Fraud Watch December 2023: Scams to Look Out for in 2024

The new year is just days away, and you can bet the scammers are already on the hunt for their next victim and optimizing their scamming ways. Here are the top scams that cybersecurity experts are predicting to attack consumers in 2024.

Top 3 Ways to Keep Your Money Safe:

1. Do not give your login credentials to anyone — including anyone claiming to be from BankSouth.
2. Don’t share your personal information or account numbers. BankSouth and other financial institutions will never ask for your account number, personal information, or login credentials over the phone or email.
3. Avoid clicking on any links in any unsolicited emails or text messages. When in doubt, don’t click.

Advanced AI and Phishing Scams

The phishing we all know from years ago is gone. Phishing is much more advanced now. Generative artificial intelligence (AI) will be used to create convincing emails, texts, website, phone calls, and more, with the purpose of tricking consumers and businesses to provide vital personal and financial information.

How to Avoid This Scam:

When you’re ever in doubt that any communication is coming from the person or company that it says it’s from, avoid it. If needed, contact the company or individual directly through a trusted website, phone number, or email address.

Changing Demographic Threats

With the older millennials, generation X, and the growing generation Z population connecting online, the demographics of scammers to target is changing. We must protect and educate our younger generation.

How to Avoid This Scam:

Education is key. We can all play a part in the education of our youth on the continuous change in the landscape of online threats. Helpful resources can be found at banksouth.com as well as banksneveraskthat.org.

Supply Chain Scam

Supply chain fraud is when a business email account is compromised by a hacker. The hacker then communicates to the business’s customers requesting payment for goods or services. A key element of the email usually includes a new account number and a new method of payment so the money goes to the scammers instead of the actual company.

How to Avoid This Scam:

If there is ever a change in payment processes requested through email, always verify through a trusted source that the payment procedure has been changed.

Stay Protected From Scams

We see fraud attempts almost every day. While we do our best to keep every customer protected, there are ways you can prevent fraud from happening to you.

Stay one step ahead and bookmark our help article on avoiding and reporting scams. We update this article regularly to keep you in the know of the latest scams.

• Recently reported scams
• Tips to avoid scams
• How to report a scam
• What we WILL and WILL NOT ask for to verify your identity

More tips to avoid fraud can be found here.

Source of scam information: fastcompany.com