I got scammed!
This week, we're taking a transparent and personal look at the unsettling experience of financial security breaches. Even as a seasoned financial coaching expert, vulnerability to fraud and identity theft remains a stark reality.
Have you or someone you know been jolted by the far-reaching impacts of financial intrusion? We have just recently, and our story is a reminder that these violations can happen to anyone.
What do you do when someone calls you impersonating your financial institution? How do you respond when you receive an email requesting personal information, such as your social security number or credit card details? These are just some of the many ways scammers may try to obtain your financial data. It's essential to be vigilant and cautious when it comes to sharing sensitive information.
Monitoring is key
One of the most crucial steps in protecting yourself from financial breaches is to regularly monitor your accounts and credit report. By checking your bank and credit card statements frequently, you can quickly identify any suspicious activity or unauthorized transactions. It's also essential to review your credit report annually to ensure that all the information listed is accurate and to detect any potential signs of identity theft.
Strong passwords are necessary
Another critical aspect of safeguarding your financial data is creating strong and unique passwords for all your online accounts. Avoid using easily guessable information such as your name or birthdate, and make sure to use a combination of letters, numbers, and special characters. It's also recommended to change your passwords regularly and never use the same password for multiple accounts. Admittedly this is where I fall into trouble.
Beware of phone calls
In our situation someone called me directly, informing me of potential fraudulent activity on my debit card. However, when your banking institution calls you for this reason they will never ask for your debt card number. They know it!
They may ask for some personal information to verify your identity, but they will never ask for sensitive information such as your card number or PIN. If you receive a call like this, it's essential to hang up and call your financial institution directly using the official phone number listed on their website or the back of your card. It's crucial to recognize that legitimate banking institutions will not request sensitive information, such as card numbers or PINs, over the phone.
They almost got me but when I hung up from that call, I called my credit union directly and they had no record of fraudulent charges or anyone calling me. Since they had some of my card information we canceled that debit card and I promptly went to get a new one.
Was it inconvenient? Yes! Was the inconvenience worth it? Yes! From now on I'll be hyper vigilant about calls and my debit card watching for potential scammers before they can take any action against me.
In light of the growing menace of financial fraud, employing strong, unique passwords and being cautious of unsolicited phone calls are vital steps toward securing personal financial data.
Check out this week’s For Better AND Worth podcast episode to hear more about our experience and how we escaped the scammers.
ps. This week watch us on YouTube and see our reactions while listening to the podcast.