Don't take the bait: How to combat the latest Phishing scams

Fraudsters are always evolving to adapt to new technology, and with the advancements in artifical intelligence (AI), their scams are becoming a greater threat and harder to identify. While scammers use a variety of tactics, the most common form of fraud is phishing. 

Phishing occurs when scammers send emails or or other messages to trick you into revealing sensitive information, such as your Social Security number and bank account information. 

In the US, over 193,000 individuals reported encountering phishing attacks in 2024, according to Statista¹. These messages are sent with the intent to induce fear and urge you to act fast, before responding to unexpected message check for these signs:

1. Requests for personal information - Scammers will request your information by sending messages directing you to a website where you are asked to provide login credentials or prompted to enter your card number. These websites are made to look exactly like the websites they are imitating; it is important to verify the sender's contact details and look for any misspellings in the URL. You can hover a link before clicking to see the true URL.
2. Unusual payment demands - Often, phishing messages contain unusual demands. For example, the message will say you have an unpaid invoice that needs attention, but you can only pay through a certain method such as gift cards, wire transfers, or cryptocurrency. Scammers request these payment methods because they are harder to reverse and make it difficult to track their identity. If you are unsure of the legitimacy of a message, contact the company by their official phone number. 
3. Strange tone - Modern AI can generate flawless texts and impersonations of trusted businesses and websites. Previously poor grammar was a giveaway of a phishing attempt. Now, if you're reading a message and something feels off or unusual in tone, it can be an indicator of a scam. Compare the tone to what you'd usually expect from the person or organization to ensure it is consistent. 
4. Unsolicited attachments - Be cautious of links, attachments or QR codes in unsolicited mesages. These can redirect you to malicious websites that install viruses and other harmful programs to your device that steal your data and collect personal information. Having a multi-factor authentication enabled is important so in the event a scammer gets your passwords, this can stop them from getting into your accounts. 

The most important thing upon recieving a scam message is how you react. We've got your back:

1. Never engage - If you recieve a message from an unknown sender, do not open any attachements or respond. If you respond, you're showing your email or number is active to scammers. Never give information such as your credit card number, social security number and bankiing account numbers over text or email.
2. Report the message - For emails, you can forward them to the Federal Trade Commission (FTC) at reportfraud.ftc.gov or use your email provider's "Report Phishing" feature. If it's a text, you can forward it to SPAM at 7726. By reporting these messages, you're helping to identify and prevent fraud.
3. Remove the message - After reporting a scam message, be sure to delete it from your device to prevent accidental engagement down the road. 

Remember, we'll never call and ask for your account numbers or passwords over the phone. If you recieve a call requesting sensitive information, even if it looks like the call is coming from the Abound phone number, do not engage and alert us immediately. You always call us at 800.285.5669 to check the legitimacy of a message believed to be sent by us. 

At Abound, your financial security is our priority, that's why we're happy to provide you with the tools you need to protect your information from cybercriminals.