Fraud Prevention Tips

Stop, Verify, and Protect Your Accounts

 

Fraud schemes are becoming more personalized, technologically advanced, and difficult to recognize at first glance. A fraudulent request may arrive by phone, email, text message, social media, or even through an account that appears to belong to someone you know.

According to the Florida Bankers Association, Floridians lose more than $1 billion annually to fraud and scams, while older adults account for nearly 30% of total fraud losses in the state. These crimes can affect far more than an account balance. Victims may also experience emotional distress, lost financial independence, and lasting damage to their sense of security.

Although no one can memorize every type of scam, three practical steps can help you respond to many suspicious situations: Stop. Verify. Protect.

Why Fraud Prevention Tips Matter for Everyone

Fraud can affect individuals, families, employees, and businesses of every size. Criminals often look for moments when people are distracted, concerned, excited, or under pressure.

A scammer might pose as:

• A bank employee
• A government agency
• A vendor or supplier
• A company executive
• A law enforcement officer
• A family member in an emergency
• A romantic interest
• A technology support representative

The specific story may change, but the objective is usually the same: convince the target to act before independently confirming the request.

That is why effective fraud prevention tips focus not only on recognizing individual scams, but also on developing habits that make manipulation more difficult.

Stop Before You Respond or Send Money

Fraudsters frequently manufacture urgency because urgency reduces the likelihood that a person will ask questions.

A message may claim that your account will be frozen, that a payment is overdue, that a family member is in danger, or that money must be transferred immediately. A business employee may receive an email appearing to come from an executive who needs a confidential wire completed before a meeting.

Before responding, stop and consider:

• Was I expecting this request?
• Is the person asking me to bypass a normal process?
• Am I being pressured to act immediately?
• Am I being told to keep the request secret?
• Does the requested payment method make sense?
• Is the person discouraging me from contacting someone else?

Taking a few minutes to pause is not rude or unhelpful. It is a practical security measure.

Verify Through a Separate, Trusted Channel

Verification is one of the most effective ways to interrupt a scam, but it must be completed independently.

Do not verify a suspicious message by replying to the same email, calling a number included in the message, or clicking a link the sender provided. Those contact methods may connect you directly to the fraudster.

Instead:

• Call your bank using the number on your bank card or its official website.
• Contact a family member using a number already saved in your phone.
• Call a vendor using contact information stored in your company’s records.
• Confirm an executive’s request by phone or in person.
• Visit a government agency’s official website independently.
• Ask a trusted colleague or family member to review the situation.

Even when a communication appears to come from someone you know, confirm unusual financial requests outside the original conversation.

Fraud Prevention Tips for Protecting Your Accounts

Strong security habits can reduce the likelihood that stolen information will result in account access or financial loss.

Start with the following protections:

• Use strong, unique passwords for financial accounts.
• Do not reuse an online banking password on another website.
• Enable multifactor authentication whenever it is available.
• Never share usernames, passwords, PINs, or security codes.
• Review account activity regularly.
• Set alerts for transactions, balances, and account changes.
• Keep your contact information current with your bank.
• Update computers, browsers, and mobile devices.
• Avoid accessing financial accounts through unsecured public Wi-Fi.
• Limit sensitive personal and professional information shared publicly.

Remember that a security code is intended to confirm your own access. Anyone requesting that code may be attempting to complete a login or transaction in your name.

Watch for Common Fraud Warning Signs

Fraudulent requests can look different, but they often contain behavioral warning signs.

Be suspicious of communications involving:

• Unexpected requests for money or sensitive information
• Pressure to act quickly
• Instructions to keep the situation confidential
• Threats of arrest, account closure, or financial penalties
• Requests for gift cards, cryptocurrency, cash, or wire transfers
• Changes to established payment instructions
• Slightly altered email addresses or website domains
• Unsolicited offers to access or repair your device
• Requests to move funds into a supposedly safer account
• Resistance when you attempt to verify the request

A legitimate organization should not object when you take reasonable steps to confirm its identity.

Create Stronger Safeguards for Business Payments

Businesses can face significant losses when criminals impersonate vendors, executives, employees, or financial institutions. A fraudulent email may request a change to payment instructions, while a caller may claim that a transfer must be completed immediately.

Internal controls can make these schemes harder to execute.

Businesses should consider:

• Requiring verbal confirmation of new or changed payment instructions
• Using a previously established phone number for verification
• Requiring two people to approve large transfers
• Setting appropriate transaction limits
• Training employees to recognize impersonation attempts
• Confirming urgent executive requests outside email
• Establishing written procedures for wire transfers
• Reviewing vendor records regularly
• Creating a clear process for reporting suspicious communications

Employees should know that following verification procedures is expected, even when a request appears to come from senior leadership.

Act Quickly When Something Does Not Look Right

Early reporting can be critical. Contact your bank immediately if you notice an unfamiliar transaction, unexpected login alert, changed password, unusual wire request, or alteration to your account information.

You should also act quickly when you realize that you have:

• Shared a password or security code
• Clicked a suspicious link
• Downloaded an unexpected attachment
• Granted someone remote access to a device
• Sent money based on fraudulent instructions
• Responded to someone impersonating a trusted person or organization

Florida banks are often among the first institutions to identify suspicious transactions and educate customers before additional losses occur. The Florida Bankers Association also works with government and law enforcement partners to support fraud recognition, reporting, and prevention efforts.

Scams may be reported to the Florida Attorney General’s Office through MyFloridaLegal.com or by calling 1-866-9NO-SCAM.

Stop, Verify, and Protect

Fraud prevention does not require you to identify every new scam immediately. It requires you to recognize when a request is unusual and refuse to act until it has been independently confirmed.

Stop when a message creates urgency or fear. Verify the request through a trusted contact method. Protect your information by using strong security practices and reporting suspicious activity quickly.

These fraud prevention tips can help individuals and businesses make more deliberate decisions, strengthen account security, and prevent a moment of pressure from turning into a lasting financial loss.