Biggest scams targeting your wallet

Chicago ranked 7th riskiest city for fraud, according to report

ByJason Knowles and Ann Pistone WLS logo

Sunday, October 10, 2021

Financial Crimes are hitting Chicagoans hard, according to one report. October is cybersecurity month and Consumer Investigator Jason Knowles has the biggest scams targeting your w

CHICAGO (WLS) -- Here's a quick tip on fraud and financial crimes hitting Chicagoans.

The cloud security group " Feedzai" conducted a financial crimes report and said it found that Chicago had a 56% increase in these types of scams.

The report ranked Chicago as the 7th riskiest city.

The top financial crimes to watch out for:

Purchase scams -Where you buy something online and never get it. you should only shop at trusted websites and always use a credit card.

Social Engineering scams - This is where scammers use the info you put on social media to either steal your identity or learn your passwords. Don't overshare and don't reveal details online, like your mother's maiden name and your birth year.

Full Feedzai report here

Top Fraud Scams according to Feedzai:

1. Purchase scams

2. Social engineering scams

3. Impersonation scams

4. Account Takeover (ATO) Fraud

5. Smishing scams

Riskiest U.S. Cities for Fraud:

With fraud on the rise, the report analyzed fraud rates geographically in the United States to reveal the cities with the highest increase in fraud over the past year. The riskiest cities were:

1. Las Vegas (with fraud up 411%)

2. New York (up 396%)

3. Charleston (up 251%)

4. Nashville (up 193%)

5. San Diego (up 97%)

6. Orlando (up 80%)

7. Chicago (up 56%)

8. New Orleans (up 48%)

Consumer Tips to Prevent Online Fraud from Feedzai:

1. Listen to Your Bank - Banks are constantly studying and learning about the latest fraud trends. And they have a vested interest in keeping their consumers safe from fraud. Your bank's educational resources are designed to protect you. Make sure you read/watch them and heed their advice.

2. Use Biometrics and 2FA - Enable biometric or two-factor capabilities on your mobile devices, such as facial scans or one-time passwords. Not only do these solutions improve security, but they can also ensure a much smoother experience.

3. Protect Your Information - Be mindful of text messages, emails or websites designed to trick you into revealing personal information. If you receive a suspicious communication claiming to be from your bank, don't engage. Instead, report your suspicions to the bank.

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