PA Department of Banking recommends making money moves safely

By DANIELLA LANGIANESE

HARRISBURG — The Pennsylvania Department of Banking and Securities recently released their December quarterly newsletter full of financial advice moving into the new year — including tips on making money and protecting the money already earned.

When the New Year rolls around it often comes with a redoubling of efforts to make better choices concerning finances, health and/or habits.

For individuals who have made the choice, or are simply thinking about focusing on their financial efforts this new year, the Department of Banking and Securities encourages them to consider the following four resolutions this new year:

1. Don’t invest in what you do not understand — all investments come with risk of loss but having a solid understanding of the investment made can go a long way to avoid falling victim to investment fraud. ALWAYS make sure to research and investigate first.
2. Take care of your elders — prevent elder financial exploitation — Learn the red flags of elder financial abuse and how to make a report if activities seem suspicious. Report suspected elder financial abuse to Adult Protective Services by calling (800) 490-8505.
3. For more education and information, consider attending an in-person or virtual event offered by the PA Department of Banking and Securities’ outreach staff in order to help sharpen understanding or financial concepts.

Financial scams have become a lucrative way for criminals to make money: In 2021 alone, the Federal Trade Commission reported $5.9 billion in losses as a result of fraud — which is a $2.4 billion increase over 2020. In the United States alone, one in ten adults will fall victim to a scam or fraud each year — not to mention the 1.3 million children who will have their identities stolen yearly. Although these facts and statistics can be intimidating there are ways to protect against becoming a victim in 2023.

The PA Department of Banking and Securities released seven recommendations within their December newsletter of popular tricks that schemers and scammers are likely to try to use to pull off a financial scam.

The department warns that individuals stay vigilant against:

• Job Scams — If concerned about a potential job offer online make sure to research the name of the company plus the words “review,” “complaint” and “scam,” to see what results generate. Never pay in advance to get a job and do not give out personal information like credit card or bank account numbers — unless on official government forms. Like the I-9 form.
• Be cautious and very vigilant against copycat websites — malicious emails can appear to be from legitimate retail stores. Do not click on these links. Instead, bookmark the URL for your favorite stories to ensure you are accessing the appropriate site before entering payment information.
• Gift card scams have become very popular. If you receive a call telling you to pay a debt or some other cost via gift card, that should be an immediate red flag indicating a scam. Hangup immediately, and block the phone number. Always remember gift cards are for presents not payments.
• Hacked account scams. A skilled scammer may use technology to make it seem like your financial institution is calling you to inform you that your card or account have been compromised. They may have details like the last four digits of your card or listing or recent purchases. Hangup immediately and call your financial institution directly to verify.
• Bank deposit hustle. Having your checking or savings account information used for depositing mystery shopper checks or other deposits whose funds you don’t know the source of can lead to financial loss and difficulty reestablishing banking services. Protect yourself by never depositing a check from someone you do not know, and always verify the legitimacy of any check with your bank before you deposit.
• Fake charities. Always research before giving, to verify a charity is legitimate.
• Unbelievable prices. Think twice about an unbelievable price on hard-to-find items and items priced significantly less when compared to every major retailer. Fraudsters will tell you there are multiple people interested, but they’ll let you buy it if you send payment immediately.

According to the PA Department of Banking and Securities, by following the above tips an individual can help protect themselves and their money from scammers all year long. Always be cautious and most importantly, trust your instincts — if something seems too good to be true, it probably is.

For more information, visit dobs.pa.gov or call (800) 722-2657.

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PA Department of Banking recommends making money moves safely