In a rapidly evolving digital world, it’s no surprise that people and businesses in the U.S. often fall victim to financial fraud. From checking and investment fraud to identity theft and online scams, many consumers have experienced a number of common deceptive tactics that can cause both emotional distress and significant financial losses. According to the Federal Trade Commission, 2.6 million fraud reports were made by consumers in 2023, totaling $10 billion in loss. Victims of financial fraud are left with damaged credit reports, emptied bank accounts and complicated processes to try and recover monetary losses that often cannot be fully restored. In 2000, the Association of Certified Fraud Examiners established International Fraud Awareness Week. Observed Nov. 17-23, the week is a time to provide education on fraud prevention and spread awareness about the tactics scammers use to exploit victims. For both consumers and businesses, staying informed and taking preventive measures is key to protecting personal and financial information. Here are some simple ways consumers can protect against fraudulent online practices: Use Strong Passwords and Update them Frequently One of the simplest and most effective ways to protect financial accounts online is by creating strong passwords. Passwords should include a combination of letters, numbers and symbols. Avoid using easily obtainable information, such as names and birthdays, and remember to update passwords regularly. Enable Multi-Factor Authentication Multi-Factor Authentication (MFA) is the process of requiring at least two verification methods in order to access sensitive websites. Enabling MFA on all financial accounts adds an extra layer of security, so even if a password is compromised or breached, access to the account is still restricted. Be Cautious with Public Wi-Fi, and use a VPN Public Wi-Fi networks are known hot spots for cybercriminals looking to steal personal data. To stay safe, avoid accessing sensitive information, such as online banking accounts, when connected to public Wi-Fi. Instead, consider using a Virtual Private Network (VPN) to encrypt your internet connection and protect it from cyber threats. Avoid Public Charging Stations Cybercriminals can steal data through USB connections at public charging stations. It’s safer to use your own charger and plug it directly into an electrical outlet. Avoid Storing Credit Card Information Online Many online retailers offer consumers the option to store credit and debit card information for quicker future purchases. While convenient, storing card information online makes consumers more vulnerable to fraud. Manually entering payment information for every online purchase can help reduce the risk of exposure if a data breach occurs. Verify the Source Before Clicking Email inboxes are often flooded with fake promotional offers, shipping updates, and charitable donation requests containing malicious links. When reviewing questionable email sources, hover your mouse over the link to review the URL. If the link doesn’t match the source, avoid clicking. And always make sure you check the sender’s email address. If you do not recognize a sender’s email address, it’s best to delete the email immediately. Frequently Monitor Account Activity and Turn on Transaction Alerts Unauthorized transactions frequently go unnoticed because financial accounts aren’t monitored consistently by busy consumers. It is important to take the time to regularly check bank and credit card accounts to help catch any suspicious activity early. Setting up real-time transaction alerts through text or email can also be beneficial in detecting potential fraud. Look for Grammatical Errors in Emails Cybercriminals often use poor grammar and neglect to proofread their fraudulent messages before sending. Emails filled with grammatical errors, misspellings or strange sentence structures should raise suspicion. As technology advances and cyber threats become increasingly sophisticated, consumers and businesses must be proactive by staying informed and using preventive measures consistently to protect their personal and financial information. International Fraud Awareness Week serves as a reminder that fraud can happen to anyone at any time. But by understanding these tips and staying educated, vigilant and proactive, consumers can remain one step ahead of cybercriminals Headshot courtesy BankPlus.     Dayle Alsbury is the senior vice president and chief information security officer at BankPlus and regularly provides training and expertise on cybersecurity to BankPlus employees and customers as well as business and technology colleagues.