Protect yourself from social media fraud

Every time I hear the word fraud it makes me cringe. When you think about all the advancements in technology, it’s no surprise that fraud schemes continue to get larger.

How it works

One of the most common fraud schemes of today’s world is when a fraudster uses social media to connect with vulnerable adults and con them out of money. They start by finding genuinely nice people looking for friends and then continue to build an online friendship with them. Once the fraudster feels they’ve established trust in the relationship, they begin talking about financial problems. Whether because of medical bills, a bitter divorce or just plain bad luck, when it happens to a close friend it weighs heavily on the person being played upon and they start searching on how they can help.

The fraudster starts by asking for a small amount of money, and once the victim falls for it, the fake bills continue to get bigger and bigger until the victim has sent them every penny in their bank account. Unfortunately in schemes like this, the victim loses not only money but dignity.

Fraud today is isn’t much different than it was 20 years ago. Mail fraud, wire transfer fraud and telephone scams still exist. They all continue to aim for vulnerable people who may fall for their scheme. That being said, because of the internet and advanced technology, scams continue to get complex.

Fortunately, you don’t have to tread the waters alone when it comes to financial security. If you ever suspect that you may be a victim of fraud, reach out to us right away! At SouthPoint, we sincerely care about your financial future and can help you determine if what you’re experiencing could be fraudulent activity. It’s also important to stay up to date on all of your accounts, which can easily be done through Virtual Branch online banking or our TouchBanking Mobile App.