Financial fraud and scams have become sophisticated, making it harder for people to navigate digital threats.
While elder fraud receives the most publicity due to high individual losses, younger demographics are targeted most frequently.
In San Diego alone, elder fraud alone accounts for roughly $130 million in annual losses and is on the rise. Non-elder complaints processed by the San Diego Police Financial Crimes Unit, which covers identity theft, spoofed checks and retail digital fraud, add tens of millions of dollars more to that baseline.
Learning how to spot and avoid digital fraud and respond if targeted, has become an important way to ensure long-term financial stability for people of all ages.
Here are some tips that can help prevent financial fraud.
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Protect your SIM card with a PIN so that if your physical phone is stolen, the thief cannot simply move your SIM to another device to receive your banking OTPs.