October 12, 2023

Fraud Rises in Wisconsin: Fall 2023

As the leaves turn golden and the air grows crisp, Wisconsin residents are gearing up for another beautiful fall season. However, with the change in seasons comes a surge in fraudulent activities that every Wisconsinite should be wary of. Here’s a comprehensive guide on what to watch out for and how to protect yourself.

Check Fraud

One of the oldest tricks in the book, check fraud, is making a comeback. Scammers are presenting fraudulent checks to unsuspecting clients, hoping to cash them before the deception is detected. Always be cautious when accepting checks, especially from unfamiliar sources. If a deal seems too good to be true, it probably is. Before cashing any suspicious checks, consult with your bank to verify their legitimacy.

Safety Tips:

Be wary of checks from unfamiliar sources.
Double-check any offers that seem too lucrative.
Always consult with your bank regarding suspicious checks.

Employee Theft Fraud

Trust is a cornerstone of any employer-employee relationship. However, some unscrupulous individuals exploit this trust for personal gain. there has been increasing instances of employees using their employer’s account information to pay off personal bills. Employers should regularly review their account statements and set up alerts for unusual activities. It’s also essential to conduct thorough background checks before hiring and limit access to sensitive financial information.

Safety Tips:

Employers: Regularly monitor account activities.
Set up transaction alerts for unexpected activities.
Limit the number of employees with access to sensitive financial data.

Wire Fraud

The promise of a lucrative investment can be tempting. But be wary: scammers are duping clients into wiring money, thinking they’re making a smart investment move. In reality, they’re sending their hard-earned money straight into the pockets of fraudsters. Always verify the credentials of any investment opportunity and consult with a trusted financial advisor before transferring large sums of money.

Safety Tips:

Double-check the authenticity of any investment opportunity.
Engage with a trusted financial advisor before making significant transfers.
Be cautious of investment opportunities that sound too good to be true.

Online Account Takeover

The digital age has brought convenience, but it has also opened the door to a new breed of cybercriminals. Here are some of the most prevalent online frauds we’ve seen in the past few weeks in Wisconsin:

GeekSquad Scams: Impersonators claiming to be from GeekSquad or other tech support services might contact you, offering to fix non-existent issues on your computer. In the process, they gain access to your personal information. Remember, legitimate companies will never initiate unsolicited contact. Always verify the identity of anyone claiming to offer tech support.

Phishing Emails or Texts: These deceptive messages lure individuals into providing personal information or clicking on malicious links. These links can install keyloggers, giving scammers backdoor access to your online banking details. Always be skeptical of unsolicited emails or texts, especially those urging immediate action or requesting personal information.

Fraudulent Mobile Deposits: Scammers are making fake deposits into accounts and then swiftly transferring the money out. Monitor your accounts regularly and set up alerts for large or unusual transactions. If you notice any suspicious activity, contact your bank immediately.

 

Fortifi Bank is dedicated to ensuring the financial safety of its clients. As fraudsters become more sophisticated, it’s crucial to stay one step ahead. By being informed and vigilant, you can protect yourself from falling victim to these scams. Remember, when in doubt, always consult with your trusted banking partner. Together, we can create a safer financial environment for all Wisconsin residents.