual Tracking: Keep a manual record of your expenses and compare it with your bank statements.
• Budgeting Apps: Use apps like Mint or YNAB (You Need a Budget) to help track and categorize your spending.

Verifying Calls Regarding Bad Transactions

Scammers often pose as bank representatives to steal your information. Here’s how to verify if a call is genuine:

1. Don’t Share Personal Information

• Immediate Caution: Never share personal or financial details over the phone if you didn’t initiate the call.

2. Verify the Caller

• Ask for Identification: Ask the caller for their name, department, and a callback number.
• Call Back: Hang up and call your bank’s official customer service number to verify the call.

3. Look for Red Flags

• Urgency and Threats: Be wary of callers who use scare tactics or urgent language to pressure you into acting quickly.
• Request for Sensitive Information: Genuine banks will not ask for your PIN, passwords, or full Social Security number over the phone.

Best Ways to Contact Your Bank

Knowing the best ways to contact your bank can save time and help resolve issues quickly:

1. Use Official Channels

• Customer Service Number: Call the customer service number provided on your bank’s website or your bank statement.
• Secure Messaging: Use the secure messaging feature available through your bank’s online banking portal.

2. Visit a Branch

• In-Person Assistance: Visiting a local branch can be helpful for resolving complex issues.

3. Social Media

• Official Profiles: Contact your bank through their verified social media profiles for quick responses to general queries.

Responding to Fraudulent Transactions

Discovering that someone has stolen your money can be alarming. Here’s what to do:

1. Contact Your Bank Immediately

• Report Fraud: Call your bank’s fraud department as soon as you notice the unauthorized transaction.
• Freeze Your Account: Request to freeze your account to prevent further unauthorized transactions.

2. File a Dispute

• Transaction Dispute: File a dispute for the unauthorized transaction. Provide any necessary documentation.
• Follow-Up: Keep track of the dispute status and follow up as needed.

3. Report to Authorities

• Police Report: File a report with your local police department.
• European Anti-Fraud Office: Report the fraud to the OLAF at Report fraud .

4. Monitor Your Accounts

• Frequent Checks: Monitor your bank and credit accounts regularly for any additional fraudulent activity.

By following these steps, you can better safeguard your finances and respond effectively if you encounter any issues. Remember, staying vigilant is key to preventing and handling financial fraud.