Financial Decoder
What Steps Can You Take to Avoid Cyber Fraud?
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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Quick takeaways
- Cybercrime has surged dramatically, emphasizing the need for heightened awareness and skepticism to combat sophisticated fraud tactics.
- Understanding psychological biases exploited by fraudsters is crucial for individuals to effectively protect themselves against common scams.
Deep dives
The Rising Threat of Cybercrime
Cybercrime has significantly increased, costing victims $12.5 billion in 2023, a 21% rise from the previous year and nearly 198% since 2020. This escalation is attributed to advancements in technology and more sophisticated tactics employed by criminals, such as the use of AI and social engineering techniques. Cybercriminals meticulously research their targets, exploiting vulnerabilities like isolation or emotional distress to gain their trust. These findings highlight the urgency for everyone to understand and address their susceptibility to cyber threats.
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