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Solutions to Protect Yourself Against Scammers and Fraud

Jul 07, 2022
money banknote, padlock and wooden broad written with phrase protect yourself from scams and fraud

Scammers are irritating. They are like a little pest that will not go away. 

Unfortunate as it may be, these are individuals that we have to deal with, or rather not deal with at all.

As technology progresses, so do scammers. They are becoming so sophisticated that I have to second guess myself sometimes when I receive a scam text message, voicemail, or email. 

It is important that we arm ourselves and fight these scammers. We need to protect ourselves to ensure our personal identities and hard-earned savings are not messed with. 

There are a few different types of solutions in the marketplaces today that help address this massive need. 

Remember though, education is the best method to protect yourselves against scammers. 

 

Financial Monitoring Solutions

There are application-based solutions that exist that help organize and protect your money, credit card, and identity by acting as a "second set of eyes."

Ultimately they at as detection and alert systems by analyzing your financial behavior and identifying patterns. When certain transactions occur that may be outside of your normal spending behaviors they will deliver alerts to you or your designated family members and help you resolve the issue at hand.

You may ask, why do I need this when my credit card company will notice fraudulent charges? Your credit card company may notice a handful of suspicious charges if they are large transactions or made in a location that you are nowhere near, but they do not catch a huge percentage of the transactions that could be considered fraudulent.

There are a couple of financial transaction monitoring solutions on the market for the caregiver and older adult population that I have heard great things about that you should look into: Carefull and EverSafe.

Credit Monitoring Solutions

Credit monitoring solutions can provide you with early notice of potential fraud on your credit report by notifying you when there are changes in your credit information. If your credit score drops or a new account appears on your credit report, a credit monitoring service could alert you. 

Credit monitoring services helped our CEO, Partha Ray, discover that someone opened a fraudulent Wells Fargo account in his name.

According to Forbes Advisor, Credit monitoring services may help you detect

  • Changes to your credit score
  • Changes on your credit reports with Equifax, TransUnion, or Experian
  • Someone opening a fraudulent credit accounts in your name
  • Changes in credit limits or account balances on your credit reports

There are a handful of free and paid credit monitoring solutions out there. Check out this CNBC article that goes over the best free and paid credit monitoring services.

Identity Theft Monitoring Solutions 

Identity theft protection services can help you if your personal data has been compromised. These services monitor your personal information, credit history and the web, and alert you when any suspicious or fraudulent activity occurs. They can also contact credit bureaus, banks and creditors on your behalf and help you with restoring your identity if necessary. 

These services act as another form of reactive protection. They can alert you to potential problems you may not see on your credit report. 

Examples of what identity theft monitoring solutions may help you detect are

  • If your stolen data is for sale on the dark web
  • Attempts to take over your existing credit cards or bank accounts
  • Court records showing crimes falsely reported in your name

There are a handful of paid identity monitoring solutions on the market today. Check out this CNET article that goes over the best identity theft protection and monitoring services. 

Education to Spot and Avoid Scams and Fraud

In truth, no product or service can stop scammers and fraudsters from swiping your data. Once you have shared your personal information with anyone, it is readily available for criminals to steal.

This is why education is the best prevention method. By educating yourself on the various ways that scammers can try and outsmart you, you are putting yourself in the best position to outsmart them.

99% of the time fraudsters scam you by intriguing or scaring you to respond and share personal information through text messages, phone calls, emails. 

When you are able to spot scammers in their tracks and not engage with them, you are beating them at their own game.

They always say education is the best prevention, because knowledge is power. 

At Fellow Fox we teach a super simple, yet powerful framework that will enable you to handle any scam situation that comes your way.

Here are what our customers have to say about Fellow Fox

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