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  • Home > learn/share > Security & Fraud > Top 5 Fraud Trends
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    Top 5 Fraud Trends

    1. Phishing

    A fraudster impersonating a trusted organization attempts to collect personal information by phone or email. The most common form of phishing is by email requiring someone to click on a link that leads to a fake website where personal financial information is captured.

    Tip - Never click on a link in an email, regardless of how trustworthy it seems. Remember, legitimate organizations will never request your personal financial information in an unsolicited manner!

    2. Online Banking Fraud

    A fraudster illegally obtains your online banking information and uses it to log on and complete fraudulent transactions. These cybercriminals steal your passwords by infecting your computer with viruses and copying your keystrokes. Once they have access they will send e-money transfers to fictitious external accounts and/or set up and perform bill payments, most often to prepaid credit cards.

    Tip - Ensure that you have up to date antivirus protection on your home computer, set up Enhanced Security with your online banking, and check your accounts regularly. If you see unusual activity, notify your Libro coach immediately!

    3. “Fix Your Computer” Scam

    This scam is initiated by a phone with the caller indicating there has been a problem detected on your computer and an offer to repair it over the internet. This usually involves the installation of software &/or your permission to allow remote access to your computer. Both are fraudulent services. In addition to your computer being compromised and now vulnerable to on-line fraud the perpetrator obtains your Credit Card number for payment of this service. Thus your Credit Card information is now in the hands of these scammers.

    Tip - Unless you have sought out a computer expert for assistance no one can remotely tell if your computer is infected. Any calls of this nature should be considered fraud. Hang up! Do not give any information and do not allow anyone to take over your computer.

    4. Identity Theft

    Identity theft is when your personal information is stolen and used without your knowledge to commit crimes such as fraud, theft or forgery. Fraudsters can collect personal information a number of ways including: dumpster diving, telephone scams, personal theft (wallet/purse), and phishing.

    Tip - Keep your personal information safe and secure – shred receipts, credit applications, insurance forms and other documents that contain personal financial information, and delete spam or emails that ask for your banking information.

    5. Grandparent Scam

    A grandparent receives a phone call from a fraudster posing as a grandchild who is in urgent need of cash due to an accident or arrest. The grandparent is asked to wire a large amount of money through a money transfer company. Wanting to help, the victim sends money immediately.

    Tip - Always verify the identity of your caller and ensure the story is true before sending money to anyone.