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Online Banking Fraud Prevention Tips in Timor: Protect Yourself from Scammers
As more people turn to digital banking, older adults are becoming increasingly vulnerable to online banking fraud. Criminals may target this demographic for various reasons, including their perceived lack of tech savviness and greater assets.
The Growing Concern
According to a recent survey by Zelle, 82% of consumers aged 55-72 who have smartphones and checking or savings accounts are doing more of their banking online. This new normal creates opportunities for scammers to exploit older adults’ reliance on digital banking.
The Scam: How It Works
Fraud experts warn that online banking scams often begin with phishing emails or texts that appear to come from a real financial institution, asking for personal information such as Social Security numbers or passwords. These messages may carry urgent but phony warnings about account problems or transactions.
Signs of Phishing
Signs of phishing include:
- Misspellings and poor grammar
- Generic greetings
- Email or web addresses that resemble but don’t quite match the real domain
However, even these clues can be tricky to detect, as scammers have become increasingly sophisticated.
Prevention Tips
To avoid falling victim to online banking fraud, experts recommend:
- Unique Account Passwords: Choose a unique account password and not use the same or similar passwords across multiple websites
- Two-Factor Authentication: Use two-factor authentication and be cautious when receiving one-time codes via text, phone call, or email
- Verify Bank Website: Make sure you’re on your bank’s genuine website by typing its web address into your browser instead of clicking links from emails or texts
- Secure Wi-Fi Networks: Only banking using secure Wi-Fi networks, such as your private home network, and avoid public Wi-Fi
- Regularly Review Statements: Regularly review your bank statements and activity, reporting anything questionable to the bank immediately
Be Cautious of Calls and Messages
It is also crucial to be cautious when receiving calls or messages claiming to be from your bank. Hang up immediately if you’re unsure about the caller’s authenticity, and never provide personal information over the phone.
Conclusion
By following these tips and staying informed about online banking fraud, older adults in Timor can protect themselves from scammers and ensure a safer digital banking experience.
Author: Edward C. Baig is a technology journalist who covers consumer topics.