Keep Your Money Safe | GOBankingRates

SCAMS

40% of Americans Have Lost Money to Fraud: What Does Your Bank Cover If You’re Scammed?

What role does your financial institution have in helping you out if you’re the victim of a scam or fraud? GOBankingRates polled 1,141 Americans in August 2023 and asked them if they had ever been the victim of financial fraud or lost money because of it. Nearly 40% of the Americans surveyed said they had experienced some form of financial fraud. Of those who had lost money due to financial scams, 25% reported that they had lost between $0 to $250. Review: 4 Red Flags as You Check Your Bank Statements Every MonthLearn More: 3 Simple Steps You Must Take…

By Heather Taylor

Driver’s License Scam Could Cost You Thousands: 13 Ways To Protect Yourself

Your driver’s license is more than just a plastic card that allows you to cruise the roadways — it’s a key to your identity. Dave Ramsey: ‘Money Is Not Just Math, It’s Behavior’ — 5 Bad Habits to Break TodayRead More: 3 Simple Steps You Must Take To Shield Yourself from Identity Theft And in the wrong hands, a stolen driver’s license can be used to wreak havoc on your personal and financial standing. Here’s how driver’s license scammers could cost you thousands, and 13 ways to protect yourself. What Is Driver’s License Scamming? Robert Siciliano, cyber security and identity…

Confused businesswoman annoyed by online problem, spam email or fake internet news looking at laptop, female office worker feeling shocked about stuck computer, bewildered by scam message or virus.

Social Security Scams: Why Younger Generations Are Surprisingly Victims More Often

In a recent survey conducted by GOBankingRates, those who reported Social Security fraud were mostly part of the younger generations. Millennials aged 25-44 reported the highest rate of being victims at 24.82%, while Generation Z ranked highest for their parents and family to be victims at 24.65%. See: Here’s the Average Retirement Age in 2023 for Men vs. WomenSocial Security: Is the $16,728 Yearly Bonus Real? Steve Grobman, chief technology officer at McAfee, acknowledges that Social Security scams are on the rise. “In the third quarter of 2020, the Federal Trade Commission reported 112,776 Social Security scams. In 2021, the…

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This Is How Much Money Every Age Group Loses to Scams

Americans are losing billions to online scams. In June 2023, online investigation service Social Catfish released its third annual State of Internet Scams 2023. The study provided key findings of the total reported money lost and which generations see the largest percentage of money lost. ‘Get Rich Slow’: Dave Ramsey Offers the Key to Lasting WealthRead More: 3 Simple Steps You Must Take To Shield Yourself from Identity Theft You might be surprised to see which generation falls for scams the fastest — and which generation loses the most money to scams and fraudsters. This is how much money every…

IDENTITY THEFT

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3 Long-Lasting Financial Effects of Identity Theft

Identity theft takes a significant emotional, physical, social and financial toll on its victims. In GOBankingRates’ Keep Your Money Safe 2023 survey of 1,141 Americans, 58% of overall respondents said the impact of identity theft is catastrophic and can easily destroy a person’s life. Another 20% of respondents surveyed said they did not know the full impact of identity theft. Jaspreet Singh on the 75/15/10 Rule: This Is How the 1% Manage Their WealthFind Out: 3 Simple Steps You Must Take To Shield Yourself from Identity Theft For those who don’t fully understand, here are three long-lasting financial effects of…

By Heather Taylor

Young African-American woman using her bank card at the ATM in the evening.

Here Are the Ways Americans Are Protecting Themselves From Identity Theft (and How They Are Falling Short)

Most Americans do a pretty good job when it comes to protecting themselves, and their money, from identity theft. Is there still room for improvement when safeguarding your finances? Absolutely. See: 6 Steps To Take To Become a Millionaire by 30Find Out: 3 Simple Steps You Must Take To Shield Yourself from Identity Theft In August 2023, GOBankingRates surveyed 1,141 Americans to learn more about how Americans keep themselves protected from identity theft. Here are the ways Americans are protecting themselves from identity theft — and how they are falling short. How Do Americans Protect Themselves From Identity Theft? According…

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5 Best Ways To Stay Safer From Identity Theft When You’re Online

Unfortunately, scammers trying to steal your information and identity online aren’t going away. The Federal Trade Commission received more than 1.1 million reports of identity theft from consumers in 2022, and that number has steadily increased as scammers get more advanced. Having your identity stolen can have serious financial consequences and sometimes takes hours of work over months to sort out and repair. So while scammers get more advanced, you need to as well. Here are our five best ways to keep your identity safer when you’re online: Be Proactive While many people wait until after their identity is compromised…

6 Key Signs You’ve Been the Victim of Identity Theft

Identity theft can happen to anyone. Unfortunately, reports of these types of fraud are on the rise. Indeed, the Federal Trade Commission (FTC) said it received more than 5.1 million scam reports in 2022, more than 1.1 million of which were reports of identity theft. ‘Get Rich Slow’: Dave Ramsey Offers the Key to Lasting WealthRead More: What To Do If You Owe Back Taxes to the IRS These end up costing a lot. According to the FTC, consumers reported losing nearly $8.8 billion to fraud in 2022, an increase of more than 30% over the previous year. But there…

