Financial Decoder What Steps Can You Take to Avoid Cyber Fraud?
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Mar 3, 2025 In this discussion, Lisa Lang, a Certified Fraud Examiner and senior manager at Schwab's Financial Crimes Awareness Team, uncovers the rising threat of cyber fraud. She highlights how modern fraudsters manipulate psychological biases to exploit victims and reveals common scam tactics like SIM swapping. Lisa emphasizes the importance of skepticism, recommending practical strategies such as multi-factor authentication and careful information verification. Listeners are urged to enhance their awareness and take proactive steps to protect their finances.
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Cyber Fraud Evolution
- Cyber fraud has evolved significantly, with fraudsters easily purchasing malicious software and personal data.
- This allows them to quickly launch scams and learn new tricks from the dark web.
Psychological Tactics
- Cybercriminals exploit psychological biases like overconfidence, authority, scarcity, and reciprocity.
- These biases make people more susceptible to scams.
Fraudulent Tech Support
- Fraudulent tech support scams involve impersonating institutions to gain remote computer access.
- This lets scammers capture keystrokes, access financial accounts, and steal money.