You may not know it, but fraud is currently ravaging our Northwest Colorado communities. Crimes of this nature (such as scams) are less visible as they get little-to-no press and their victims are often silent. At YVB we want to raise awareness about fraud since we see first-hand the devastation it brings. Each week in June we'll be bringing fraud into focus: we’ll highlight popular scams, go over what to do if you’re a victim, and share prevention tips so that we can help each other rise above deception.
Becca Knowles, Vice President, Senior Operations & Security Officer with Yampa Valley Bank (YVB), now spends about 40% of her time dealing with the aftermath of fraud. Since 2020 she has seen an alarming increase in cases. “Fraud has taken off exponentially and is increasingly more sophisticated, so even the smartest among us are falling for these scams. We need to educate our family and community as much as possible to protect ourselves from the bad guys.”
What has caused the escalation in fraud? The internet has become vital to daily life during COVID as more transactions, business and personal exchanges have moved online. And while the web is useful, it is also the ideal platform for scammers to obtain personal information (i.e. social security numbers, passwords, and answers to security questions). Many people isolated by the pandemic have turned to social media for friendship and romance, which has opened the door for scam artists who impersonate potential companions.
With advanced technology, fraudsters are able to reach more people and gain their trust. They mimic familiar telephone numbers and send emails infected with malware that appear to come from known sources. Fraudsters can even alter their voice to sound like someone you recognize. It’s very tricky!
