FIGHTING FRAUD WITH
ADAMS BANK & TRUST
BEWARE: FRAUD LOSSES CONTINUE TO RISE
More people lost a lot more money to fraud last year.
The Federal Trade Commission (FTC) says people who reported fraud to their agency lost a whopping $12.5 billion in 2024. That’s up $2.5 billion from the previous year.
One in three people who reported fraud in 2024 said they lost money, up from one in four the previous year.
Alarmingly, the biggest losses occurred through bank transfer or payment. These losses totaled $2 billion, followed by $1.4 billion in losses through cryptocurrency.
Cryptocurrency ATM scams are also a growing problem. Crooks are using these machines to steal funds from people in a way that can’t be traced. The funds can easily be sold or converted to the scammer’s account.
The Federal Trade Commission (FTC) says people who reported fraud to their agency lost a whopping $12.5 billion in 2024.
TIPS TO PROTECT YOURSELF
✔ Be wary of out-of-the-blue requests for money. Urgency and pressure tactics are a big red flag.
✔ Be skeptical of offers that seem too good to be true.
✔ Verify identities. Never send money without independently verifying the request with the legitimate agency or business.
✔ Monitor your bank account activity carefully. Report suspicious transactions immediately.
Victims are tricked into depositing cash into the cryptocurrency machines to address fake government issues or utility shutoffs. The thieves then vanish with the funds. A real business or government agency will never ask you to make payments in this way.
by TODD ADAMS chief executive officer
Similarly, no real business or government agency will ever tell you to purchase a gift card like an Apple or Google Play card and give out the card number and PIN in order to pay them.
If you are concerned that there is a problem with one of your bank or investment accounts, always use a phone number or website that you know to be legitimate. Using the contact information or link in the message you received will just take you back to the scammer.
The eye-opening increase in fraud is why we at the bank ask so many security-related questions, and why we devote so much attention to customer education.
Don’t hesitate to use our staff as a resource for your questions and concerns. If something seems fishy, it very likely is. The QR code at the foot of the page will link you to more fraud prevention resources on our website.
If you think something is a scam or fraud, please take time to make a report at www.reportfraud.ftc.gov. It helps the FTC in their efforts to stop scammers and hold them accountable.
SCAN THIS CODE to explore Adams Bank & Trust’s fraud detection education resources.
FREE PHISHING SECURITY TEST
Scan this code to use KnowBe4’s free phishing simulator test where you can find out what percentage of your employees are Phish-prone. The KnowBe4 platform also offers free and paid tools to help with security awareness and compliance training and testing, simulated phishing, real-time coaching, and security orchestration.
2024 FEDERAL TRADE COMMISSION STATISTICS
