Fraud Protection & Funding for Business
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Date: May 08, 2025
π©βπ« Presenter: Ruth Kaneko, BECU Financial Educator
Overview
Thank you to everyone who joined us for the βUnderstanding and Preventing Fraudβ workshop! This workshop offered key insights into modern fraud tactics and how to prevent them. Attendees learned to recognize scams like phishing, advance-fee fraud, and impersonation, and received practical tips on staying safeβsuch as verifying messages, using strong passwords, and enabling two-factor authentication. Resources from BECUβs Fraud & Security Center were shared to help protect personal and financial information in todayβs digital world.
π Fraud vs. Scam
- Fraud: Dishonest or illegal activity aimed at deceiving individuals to obtain money or personal information.
- Scam: A personalized type of fraud designed to trick victims through emotional or urgent appeals.
π‘ Common Scam Types
- Social Engineering Scams (Phishing, Smishing, Vishing):
- Scammers impersonate trusted entities (e.g., USPS, Amazon) via email, text, or calls to steal login credentials, account numbers, or OTPs.
- Example:Β Fake Amazon Prime alerts claiming “account suspension” due to billing issues.
- Advance-Fee Fraud:
- Victims are asked to pay upfront for fake rewards (e.g., lottery winnings, job offers).
- Red Flags:Β Unsolicited offers, poor grammar, and pressure to act quickly.
- Social Media Scams:
- Impersonation (“sweetheart” scams), fake sales, or investment schemes.
- Example:Β A “for sale” post requiring deposits for non-existent items.
π Protection Strategies
- For All Scams:
- Never share personal/financial details via unsolicited messages.
- Verify sender identities and avoid clicking suspicious links.
- Use strong passwords + two-factor authentication (2FA).
- For Social Media:
- Research unknown contacts and be wary of “too good to be true” deals.
π Helpful Tools & Resources:
- BECUβs Fraud & Security Center: Tools and educational materials.
- Financial Health Tools:Β Zogo, Greenpath counseling, and webinars atΒ BECU.org.
π‘Final Reminder
Stay vigilant for red flags like urgent money requests, grammatical errors, or unusual contact methods. When in doubt, pause and verify!
βQuestions
Ruth Kaneko
π§ Ruth.Kaneko@becu.org
Thanks again for participatingβStaying vigilant in todayβs digital world and provided actionable steps to better safeguard your personal and business information.