ONLINE SAFETY

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10 Questions To Ask Before Sharing Your Social Security Number

In today’s digital age, the security of your personal information is paramount. One piece of data that’s especially sensitive and frequently targeted by cybercriminals is your Social Security number. During a recent GOBankingRates survey, roughly 30% of respondents revealed their financial information had been stolen. This unique nine-digit number can unlock a treasure trove of personal details about you. Therefore, it’s crucial to pause and ask these essential questions before providing your Social Security number. I’m a Financial Planning Expert: Here Are 5 Things You Should Never Spend Money on If You Want To Be RichAlso: 3 Ways To…

By Sheiresa McRae Ngo, AI Editor

Copy space shot of mid adult man selling his old car and giving customer a clipboard to sign after he purchased it.

Is It Safe To Buy a Car on Facebook Marketplace? 15 Tips To Consider

It wasn’t that long ago that the idea of buying a used car on the internet seemed bizarre. Now, it’s perfectly common. One popular way to search for and potentially snag a car online is to go through Facebook Marketplace. But what should you know beforehand? See: 9 Red Flags To Watch Out For When Buying a Used CarCheck Out: How To Save $200 on Your Grocery Bill Every Month GOBankingRates found out from auto experts how to buy a car on Facebook Marketplace without getting scammed or conned into buying a lemon. Let’s look. Check the Seller’s Facebook Profile…

A man receiving an incoming suspected spam call on his phone.

Have You Been Scammed by AI? How ChatGPT and Other Tools Could Fool You Out of Your Money

Not too long ago, one could identify whether a scammer was using AI in a phishing attempt. Typically, this attempt would be in the form of a poorly written piece of messaging. Most would recognize this as spam and report it. See: 7 Frugal Habits That Aren’t Actually Good for Your FinancesRead More: 3 Simple Steps You Must Take To Shield Yourself from Identity Theft Today, however, AI is becoming increasingly sophisticated. If you’re not careful, certain forms of AI technology can be used to steal your savings and personal information. Here’s how three types of AI tools can fool…

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What’s Safer for Your Money: Your Bank’s Mobile App or Browser?

When it comes to safety in banking, many wonder whether using a browser or a mobile app is the better option. The truth is that both are generally secure, but the true test lies in the user. Stimulus Update: New Proposal Could Give Americans Monthly $1,200 ChecksMore: 3 Simple Steps You Must Take To Shield Yourself from Identity Theft Careless use of either a web browser or a mobile app can make you an easier target for scammers, while diligently sticking to traditional protocols can make both options safe. Here are the differences between using a browser and a mobile…

PROTECT YOURSELF

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Don’t Leave Your Money Uninsured: What To Do If You Have More Than $250,000 at One Bank

If you have over $250,000 saved at one bank, it’s time to reevaluate the safety of these excess funds. There are a few reasons why banking customers need to conduct this evaluation. The first is keeping your savings in compliance with FDIC insurance standards. FDIC insurance protects up to $250,000 per depositor at insured banks for each account ownership category. Review: 4 Red Flags as You Check Your Bank Statements Every MonthMore: 3 Simple Steps You Must Take To Shield Yourself from Identity Theft The second reason is that, while rare, banks can fail. Ben McLaughlin, savings expert and Raisin…

By Heather Taylor

Do You Know How To Keep Your Money Safe? Answer These Questions To Find Out

Managing your finances electronically has never been easier. While this can make banking and investing much easier, it also opens up the potential for fraud. Financial scams have always existed, but the very technology that now makes banking much more convenient also makes it easier to get duped or to make an online choice that is irrevocable. Do you know how to keep your money safe? Take our quiz and find out. Wire transfers are a prime example. When used properly, a wire transfer is a great way to get verified funds delivered quickly to a recipient — such as…

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3 Safest Places To Keep Credit and Debit Cards

More than half of Americans keep their credit and debit cards stored in safe places to protect themselves from identity theft. In August 2023, key findings from a GOBankingRates poll surveying 1,141 Americans revealed 61% of Americans put their credit and debit cards, along with other sensitive documents, in secure places. What kinds of places provide the most security to these cards? Here are the three safest places to store your credit and debit cards. Review: 4 Red Flags as You Check Your Bank Statements Every MonthAnd More: 3 Simple Steps You Must Take To Shield Yourself from Identity Theft…

Many Scam Victims Don’t Regain Their Money: 5 Steps To Make Your Cash Safer

Did you know over half of the financial scam victims never get the full amount back? According to the Federal Trade Commission (FTC), 2.4 million people submitted fraud reports in 2022 and consumers reported losses of nearly $8.8 billion. Warning: 8 Passive Income Streams That Aren’t Worth It Learn: What To Do If You Owe Back Taxes to the IRS When you hear about a financial scam, you likely wonder how this could happen to someone. The harsh reality is that scammers are becoming more sophisticated, and anyone can become a fraud victim through one innocent mistake. You could lose your…