Fraud is evolving fast: Help protect your money and identity

From phishing emails and fake websites to AI-powered scams, criminals are becoming more sophisticated. These practical steps are offered to assist in safeguarding your finances, accounts and personal information.

Key takeaways

• Stop, call, confirm. Always pause and verify requests involving money, account changes, sensitive information or payment instructions through a trusted source before taking action.
• Strong cybersecurity habits. Utilizing passkeys, multi-factor authentication, software updates and unique passwords may help reduce your risk of becoming a victim of fraud.
• Monitor account activity. Regular monitoring and enabling transaction alerts may help you identify and stop suspicious activity quickly before losses escalate.
• Strengthen defenses. Businesses can strengthen fraud defenses by implementing internal controls such as dual approval requirements for payments, wire transfers and account changes.
• Stay informed. Fraud schemes are constantly evolving, so staying aware of emerging scams and recognizing common warning signs are among the most effective ways to help protect your money and identity.

The text message looks legitimate. The caller sounds professional. The email appears to come from a trusted company. Emphasis on trusted.

Today’s fraud schemes are more sophisticated than ever, making it easier for criminals to impersonate businesses, government agencies and even people you know.

“We call these trusted partner or imposter scams,” said Jeff Taylor, Head of Regions Commercial Fraud Forensics. “As technology improves, these scams become more brazen and convincing. That requires greater awareness and education to help protect your accounts and personal information.”

Whether you’re managing personal finances or running a business, taking proactive steps may help protect your money, your accounts and your identity from fraudsters.

Fraud prevention tips for consumers and businesses

Being prepared can make all the difference. Consider these best practices to help keep yourself and your business safe:

Think before you click

Take precautions with links and attachments in unsolicited emails, text messages and social media messages.

Stop, call and confirm

If you receive a request involving money, sensitive data, account updates or payment instructions, stop and verify it through a trusted source before taking action.

Verify companies directly

Confirm the authenticity of a website, email or request for information by contacting the company directly. Use contact information from previous statements, official documents or the company’s verified website.

Never share sensitive information by email

Avoid sending sensitive personal, financial or account information through unsecured email whenever possible. Be wary of any email requesting passwords, account numbers, Social Security numbers or other sensitive data.

Use security tools

Install and regularly update antivirus software, firewalls and email filtering tools to help reduce exposure to malicious content and cyber threats. Use biometric authentication when possible.

Turn on anti-phishing protection

Take advantage of anti-phishing and security features offered by your email provider, web browser and financial institutions.

Add payment controls for businesses

If you operate a business, require a second approver for significant payments, wire transfers or account changes. Dual approval may help reduce the risk of fraud and business email compromise scams.

Monitor your accounts

Review accounts regularly and enroll in transaction alerts to quickly identify suspicious activity or unauthorized purchases.

Remember, #BanksNeverAskThat

Bank impersonation schemes are growing, enabled by AI’s ability to produce deepfake audio and video, plus its ability to mimic numbers you know and trust. The red flag: a request for urgent action and sensitive information.

First line of defense

“Staying informed about your account activity is one of the most effective ways to recognize potential fraud before it escalates,” said Hunt Prothro, Regions Fraud Prevention Manager. “Remember, you are your best first line of defense.”

Protect yourself from fraud and cybercrime

There are a few simple steps that may help protect your accounts and personal information. Regions recommends the following tools for protecting yourself online:

Stay alert for phishing and scams

Scammers may use many modes to try to steal your personal or financial information. Be cautious of unexpected requests, urgent messages or links from unknown sources. If something doesn’t seem right, contact the company directly using a trusted phone number or website.

Use passkeys when available

Passkeys provide a stronger, simpler way to protect online banking accounts because they eliminate the risks associated with traditional passwords. Passkeys use secure cryptographic credentials stored on a trusted device protected by biometrics or a device PIN. This makes it significantly harder for cybercriminals to gain unauthorized access, while also creating a faster and more convenient sign-in experience. Passkeys offer enhanced security, reduced fraud risk and a seamless way to access banking services.

Turn on multi-factor authentication (MFA)

Multi-factor authentication adds an extra layer of protection to accounts by requiring another form of verification beyond a password. Adding an extra layer can make unauthorized access attempts significantly more difficult.

Create strong, unique passwords

Use a unique password for banking and avoid reusing passwords across websites or apps. Longer passwords and passphrases make guessing your password difficult for a would-be cybercriminal. Consider using a reputable password manager to help generate and store your passwords.

Keep your devices and apps updated

Software updates often include important security improvements. Turn on automatic updates to help protect your computer, smartphone and other connected devices.

Monitor your accounts regularly

Review your account activity frequently and enable account alerts when available. Report suspicious transactions or unauthorized account activity immediately.

“Protecting your financial well-being starts with awareness,” said Chace Watson of Regions’ Cyber Threat Intelligence team. “Staying vigilant, securing your accounts and recognizing the warning signs of scams can help you better protect yourself from fraud and cybercrime.”

Fraud awareness: The more you know

Learn more from Regions’ fraud education and awareness resources:

• Protect yourself from investment fraud
• Protect yourself from fraud
• Protect your business against fraud
• Doing More Today: Fraud prevention