Fraudsters continue to get more sophisticated, using advanced tactics to exploit security gaps and loopholes, and trick unsuspecting victims into revealing their sensitive data, potentially leading to financial theft. Whether it’s financial fraud, identity theft, or phishing scams, staying vigilant is key to protecting your data, finances, and yourself.
Here are 10 simple and useful fraud prevention tips to arm against cybercriminals.
- Use strong authentication tools
Multi-factor authentication adds an additional layer of security beyond just your password. By requiring a second verification step such as a one-time code or biometric authentication, you make it significantly harder for hackers to gain unauthorised access to your accounts. It is highly recommended to enable multi-factor authentication on payment apps, email accounts, and any other platforms containing sensitive data.
Remember that on Moneybase, you can easily set a passcode and activate face ID or fingerprint authentication to sign in securely into your account.
- Keep your software and devices updated
Fraudsters will primarily target outdated software and operating systems. Remember that updates often include upgraded security patches to protect against newly discovered vulnerabilities or even recently discovered scamming techniques.
Make sure to enable automatic updates on your devices and regularly update your antivirus software to ensure your defense remains strong against malware and other cyber threats.
Keep in mind that we’re always working to implement robust upgrades to the Moneybase app, that are implemented to protect your finances.
- Enable safety features against card fraud
Card fraud takes place when an unauthorised person manages to gain access to your card information and manages to use it to make payments with it. With your Moneybase Mastercard, you can benefit from a list of customisable safety features to prevent card fraud:
- Manage activation of swipe payments, contactless payments, ATM withdrawals, and online transactions, within the app itself for your preferred level of card security
- Freeze or block your card within the app itself in case it is lost or stolen
- Add as a virtual card to make easy and secure contactless payments using Apple Pay, Google Pay, Garmin Pay, and Xiaomi Pay, minimising the chance of someone stealing your physical card or viewing the information.
- Use your biometric authentication to view your card pin in the app, not needing to write it down anywhere else
- Spot and reject unauthorised payment attempts thanks to the app’s real-time notifications system
- Watch out for phishing scams
Phishing is a common technique used by fraudsters posing as legitimate entities such as your bank or an investments provider, attempting to steal your credentials or financial information. Look out for these signs to identify such attacks:
- Grammar mistakes and generic references such as “hi customer”
- Urgent requests asking you to verify or do something within hours to not have your account suspended
- Asking for sensitive data such as your PIN number or your card details
- Suspicious looking website URLs or email addresses
- Inclusion of an odd link or an attachment
It’s better to be safe than sorry and check with the official entities to verify before taking any action!
- Use secure networks
Public Wi-Fi networks are a playground for cybercriminals ready to intercept your data. It’s best to avoid logging into financial accounts or entering any sensitive data while connected to such networks. If you’re sending payments while you’re outside, it’s better to connect to your mobile data as a safety measure.
- Never share sensitive info over phone or email
It’s important to keep in mind that legitimate institutions will never ask for sensitive information such as card and PIN numbers over a phone call or an email. On the other hand, scammers will use these channels or others such as social media, to trick you into revealing sensitive information.
- Set strong and unique passwords
Using the same passwords across multiple accounts or platforms is not a wise move, as if a hacker can easily gain access to more than one of your accounts with just one similar credential. Ideally, find a password management tool to easily generate and store complex passwords with a unique blend of uppercase and lowercase letters, numbers, and symbols.
- Those golden “get-rich-quick” offers
When something seems too good to be true, then it most probably is! Fraudsters often promote fake opportunities that promise high returns with little to no risk. These can be Ponzi schemes, cryptocurrency fraud, and many more tactics, luring victims into investing into a scheme that doesn’t even exist.
It’s important to be skeptical and not believe anything you see online.
- Stay safe on social media
Nowadays everyone is on social media, and that’s why scammers use it to gather information and identify their next targets. It’s best to not publicly disclose certain information such as your home address or your upcoming travel plans, adjust your privacy settings to limit who can see your profile details, and only accept friend requests from people you actually know.
10. Check your bank statements regularly
It’s important to regularly monitor your bank statements for:
- Early detection of unauthorised transactions, quickly spotting any transactions or withdrawals that you did not authenticate so you can report it as quickly as possible
- Dispute errors or charges such as billing errors, subscriptions that you didn’t sign up for, or identity theft-related transactions
- Unusual spending patterns showing any services that you don’t recognise or remember spending on
Remember that from your Moneybase account, you can navigate to the ‘Reports’ section and easily download your statement and better track your spending.
If fraudsters are constantly evolving their tactics, knowledge is your armor! Stay ahead by keeping yourself informed! Follow cybersecurity news, spread the word when you notice a scam, subscribe to fraud prevention alerts from financial institutions, and participate in security awareness training at your place of work. The more knowledge you have, the less power in the hands of cybercriminals!
If you need assistance, speak to us through our in-app chat or contact us on +356 25 688 688, available 7 days a week. Alternatively, you can visit one of our Calamatta Cuschieri Moneybase branches in Fgura, Sliema, Mosta or Birkirkara.
